Payments giant Visa deployed Goerli Ethereum testnet has two Paymaster smart contracts for using account abstraction to facilitate payments.
The developers of the second largest cryptocurrency by capitalization implemented the option of converting an account into a smart contract (abstraction) in March by activating the standard ERC-4337.
The Visa team tested two real-world applications of account abstraction in the payments industry.
In the first case, Paymaster allowed users to pay transaction fees in Ethereum with any ERC-20 token, including stablecoins like USDC. The company noted that the solution is relevant for any EVM– compatible network. It makes it possible to pay for gas without the need to have a stock of the transferred asset for this.
In the second option, the smart contract fully sponsored the transaction fee. Visa experts believe that this approach can make free P2P transfers possible. Gas costs in this case can be covered, for example, by wallet providers or trading platform operators to promote and attract new customers.
“Interacting with blockchains through digital wallets can be challenging, and many believe that ensuring ease of use is an important step towards wider adoption,” the company’s specialists emphasized.
They believe that ERC-4337 offers “interesting possibilities” in this direction, and the use cases for the abstraction of accounts in Ethereum are far beyond the experiments carried out.
Recall that in April, Visa began recruiting programmers for an “ambitious” program of crypto products.
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Payments giant Visa deployed Goerli Ethereum testnet has two Paymaster smart contracts for using account abstraction to facilitate payments.
The developers of the second largest cryptocurrency by capitalization implemented the option of converting an account into a smart contract (abstraction) in March by activating the standard ERC-4337.
The Visa team tested two real-world applications of account abstraction in the payments industry.
In the first case, Paymaster allowed users to pay transaction fees in Ethereum with any ERC-20 token, including stablecoins like USDC. The company noted that the solution is relevant for any EVM– compatible network. It makes it possible to pay for gas without the need to have a stock of the transferred asset for this.
In the second option, the smart contract fully sponsored the transaction fee. Visa experts believe that this approach can make free P2P transfers possible. Gas costs in this case can be covered, for example, by wallet providers or trading platform operators to promote and attract new customers.
“Interacting with blockchains through digital wallets can be challenging, and many believe that ensuring ease of use is an important step towards wider adoption,” the company’s specialists emphasized.
They believe that ERC-4337 offers “interesting possibilities” in this direction, and the use cases for the abstraction of accounts in Ethereum are far beyond the experiments carried out.
Recall that in April, Visa began recruiting programmers for an “ambitious” program of crypto products.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
