Visa uses PayMaster contracts on Ethereum Testnest for Gaslos Transactions

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Von Krypto News Österreich

Der globale Zahlungsriese Visa hat experimentelle Smart Contracts im Goerli-Testnetz von Ethereum eingesetzt, um gaslose Transaktionen durch Kontoabstraktion zu testen. Die beiden Sätze intelligenter Verträge, Paymaster genannt, werden die Benutzerinteraktion mit dem Ethereum-Netzwerk vereinfachen, indem sie komplexe Aufgaben ausführen und Transaktionskosten im Namen anderer Konten verwalten. Visa testet Paymaster auf reibungslose Transaktionen Bei der Kontoabstraktion handelt es sich um einen Vorschlag zur Erhöhung der Flexibilität bei der Verwaltung und dem Verhalten von Ethereum-Konten, indem die Kontrolle über ein Konto vom zugehörigen privaten Schlüssel getrennt wird, sodass es durch einen Smart Contract gesteuert werden kann. Der Mechanismus wird durch ERC-4337 ermöglicht, …
The global payment giant Visa has used experimental smart contracts in the Eterli test network from Ethereum to test gasless transactions through account abstraction. The two sentences of intelligent contracts, called PAMASTER, will simplify the user interaction with the Ethereum network by performing complex tasks and manage transaction costs in the name of other accounts. Visa tests PayMaster for smooth transactions in the account abstraction is a proposal to increase the flexibility in the administration and behavior of Ethereum accounts by separating control over an account from the associated private key, so that it can be controlled by a smart contract. The mechanism is made possible by ERC-4337 ... (Symbolbild/KNAT)

The global payment giant Visa has used experimental smart contracts in the Eterli test network from Ethereum to test gasless transactions through account abstraction.

The two sentences of intelligent contracts, called PAMASTER, will simplify the user interaction with the Ethereum network by performing complex tasks and manage transaction costs in the name of other accounts.

Visa tests Paymaster for smooth transactions

The account abstraction is a proposal to increase the flexibility in the administration and behavior of Ethereum accounts by separating control over an account from the associated private key so that it can be controlled by a smart contract. The mechanism is made possible by ERC-4337, a new Ethereum standard that was introduced in March.

VISA wants to use the ERC-4337 standard to implement an intermediate currency billing service. The first version of the PayMaster contract examines whether users can pay transaction fees with alternative tokens such as dollar-bound stable coins or digital central bank currencies (CBDCS).

The contract can collect any ERC-20 token from users and convert them based on the current exchange rate in Ether (Ether) in order to pay the gas fees on behalf of the user, which means that the need is only to acquire ETH for transaction fees.

"This sample contract contains the relevant logic for both the PAYMATER and its user-defined ERC 20 token. In this contract we have introduced an approval list and a function to update the token-to-anth reduction course. We were able to better simulate real conditions in which the exchange rate between ETH and a token is dynamic," said VISA in a report.

gasless transactions enable

The payment giant believes that the PAYMATER concept can create incentives for acceptance by enables users to only finance the gasoline costs at the time of the transaction without the necessary pre-financing to optimize your cash flow management.

The second PAMATER contract aims to eliminate the need to remove the fact that users have to pay for the gas fees themselves, just like with Web2-Peer-to-Peer transactions (P2P) by using a solution offered by account abstraction, which is used, such as B. FinTech Wallets, enables providers to bear the costs.

In this case, the third parties can act as paymaster and take over the transaction fees for the users completely. The experiments are based on the starter code, which is provided by the Ethereum Foundation and the ERC-4337 core team.

We tested two main user processes: 1) Pay with ERC-20 tokens with ERC-4337 PAMATER; 2) Sponsoring transaction fees for users (also known as gasless TXS) with ERC-4337 PAYMATER

- Catherine GU (@catgu_) 17. May 2023

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