.Visa is proposing the use of smart contracts to enable automated programmable payments on Ethereum, allowing for the creation of a self-custodial wallet.
This solution involves the creation of a smart contract that acts as an intermediary between a user account and a contract account, allowing for the creation of a self-custodial wallet that can make automatic recurring payments without requiring the active participation of the user.
Currently, there are two types of accounts on the Ethereum network: Externally Owned Accounts controlled by a private key, and Contract Accounts , which are essentially smart contracts. Account Abstraction is a proposal that aims to combine user accounts and smart contracts into a single type of account on the Ethereum blockchain. This is possible by allowing for the creation of validity rules for individual transactions.
With a delegable account, a user can delegate the ability to initiate a payment to a pre-approved smart contract, known as an"auto payment contract,” Visa said.
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