It’s an exciting day for the blockchain community! #Visa has just joined the ranks, announcing the deployment of ‘Paymaster’ contracts on the Ethereum testnet for gasless transactions. The contract allows customers to use ERC-20 tokens for gas fees, aiming to bring blockchain adoption one step closer. @Visa is leading the way in the blockchain space, with more people and companies around the world starting to understand the implications of these new technologies.
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 currencies (CBDCs).
The contract can collect any ERC-20 token from users and convert them into ether (ETH) based on the current exchange rate to pay for gas fees on the users’ behalf, thus removing the need to acquire ETH only for transaction fees.
Deep dive on : ERC-4337
The global payments giant is embracing the potential of Ethereum-based smart contracts and is looking forward to taking advantage of the platform to provide users with a lower cost, faster, and more secure way to transact. This breakthrough technology is sure to revolutionize the way payments are made, allowing customers to make more meaningful purchases and experience the benefits of digital payments.
Kudos to @Visa and @catgu_ for taking the lead with this technology and champions of the blockchain community, we hope to see more companies embrace the same opportunities in the future. #Gasless #BlockchainAdoption #DigitalTransactions #StreamlinedPayments #ERC20 #VisaPaymaster
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