Visa Deepens Crypto Payments Presence With Ethereum Account Abstraction

Visa Explores Account Abstraction On Ethereum For Crypto Payments

According to a recently published article “Rethinking Digital Transactions with Account Abstraction,” Visa is studying Ethereum account abstraction and proposal ERC-4337 for digital payments.

advertisement

Visa has deployed two sets of Paymaster contracts on the Ethereum Goerli testnet, showing how to redesign gas fees on the blockchain to improve user convenience. ERC-4337 makes it possible for an owner to directly own smart contract accounts. In fact, Account Abstraction and Ethereum Virtual Machine compatibility offer more advantages for end users.

ERC-4337 Transaction Flow
ERC-4337 Transaction Flow. Source: Visa

Guy Sheffield, head of crypto at Visa, took to Twitter to share the deployment of the first paymaster smart contract on the Ethereum testnet.

Blockchain expert Cygaar noted that the Visa team created a paymaster contract that first gets the ETH exchange rate to the ERC20 token (L110) and then transfers that amount of ERC20 tokens to itself (L112). In the next experiment, a paymaster contract was set up to completely cover gas fees for user transactions.

Also Read: Do Kwon and Terraform Labs Withdraw Millions A Year After Terra-LUNA Crisis

Ethereum Creator Vitalik Buterin On Account Abstraction

Ethereum co-founder Vitalik Buterin claimed gas fees Account Abstraction is “something we’ve always wanted” and that it has “for a long time been a dream of the Ethereum developer community.”

Vitalik Buterin recommends crypto investors using social recovery wallets and multi-signature wallets to achieve self-custody of crypto funds.

With the ERC-4337 account abstraction and upcoming smart contracts wallets like Soul Wallet, wallet security will improve. Vitalik Buterin proposes to use social recovery for hot wallets that store a small portion of a person or organization’s funds, and multisigs for cold wallets that store a person or organization’s savings.

Also Read: Binance Brings Back Zero-Fee Trading For Bitcoin, SHIB, PEPE, Other Crypto

Comments

Post a Comment

Popular posts from this blog

Trump Family’s World Liberty Financial Proposes Buyback-And-Burn After WLFI Plummets 23% On Debut

Image
World Liberty Financial, backed by Donald Trump’s family, plans a buyback-and-burn program to shore up its price after the WLFI token plunged 23% after launch yesterday. WLFI debuted at $0.30, pegging its fully diluted value at $30 billion after it listed on crypto exchanges including Binance, OKX, and KuCoin . But the token quickly plunged, putting pressure on the project to restore confidence among investors. It’s trading down about 20% at $0.2472 as of 5:16 a.m. EST, according to CoinGecko. The governance proposal calls for fees from WLFI’s liquidity positions on Ethereum, Binance Smart Chain, and Solana to be used to buy back tokens from the open market and send them to a burn address, permanently reducing supply. The project said community and third-party liquidity providers’ fees would remain untouched. The buyback-and-burn plan is presented as a way to favor committed long-term holders while discouraging short-term speculators. The proposal has already...
Read more

Kodiak Finance integrates Orbs’ dTWAP and dLIMIT tools to enhance trading on Berachain

Kodiak Finance, the native liquidity platform for Berachain, has integrated Orbs’ decentralized dTWAP and dLIMIT protocols to bring more advanced trading functionality to its users, as reported to Finbold on October 16. The integration adds institutional-grade order types to Berachain’s leading decentralized exchange, which currently holds over $250 million in total value locked (TVL) and has processed more than $4 billion in trading volume.  More than 100,000 users on Kodiak can now access new tools for time-weighted and limit order execution, helping reduce slippage and improve trading efficiency. Bringing CEX-level trading to Berachain’s decentralized network Orbs’ dTWAP (decentralized Time-Weighted Average Price) protocol enables large trades to be broken into smaller orders that execute over time, minimizing price impact. The feature can also serve as a dollar-cost-averaging (DCA) strategy, allowing users to accumulate assets gradually rather than in a sin...
Read more