Everyone, including StarkWare, was shocked to see that Visa was developing a Proof of Concept (PoC) for automatic payments utilizing Account Abstraction on StarkNet.
It's encouraging to see that such a significant business is exploring the strength and adaptability that account abstraction gives to self-custody. Since AA is already supported by StarkNet, an L2 network, the Visa team developed this autopayment application using Argentwallet and StarkNet.
When testing the transaction on a private chain, Visa used smart contracts. It was a terrific learning opportunity for the Visa team to learn more about Cairo and the StarkNet protocol.
The team decided to investigate how recurring auto payments might be built directly on blockchain using a self-custodial wallet after considering that Visa had studied AA. Recurring auto payments are one of the most popular types of payments that we currently enjoy.
Because the user of a self-custodial wallet maintains the private key, every transaction that has to be pushed onto the blockchain must be initiated by the user.
Pull payments rather than push payments might be set up using AA on the backend, allowing an end user to set up auto payments in the same way as they can now.
The Meaning Of Account Abstraction
Here is a succinct explanation of account abstraction. Calling the verification algorithm with the transaction's signature (now a simple byte array) as input is the first step in processing a transaction.
The transaction is valid if the verification code reports anything other than empty within 50000 gas. It is invalid if it produces an empty array or leaves with an exception condition.
We build a mechanism such that verification codes can be generated offline and used as addresses, enabling individuals to create accounts without ETH. Sending money to such address is possible. When sending a transaction for the first time from that account, you must enter the verification code in a separate field.
2/13/2023 11:01:18 pm
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