Visa has announced that it uses Ethereum’s Goerli testnet for its abstraction operations.
Visa has conducted “account abstraction” testing by deploying “Paymaster” smart contracts on Ethereum’s Goerli testnet. These smart contracts can simplify crypto payments by managing transaction costs on behalf of other user accounts.
Visa Performs Abstraction on Ethereum Testnet
Visa has given more depth to its blockchain by conducting an account abstraction experiment targeting transaction-free payments with smart contracts on Ethereum’s Goerli testnet. Visa expanded the capabilities of user accounts using two sets of “Paymaster” smart contracts and took advantage of account abstraction that allows wallets to independently perform complex tasks and manage transaction costs. The company detailed its experiments in a report.
The main purpose of these contracts is to eliminate the need to hold Ethereum (ETH), the native cryptocurrency of Ethereum (ETH) or pay with any token, in order to simplify the interaction of end users with the Ethereum network. According to Visa’s report, this methodology offers a more flexible alternative to the standard fee structure on the Ethereum mainnet.
This step is the latest in a relationship that Visa has previously announced to make payments via the USDC stablecoin on Ethereum. This made Visa the first major payment network to use the stablecoin as a settlement currency.
