The company specializing in payment solutions has just announced its commitment to the development of a tool in the Web3 sector. Developed on Ethereum (ETH), this solution allows users to perform fund transfers in a scheduled and automated way.
Visa on the way to improve Ethereum network wallets
Visa has just announced its desire to collaborate with the teams of the Ethereum (ETH) network for the development of a technology enabling automated transfers for self-hosted wallets.
Visa’s statement follows a hackathon conducted earlier in the year with promising results. In addition, the document explains how Ethereum blockchain users could make automated payments themselves.
Currently, only hosted wallets can theoretically carry out automatic operations. This type of wallet is hosted by an intermediary with full control over its user’s funds. Consequently, it is this intermediary who carries out the operations on behalf of the user.
On the contrary, in the case of self-hosted wallets, the user must have access to his account to carry out an operation. In other words, it cannot schedule payments on its own.
It is in this context that Visa is carrying out its research on a new type of wallet allowing the programming and automation of transfers on the Ethereum blockchain. And the solution seems to have already been found.
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A wallet in the form of a smart contract?
For several years, a proposal by the name of Account Abstraction is being investigated by Ethereum developers. This proposal would allow the deployment of wallets on Ethereum having simultaneously self-hosted wallet and smart contract functions.
This new type of wallet, called “ Delegable account », would make it possible to plan automatic transfers between the sender and the recipient of the funds under certain pre-programmed conditionsas the press release points out:
“ When a user with a “delegable account” visits the merchant’s website, he sees a request for approval of automatic payments: the user can see the actions that the automatic payment contract will do on his behalf . For example, the contract can only invoice the user once a month, or create an expense limited to a maximum amount. »
However, as things stand, this technological advance seems to be set aside by the Ethereum foundation. While this project has been under discussion since 2016, questions about its implementation are dividing developers and delaying its rollout.
Visa has therefore taken the reins of this technology by deploying it itself on the second layer StarkNet solution. Built on the Ethereum blockchain by the StarkWare company, this network aims to improve the scalability and performance of its parent blockchain.
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Published by Editions Larousse
Source: Visa
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Always enthusiastic about new technologies, I gradually moved closer to Web3-related activities during the year 2021. Over time, I wanted to add my stone to the building. It was then that I became an editor, with the aim of explaining cryptocurrency-related topics to as many people as possible.
Timothy Bourbotte
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