Say goodbye to seed phrases & hello to multi-factor authentication, plug-ins, fee payment in any token & more. 🔐
Welcome to the new era of simple & secure transactions.
Account Abstraction is a revolutionary new technology that enables users to have full control of their cryptocurrency, while making transactions as secure and simple as possible.
Rather than relying on cumbersome methods like seed phrases, which often become obsolete, Account Abstraction allows apps to build authentication features users are accustomed to, like face ID and pincodes, and multi-factor authentication.
@Visa has been exploring the potential of blockchain and web3 technologies to enhance the payments experience for its users, using #StarkNet to do so.
To stay engaged and contribute to the technical development in the crypto ecosystem, the company has been deep diving into web3 infrastructure and blockchain protocols.
The interesting thing Visa explored was the potential of account abstraction (AA) for recurring autopayments.
The result:
Visa built an application on StarkNet using the @argentHQ wallet.
The SHARP prover switched on Recursion and hyper-scaling just became a reality!
Every proof of many txs can be rolled up with others into a single proof
What is it and how does it lead to better scaling, L3, and other improvements?
🧵
The usual STARK scaling process includes the following:
Off-chain: 1. Validate transactions’ correctness 2. Generate a proof for this validation
On-chain: 3. Verify this proof
So now we add recursion to the proving part and get magic!🎩
>>
Now, Recursive Proving goes like this:
Off-chain: 1. Validate transactions’ correctness 2. Generate a proof for this validation 3. (Add magic here🎩) Validate the proof and generate a proof for this validation. We can repeat this several times
They have not been fully audited.
They are not battle-tested yet.
In their Alpha forms, we cannot guarantee StarkNet or StarkGate will not be buggy.
Be careful.🙏
Remember that this is an alpha version, and it is likely that transfer of assets to a non-alpha version will be required in the future.
Free the devs!
Many constraints restrict dApp development on L1
WAY too limited by what we can build & how much it costs
It’s like a dam holds back blockchain innovation
StarkNet has lifted dam; we see creativity flowing
General computation & massive scale➡️anything’s possible
Gaming:🎮
Game-makers’ basements are labs for future of blockchain.
L2 empowers them to boundless creativity.
Limitations end as fun begins, it seems StarkNet is becoming blockchain’s amusement park 🎡🎢🎠
Games are the trailblazers of decentralization
DeFi:
👋 Goodbye & good riddance to ‘gas ceiling’ → hello DeFi apps that’ll make crypto mainstream
⛽ Cos when gas fees aren’t holding you back, anything’s viable
👛 Users to adopt crypto for payments, big & small
📈 And trading platforms that wouldn't work on L1 now have home
This just in from our presentation at the ZK-Summit in Berlin #ZK0x03: 1/ StarkDEX, our settlement engine for non-custodial exchanges (DEXes) is now able to settle over 500 trades/second, costing less than 1,000 gas per trade.
2/ That’s 200X more trades than Ethereum can currently settle (and 10X better than we reported six weeks ago at the Stanford Blockchain Conference).
3/ We’ve now generated proofs for settling batches of 8K trades (8192, if you insist), which can be verified in a single Ethereum block (without any STARK-specific Ethereum pre-compiles)