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Visa plans automatic payments from self-depositing wallets

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Visa has proposed a blockchain account architecture, which would potentially allow Ethereum users to arrange automatic payments from a self-storing wallet.

The news came on Monday, December 19th blog post The payments giant described its proposed approach, summarizing a previous research paper published in August 2022. Based on the company’s crypto thought leadership proposal, while automated recurring payments are prevalent in regular mobile banking applications, they are much more difficult to implement on the blockchain. Text excerpt from the blog:

“We see automatic payments as an essential functionality that the current blockchain infrastructure lacks.”

Recognizing this, the Visa team investigated the use of smart contracts in delivering programmable and automated payments using a unique idea dubbed “account abstraction”.

To use a Visa debit account to perform automatic payments

Computation abstraction is one of the features of Ethereum that developers are currently considering, and in particular, Ethereum does not allow functionality at the core level because automated smart deflations are unable to request transactions. Instead, user accounts must manually initiate and submit transactions.

Visa says the feature will allow users to make recurring bill payments, noting that while bank accounts and custodial cryptocurrency wallets can easily work to arrange automatic payments, this type of payment is “not easy to implement on a blockchain.” This means that it would be difficult to implement the feature in a self-custodial wallet, especially one where the user has full control of their funds.

Visa Delegable Account on StarkNet

In the blog, Visa says that it has explored a possible solution as part of the 2022 Crypto Hackathon, and to that end, it revealed that it has managed to combine the functionality of user accounts and smart contracts into a single type of Ethereum account through the use of account abstraction. With this success story, Visa described the resulting account as a “delegable account”.

The methodology allows the merchant to send a smart automated payment contract. Once a user with an authorizable account gives permission, the merchant can initiate payment by calling the charge function to hold automatic payments.

A delegateable user account will also whitelist the auto-payment contract for future reference when they need to make another payment to the same account.

Given that Ethereum has not yet implemented the Account Abstraction function with it being part of several proposals such as EIP-4337And I felt visa limited. However, the payments giant has found a way around these limitations and, as described in the blog, has implemented delegable accounts on StarkNet – an Ethereum layer-2 network with the ability to extend core blockchain functionality to support the feature.

As much as Visa appears to have developed an effective auto-pay solution, there is no communication as to whether the company will offer the feature to its customer base. Moreover, the chances of the feature being implemented in Visa’s expanded cryptocurrency payment cards are low, as these cards are often associated with custodial exchanges.

However, this feature may come into effect in Visa-directed commercial and banking settlement services that may require interaction with non-custodial Ethereum wallets.

Visa says StarkNet may help self-custody wallets pay bills more easily

According to Visa, StarkNet will potentially help bridge the gap between crypto and the real world by enabling self-custodial wallet users to pay their bills.

This is not the first time that Visa has used StarkNet. In building its proof-of-concept using the Argent cryptocurrency wallet, Visa used the StarkNet platform to scale, a choice also inspired by the fact that the feature is not currently active on Ethereum.

In the current discussion of automatic payment from self-wallet functionality, Visa describes a method by which users can leverage a self-custody wallet to automatically transfer payments without having to sign each transaction individually.

Moreover, in an effort to enhance payment privacy and security before unlocking the functionality to the public, Visa has focused on cryptocurrency infrastructure and payment protocols, announcing that it is “ready to discuss its ideas with companies looking for programmable payments.”

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Blockchain

BNT/USD is trading near the $0.50 resistance

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The Bancor price prediction shows that BNT is crossing the 9-day and 21-day moving averages while the coin is taking off to the upside.

Bancor Prediction Statistics Data:

  • Bancor price now – $0.34
  • Bancor’s market capitalization is $55.8 million
  • The circulating supply of Bancor – 162.5 million
  • The total supply of Bancor – 162.5 million
  • Bancor Coinmarketcap Ranking – #287

BNT/USD market

Key levels:

Resistance levels: $300, $310, $320

Support levels: $130, $120, $110

BNTUSD – daily chart

BNT / USD It is currently trading at $0.345 after touching a daily high of $0.490, and is likely to return above the 9-day and 21-day moving averages. However, in case the buyers can push the price above the $0.50 resistance level, then the daily candlestick may close above this level, and the price may rise towards the upper boundary of the channel.

Bancor Price Prediction: Bancor is preparing for an upward movement

According to the daily chart, the Bancor price It is moving near the $0.40 resistance level as the coin is preparing for additional gains. The technical indicator’s RSI (14) is also moving to cross above the 50 level, where the signal line is pointing up to signal a buy signal.

However, if buyers are able to push the price and hold it above the 9-day and 21-day moving averages, Bancor price could rise towards the upper boundary of the channel to reach the potential resistance levels at $0.50, $0.55, and $0.60. While crossing below the lower border of the channel, it could lift the currency to the support levels at $0.25, $0.20, and $0.15, respectively.

Against Bitcoin, Bancor is following a bullish rally, and it could swing higher to cross above the upper boundary of the channel that could identify the resistance at 2400 SAT and above. On the other hand, if the market price crosses the lower boundary of the channel, it may reach the support level of 1800 SAT and below.

BNTBTC – Daily Chart

However, the technical indicator’s RSI (14) is currently moving to cross above the 50 level as the signal line is pointing north to confirm the upward move. Moreover, any further upward movement may create additional gains above the channel.

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DYDX/USD could rise above $1.20

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Since the coin starts the upward movement towards the upside, the dYdX price forecast is likely to move steadily inside the channel.

dYdX prediction stats data:

  • DYDX price now – $1.10
  • DYDX market capitalization – $72.7 million
  • Circulating supply of DYDX – 65.5 million
  • Total supply of DYDX – 1 billion
  • DYDX Coinmarketcap Rank – #198

DYDX/USD Market

Key levels:

Resistance levels: $2.00, $2.20, $2.40

Support levels: $0.50, $0.30, $0.10

DYDXUSD – daily chart

DYDX/USD is likely to cross above the 9-day and 21-day moving averages as the currency begins its upward movement. in the past few days, dYdX price Struggles to cross over to the positive side. According to the daily chart, the RSI (14) technical indicator moved to cross above the 40 level, confirming the bullish movement of the currency.

dYdX Price Prediction: DYDX is ready for an uptrend

the dYdX price It is currently moving north. If the currency continues its upward movement, the bulls may cross above the 9-day and 21-day moving averages, which could reach the resistance levels at $2.00, $2.20, and $2.40. At the time of writing, DYDX/USD is showing a slight bullish movement on the daily chart.

Conversely, if the coin slips below the lower boundary of the channel, it may bring the coin back to the $0.50, $0.30, and $0.10 support levels, respectively. Meanwhile, long-term buyers should not be alarmed by the small impact down the road, as the future of DYDX is assured as evidenced by the technical indicator’s RSI (14).

Against Bitcoin, dYdX price is hovering below its 9-day and 21-day moving averages as the coin is poised for an upward move. The technical indicator’s RSI (14) also confirms the upward movement as the signal line encounters the 40 level. On the contrary, a potential downside move could emerge if the market price crosses below the lower boundary of the channel, which could reach the support level 200 SAT and below.

DYDXBTC – Daily Chart

Meanwhile, any further bullish move above the moving averages could push the coin to the 1200 SAT resistance level and above, and this could take the coin to a new high, and the market could remain in the bullish zone.

But, Dash 2 Trading It gives you the ability to improve your trading and scalping profits with effective crypto trading recommendations, automated trading, and analytics features. There is a D2T token pre-sale going on and time is running out. The launch of the pre-sale dashboard is coming soon as the product developer is ahead of schedule. To date, the prequel has raised nearly $12 million.

Related

Dash 2 Tadawul – High Potential Pre-Selling

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  • Active pre-sale is live now – dash2trade.com
  • Featured in Cointelegraph – $10 Million Raised
  • Know Your Customer verified and reviewed
  • The original code for the crypto signals ecosystem

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SBF to Enter Plea Deal, Mango Exploiter Arrested, Celsius News: Hodler’s Digest, Dec. 25-31

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