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.
👉 Learn more about the difference between hosted and self-hosted wallets
The best way to secure your cryptocurrencies 🔒
🔥 The world leader in crypto security
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.
👉 To understand everything about second-layer solutions about blockchains
Order our Book to understand everything about cryptos
Published by Editions Larousse
Source: Visa
Newsletter 🍞
Receive a summary of crypto news every Monday by email 👌
What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.
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
38 items
