Payment giant Visa has proposed the Ethereum (ETH) layer-2 blockchain StarkNet for automatic payments using crypto wallets.
As Visa continues to look for ways to bridge the gap between cryptocurrencies and the real world, it has now introduced an “automatic payment method” idea. In a report published by Visa on its official website, it is built on Ethereum. layer-2 blockchain of StarkNet “automatic bill payment” A proposal was submitted that it could be integrated into the systems.
The proposed proposal outlined a way for users to automatically send payments using a self-custodial wallet without having to sign each transaction. by Visa in the report, “We see automatic payments as a core functionality missing from existing blockchain infrastructure.” was stated. Offer per month Netflix payment, phone bill or electricity bill payments such as inexpensively and easily In addition to existing blockchain technology, “engineering work required“ expressed.
The need for this extra engineering is in line with the existing blockchain operation. private key caused by the system. As it is known, in this system, a single person controlling the private key because smart contracts cannot initiate transactions on their own, requires the user’s signature manually. At this point, Visa aims to create “auto-approved smart contracts” with the StarkNet infrastructure. In the technical report, it “Account Abstraction” (AA) based on the concept oftransferable accountsIt was stated that it will be possible through a new type of personal storage wallet called ”.
This application can allow creating a programmable payment order that can automatically transfer funds from one “self-escrow wallet” account to another at recurring intervals without requiring the active participation of the user each time.
