Global payments giant Visa has deployed experimental smart contracts on Ethereum’s Goerli testnet to pilot gasless transactions through account abstraction.
The two sets of smart contracts, dubbed Paymaster, will simplify user interaction with the Ethereum network by performing complex tasks and managing transaction costs on behalf of other accounts.
Visa Tests Paymaster for Frictionless Transactions
Account abstraction is a proposal to increase flexibility in the management and behavior of Ethereum accounts by separating the control of an account from its associated private key, allowing it to be controlled by a smart contract. The mechanism is enabled by ERC-4337, a new Ethereum standard launched in March.
Visa seeks to leverage the ERC-4337 standard to implement an intermediary currency conversion service. The first version of the Paymaster contract explores whether users can pay transaction fees with alternative tokens like dollar-pegged stablecoins or central bank digital curren
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