Visa Explores Simplifying Ethereum Transactions for Users
Visa believes that paying gas fees for transactions on the Ethereum blockchain is too complex for most people. To address this issue, the credit-card giant has tested a new way to allow users to pay gas fees in fiat currency with their credit card. Visa acknowledges that blockchain technology has gained significant adoption but remains too complicated for average users. To simplify the process, Visa suggests leveraging Ethereum’s ERC-4337 standard and a paymaster contract to sponsor gas fees on behalf of the user. The company tested this process on the Ethereum Goerli testnet. Visa also suggests that merchants and decentralized applications can use their own paymaster system or an existing wallet to make transactions easier. This move is part of Visa’s ongoing exploration of the crypto sector.
Key Points:
– Visa believes that paying gas fees on the Ethereum blockchain is too complex for most users.
– The company has tested a way to allow users to pay gas fees in fiat currency with their credit card.
– Visa suggests leveraging Ethereum’s ERC-4337 standard and a paymaster contract to simplify the process.
– The testing was performed on the Ethereum Goerli testnet.
– Visa also suggests that merchants and decentralized applications can use their own paymaster system or existing wallets to make transactions easier.
Hot Take:
Visa’s exploration of simplifying Ethereum transactions for users is a significant step towards making blockchain technology more accessible. By allowing users to pay gas fees in fiat currency with their credit card, Visa is addressing a key barrier to entry for mainstream users. This move has the potential to increase adoption and usage of blockchain-based transactions, further shaping the future of money movement.
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