The price of Ethereum is up 3% today and this appears to be due to a new offering from credit card company Visa. They came up with a proposal to enable regular payments through Ethereum wallets.
Ethereum is responding well
A day ago the price of Ethereum was 1110 euros, now you can add 3% to it. The current value is 1,142.71 euros. There are currently 120,522,328 ETH in circulation with a market capitalization of EUR 137,521,231,540.00.
Visa and Ethereum
Visa proposed a project called Account Abstraction. The idea is that Ethereum users can set up recurring payments automatically through their own wallets. The payments giant laid out the concept in a blog post on Monday, Dec. 19. He also cites an earlier research paper published in August.
Account abstraction is a feature currently being considered by Ethereum developers to implement automatic payments.
Periodic payments with Ethereum
The company says users can set up recurring bill payments. In principle, Ethereum does not allow this, because automated smart contracts cannot request transactions. Currently, users must manually initiate and submit individual trades.
Visa writes that the crypto wallets that users have at home are ideal to use for automatic payments. But they say this is not technically easy to do on a blockchain.
The wallets that Visa is talking about are so-called self-custodial wallets. Users manage the coins themselves and also store their own private keys.
Delegable account
Visa’s post goes on to state that it has been exploring a potential solution this year as part of its internal crypto hackathon challenge. Visa explained that by using account abstraction, it was able to combine the functions of user accounts and smart contracts into one type of Ethereum account. The company called the resulting account a “delegable account.”
This approach allows a merchant to set up a smart contract for automatic payments. Upon approval of a user with a delegable account, a payment is triggered by calling the automatic payment contract fee function.
The user’s delegable account also whitelists the automatic payment agreement for future payments. A whitelist has nothing to do with snow, it just records which recipient addresses and jobs have been cleared for future use.
It’s already possible on Starknet
Currently, Ethereum does not have an account abstraction. This may be introduced in a future update as the idea is already in the EIP-4337 enhancement proposal. Vitalik Buterin is one of the authors.
It’s unclear when or if EIP-4337 will be implemented, and Visa doesn’t want to leave anything to chance. So they published their own delegable accounts on Starknet (nothing to do with Tony Stark). This is a second layer they built on top of the Ethereum blockchain.
Although Visa technically offers a functional automatic payment solution, there are still no customers using it as far as we know.
Source: Btc Direct
Source link
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
