Visa said that StarkNet, a layer 2 blockchain built on Ethereum, might help bridge the gap between crypto and the real world by facilitating the payment of bills via self-custodial wallets.
Visa said that StarkNet, a layer 2 blockchain built on Ethereum, might help bridge the gap between crypto and the real world by facilitating the payment of bills via self-custodial wallets.
According to a suggestion from Visa’s crypto thought leadership group, although automated recurring payments are widespread on regular mobile banking applications, they are more difficult on the blockchain. Using the innovative notion of account abstraction, the team investigated how smart contracts may be applied to allow automatic and programmable payments.
The authors of the proposal noted, “We see automatic payments as a basic service that the present blockchain network lacks.”
Visa executed its proof of concept using the crypto wallet Argent on the StarkNet scaling platform since account abstraction, which enables smart contracts to execute transactions on behalf of a user, is not yet live on Ethereum. The proposal describes a method for users to transfer payments automatically using the self-custodial wallet without having to sign each transaction.
Visa has worked on crypto infrastructure and protocols for payments, doing research into topics like privacy and security for payments that need improvement prior to deployments in the real world. The corporation said that it is willing to explore programming ideas.
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