San Francisco, California-based financial services corporation Visa published a blog post discussing how to leverage Ethereum and layer-two (L2) scaling solution Starknet so that people with self-custodial wallets can pay for their invoices. The blog post notes that while Ethereum does not support account abstraction or delegable accounts, the financial services firm has implemented a delegable account solution on Starknet, the L2 blockchain network.
Visa Develops Account Abstraction Using L2 Ethereum Starknet Scaling Solution, Payment Firm Envisions Future With Programmable Money
On December 19, 2022, Visa’s Crypto Thought Leadership blog published a to post written by Andrew Beams, Catherine Gu, Srini Raghuraman, Mohsen Minaei, and Ranjit Kumaresan. Visa’s topic brief is about “automatic payments for self-custodial wallets”, and Visa shows that it is possible to leverage Ethereum to run automatic payments from a self-custodial wallet solution. However, the concept uses account abstraction, a feature that core Ethereum developers are currently using. debating.
“Account abstraction (AA) is a proposal that attempts to combine user accounts and smart contracts into a single Ethereum account type by making the user accounts work as smart contracts,” the Visa blog post details.
Visa Starknet account abstraction concept code.
To get around the problem that AA is currently not feasible using Ethereum layer one (L1), Visa crypto researchers have outlined how they can make automatic payments for self-custodial wallets with AA through the L2 scaling solution. star web. “With the Starknet account model, we were able to implement our delegable account solution, enabling automatic payments for self-custodial wallets,” Visa explained. The company’s blog post adds:
We see automatic payments as a core functionality that existing blockchain infrastructure lacks.
Visa’s blog post on the subject originally comes from an investigative article that was published in August 2022. The news follows Visa filing of trademark applications as of late October 2022 and the trademarks covered a wide range of crypto products, including a wallet. As one of the world’s largest payment networks, Visa said the company wants to help “make money and payments programmable.”
In addition to Visa, the world’s second largest payment processing corporation and Visa competitor Mastercard is also working to make cryptocurrency solutions more accessible. During the first week of November 2022, Mastercard said: “We welcome a new cohort of startups to facilitate access to digital assets, build communities for creators, and empower people to innovate for the future through Web3 technologies.”
Visa statements are similar to the same ideas and automatic payments from a self-custodial wallet solution could provide a lot of concepts. “We share a novel solution that leverages the concept of account abstraction to provide self-custody wallets with the ability for automatic recurring payments,” the Visa blog post concludes. “Using the approach we have introduced, other real-world applications beyond recurring payments could be incorporated into the blockchain.”
tags in this story
account model, automatic payments, Blockchain infrastructure, crypto visa, cryptocurrency solutions, Ethereal, Ethereum payments, L2 scaling solution, MasterCard, Self-custody wallet, star web, StarkNet Solution, technology, VISA, crypto visa, Visa Crypto Concept, web3 technologies
What do you think about Visa automatic payments for the concept of self-custodial wallets using Starknet? Let us know what you think about this topic in the comments section below.
Jamie Redman is the news lead at Bitcoin.com News and a fintech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code, and decentralized applications. Since September 2015, Redman has written over 6,000 articles for Bitcoin.com News about disruptive protocols emerging today.
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