Crypto News – The groundbreaking accomplishment attributed to Visa’s technical experts is a direct result of the strategic fusion of the paymaster contract, account abstraction, and ERC-4337 on the Ethereum platform.
Visa Enables Credit Card Payments for Ethereum Gas Fees
In a strategic move aimed at enhancing its involvement within the Ethereum network, Visa initially unveiled its exploration of Account Abstraction (AA) on the Goerli testnet in May.
This visionary pursuit culminated in the deployment of “Paymaster” smart contracts, meticulously crafted for rigorous testing. The integration of Account Abstraction technology empowers the transformation of user wallets into intelligent contracts, endowing them with the capability to execute intricate tasks seamlessly.
The core objective underpinning the adoption of this contract paradigm is to streamline user interactions within the Ethereum network. Furthermore, this innovation introduces an unprecedented dimension, enabling users to settle transaction fees using a diverse range of tokens, transcending the confines of sole reliance on ETH.
Visa perceives this as a dynamic and adaptable departure from the traditional fee structure prevalent on the Ethereum mainnet.
Having effectively showcased its potential to mitigate friction encountered by blockchain users, this concept holds the potential to alleviate the intricacies associated with managing ETH balances for gas fees. Aligned with its vision, Visa envisions a future where gas fee payments are effortlessly facilitated through Visa cards, rendering the experience seamless for users.
Visa’s interest in Account Abstraction traces its origins back to December 2022, with an intensified focus on exploration following the introduction of ERC-4337 by the development team in March 2023.
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