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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.<\/strong><\/p>\n On Dec. 19, 2022, Visa\u2019s Crypto Thought Leadership blog published a post<\/a> written by Andrew Beams, Catherine Gu, Srini Raghuraman, Mohsen Minaei, and Ranjit Kumaresan. Visa\u2019s subject brief is about \u201cauto payments for self-custodial wallets,\u201d 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<\/a>.<\/p>\n \u201cAccount 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,\u201d the Visa blog post details.<\/p>\n In order to bypass the issue that AA is currently not feasible using Ethereum\u2019s 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<\/a>. \u201cWith Starknet\u2019s account model, we were able to implement our delegable accounts solution thus enabling auto payments for self-custodial wallets,\u201d Visa explained. The company\u2019s blog post adds:<\/p>\n We see auto payments as a core functionality that existing blockchain infrastructure lacks.<\/p>\n<\/blockquote>\n 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<\/a> at the end of Oct. 2022 and the trademarks covered a broad range of crypto products including a wallet. Being one of the world\u2019s largest payment networks, Visa said the firm wants to help \u201cmake money and payments programmable.\u201d<\/p>\n In addition to Visa, the second-largest payment-processing corporation worldwide and Visa\u2019s competitor, Mastercard, is also working<\/a> to make cryptocurrency solutions more accessible. During the first week of Nov. 2022, Mastercard said<\/a>: \u201cWe\u2019re 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.\u201d<\/p>\n Visa\u2019s statements are akin to the same ideas and the auto-payments from a self-custodial wallet solution could provide a myriad of concepts. \u201cWe shared a novel solution that leverages the concept of account abstraction to provide self-custodial wallets with automatic recurring payments capability,\u201d Visa\u2019s blog post concludes. \u201cUsing the approach we have introduced, other real-world applications beyond recurring payments could be brought to the blockchain.\u201d<\/p>\nVisa Develops Account Abstraction Using the L2 Ethereum Scaling Solution Starknet, Payments Company Envisions a Future With Programmable Money<\/h2>\n
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