Visa Proposes Ethereum L2 Starknet to Enable Recurring Payments for Self-Custody Wallets


San Francisco, CaliforniaThe financial services company based in the United States Visa A blog post was published exploring how to leverage Ethereum Layer-two (L2) and layer-three (L1) scaling solutions Starknet This is so that those with self-custodial accounts can pay for their invoices. The Blog post notes that while Ethereum The financial services firm does not support delegable or account abstraction, but they have implemented a delegable solution. StarknetThe L2 blockchain network.

Visa Explores 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 post by Andrew Beams, Catherine Gu, Srini Raghuraman, Mohsen MinaeiAnd Ranjit Kumaresan. Visa’s Topic brief: “automatic payments for self-custodial wallets”And Visa It is possible to leverage, as evidenced by the following: Ethereum To make automatic payments using a self-custodial wallet system HoweverThe core concept makes use of account abstraction. Ethereum Developers are currently discussing.

“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 code

To You can get around the fact that AA is not currently possible using layer one (L1) Ethereum, Visa Crypto researchers have shown how to make automatic payments for self custodial wallets using AA via Starknet’s L2 scaling solution “With the Starknet account model, we were able to implement our delegable account solution, enabling recurring payments for self-custodial wallets,” Visa explained. The Company’s blog adds:

We Automated payments will be a core function of existing blockchain infrastructure.

Visa’s This blog post is based on an investigative article published in August 2022. The Follow the news Visa Late filing trademark applications October 2022 and the trademarks included a wide variety of crypto products including a wallet. As One of the most important payment networks in the entire world Visa The company said it wants to help “make money and payments programmable.”

In In addition, Visa- The second-largest payment processing company in the world. Visa Competitors Mastercard It also works to make cryptocurrency solutions more easily accessible. During The first week of November 2022, Mastercard said: “We welcome a

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