Visa, the global payment giant has delved into the world of Ethereum, this time experimenting on the blockchain’s Goerli testnet with smart contracts aimed at transaction-free payments with the help of account abstraction
Visa active smart contracts Two copies of “Paymaster” To take advantage of the account abstraction, which extends the capabilities of such contracts to user accounts. And it allows the wallet to perform complex tasks on its own. and manages transaction costs on behalf of other accounts.report
The primary purpose of these contracts is to simplify user interactions with the Ethereum network by eliminating the need for end users to hold ether (ETH) for transactions or “Gas” fees, or have users pay for them. Any token, according to Visa, is a more flexible alternative to the standard fee structure on Ethereum mainnet.
Catherine Gu, head of Visa’s CBDC and protocols, said in a statement.tweeton Wednesday that “We tested two main user functionality: ERC-20 token payments using ERC-4337 Paymaster; and support transaction fees for users. (also known as gasless txs) with ERC-4337 Paymaster”
They can support transaction fees for users and allow users to pay for gas in ERC-20 tokens such as the dollar stablecoin, as Visa emphasizes in the press release.report
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