Fun

Payments Giant Visa Proposes Using Ethereum L2 Starknet to Bolster Auto Payments for Self-Custodial Wallets

News Feed - 2022-12-21 02:12:12

Payments Giant Visa Proposes Using Ethereum L2 Starknet to Bolster Auto Payments for Self-Custodial Wallets


Visa, the financial services corporation headquartered in San Francisco, California, published a blog post that talks about leveraging ethereum and the layer two (L2) scaling solution Starknet so people with self-custodial wallets can pay their bills. The blog post notes that while Ethereum doesnt support account abstraction or delegable accounts, the financial services company implemented a delegable accounts solution on Starknet, the L2 blockchain network. Visa Develops Account Abstraction Using the L2 Ethereum Scaling Solution Starknet, Payments Company Envisions a Future With Programmable Money


On Dec. 19, 2022, Visa’s Crypto Thought Leadership blog published a post written by Andrew Beams, Catherine Gu, Srini Raghuraman, Mohsen Minaei, and Ranjit Kumaresan. Visa’s subject brief is about “auto payments for self-custodial wallets,” and Visa shows that it is possible to leverage Ethereum to execute auto-payments from a self-custodial wallet solution. However, the concept utilizes account abstraction, a feature that Ethereum core developers are currently debating.


“Account abstraction (AA) is a proposal that attempts to combine user accounts and smart contracts into just one Ethereum account type by making user accounts function like smart contracts,” the Visa blog post details. Visa’s Starknet account abstraction concept code.


In order to bypass the issue that AA is currently not feasible using Ethereum’s layer one (L1), Visa crypto researchers have summarized how they can accomplish auto payments for self-custodial wallets with AA via the L2 scaling solution Starknet. “With Starknet’s account model, we were able to implement our delegable accounts solution thus enabling auto payments for self-custodial wallets,” Visa explained. The company’s blog post adds: We see auto payments as a core functionality that existing blockchain infrastructure lacks.


The Visa blog post on the subject originally stems from a research paper that was published in Aug. 2022. The news follows Visa filing trademark applications at the end of Oct. 2022 and the trademarks covered a broad range of crypto products including a wallet. Being one of the world’s largest payment networks, Visa said the firm wants to help “make money and payments programmable.”


In addition to Visa, the second-largest payment-processing corporation worldwide and Visa’s competitor, Mastercard, is also working to make cryptocurrency solutions more accessible. During the first week of Nov. 2022, Mastercard said: “We’re welcoming a new cohort of startups to ease access to digital assets, build communities for creators and empower people to innovate for the future through Web3 technologies.”


Visa’s statements are akin to the same ideas and the auto-payments from a self-custodial wallet solution could provide a myriad of concepts. “We shared a novel solution that leverages the concept of account abstraction to provide self-custodial wallets with automatic recurring payments capability,” Visa’s blog post concludes. “Using the approach we have introduced, other real-world applications beyond recurring payments could be brought to the blockchain.” Tags in this story account model, auto payments, Blockchain Infrastructure, Crypto Visa, Cryptocurrency Solutions, Ethereum, Ethereum payments, L2 scaling solution, MasterCard, Self-Custodial Wallet, Starknet, Starknet Solution, technology, VISA, visa crypto, Visa Crypto Concept, web3 technologies


What do you think about Visa’s auto payments for self-custodial wallets concept using Starknet? Let us know what you think about this subject in the comments section below. Jamie Redman


Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Ethereum"s Shanghai Hard Fork Could Happen in March 2023, ETH Dev Says Staking Withdrawals Is the "Highest Priority" TECHNOLOGY | Dec 9, 2022 Bitdao Reveals Modular Ethereum L2 Called Mantle, Public Testnet to Launch in 2023 TECHNOLOGY | Dec 1, 2022


Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: Tony Stock / Shutterstock.com Previous articleEconomist Peter Schiff Warns Bitcoin May Not Rise When Other Financial Assets Rebound Next articleBuy Gift Cards With Crypto on BuySellVouchers Gift Card Marketplace Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"


The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin

News Feed

Billionaire’s suit over scam crypto ads on Meta dismissed in Australia
Derek Andersen7 hours agoBillionaire’s suit over scam crypto ads on Meta dismissed in AustraliaAndrew Forrest’s image was used in an ad promoting crypto scams. He has another suit against Meta in a California distric
Derek Andersen6 hours agoSen. Warren, 100+ legislators write White House, Treasury about crypto and terrorismThe letter was signed by crypto opponents and many lawmakers who had been neutral on crypto until now.1007 Tota
BTC price eyes $73K next as Donald Trump endorses right to use Bitcoin
William Suberg7 hours agoBTC price eyes $73K next as Donald Trump endorses right to use BitcoinBitcoin sets a liquidation battle to hit $73,000 for the first time in a blockbuster start to the week’s Wall Street tradin
Chinese Messaging App Wechat Reportedly Suspends Accounts Linked to NFTs
Chinese Messaging App Wechat Reportedly Suspends Accounts Linked to NFTs Wechat, the Chinese messaging app, has reportedly suspended accounts that are linked to non-fungible tokens
Coinbase Responds to Reports of Selling Customer ‘Geo Tracking’ Data to US Government
Coinbase Responds to Reports of Selling Customer "Geo Tracking" Data to US Government The Nasdaq-listed cryptocurrency exchange Coinbase has insisted that it does not sell “
Biggest Movers: DOGE Hits 1-Month High to Start the Weekend
Biggest Movers: DOGE Hits 1-Month High to Start the Weekend Dogecoin rallied to a one-month high to start the weekend, as markets marginally rebounded on Saturday. The token rose b
Hacker Sent to Prison for Robbing Vietnamese Crypto Exchange
Hacker Sent to Prison for Robbing Vietnamese Crypto Exchange Authorities in Vietnam have caught and sentenced a hacker who stole money and data from a local cryptocurrency exchange
Reports Claim Beleaguered Crypto Exchange FTX Seeks Over $9 Billion From Investors
Reports Claim Beleaguered Crypto Exchange FTX Seeks Over $9 Billion From Investors On Nov. 10, 2022, two reports said that FTX CEO Sam Bankman-Fried (SBF) is canvassing for emergen
SEC Charges Team Behind Coindeal Crypto Fraud That Promised 500,000 Times Investment Returns
SEC Charges Team Behind Coindeal Crypto Fraud That Promised 500,000 Times Investment Returns The U.S. Securities and Exchange Commission (SEC) has charged the team behind Coindeal,
New Dutch Law: Clients Must Explain Why They Want To Buy Bitcoin
New Dutch Law: Clients Must Explain Why They Want To Buy Bitcoin Netherlands-based crypto exchanges are now required by law to get additional information from cl
Hyperbitcoinization: Visions of Bitcoin Fueling the Post Covid-19 Shadow Economy
Hyperbitcoinization: Visions of Bitcoin Fueling the Post Covid-19 Shadow Economy With the recent coronavirus spread and its overall effect on the global economy, some people beli
Close to 60,000 BTC Erased From Bitcoin Treasuries in 9 Months, 4 Entities Hold More Than 100K BTC
Close to 60,000 BTC Erased From Bitcoin Treasuries in 9 Months, 4 Entities Hold More Than 100K BTC During the last two years, a number of public and private companies, exchange-tra