Through a December 20, 2022, blog post, Visa’s crypto thought leadership unit suggested a way for providers to automatically “pull” funds from users’ Ethereum-backed crypto wallets. It is believed that the step can be implemented without manual sign off on every transaction, as reported by Cointelegraph.
According to Cointelegraph, Visa stated that such a mechanism won’t be applicable for owners of self-custodial wallets. Reportedly, the company mentioned that automated programmable payments which initiate payments from a user’s account at intervals “requires engineering work.” In Visa’s technical piece, the platform specified that crypto-based automatic recurring payments would be possible through “delegable accounts,” inspired from the “Account Abstraction” (AA) concept.
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On the basis of information by Cointelegraph, Vitalik Buterin, co-founder, Ethereum, recommended the concept in 2015. Reportedly, the concept permits integration between Ethereum-oriented wallets and smart contracts into a single concept, among other cases. Using an AA-based self-custody wallet or delegable account, the Visa team stated that user accounts would “function like smart contracts,” which means that people would be able to schedule transactions without the need for regular sign offs.
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Moreover, Cointelegraph noted that the proposal aims to be part of the firm’s research into new blockchain-based innovations and for working around requirements based on Ethereum transactions. Furthermore, the post emphasised on AA proposed to be a part of Ethereum Improvement Protocols over the years but has faced implementation-oriented challenges. It is believed that the Visa team has executed its delegable accounts on a private chain from layer-2 scaling solution StarkNet, as the network supports.
(With insights from Cointelegraph)
