Recurring Payments on EVM-based Platforms

【Author】 Grybniak, Sergii; Goga, Nicolae; Nashyvan, Oleksandr; Mihai, Razvan; Mazurok, Igor; Leonchyk, Yevhen; Datta, Gora; Ozkul, Omer Faruk; Marian, Constantin Viorel

【Source】2022 IEEE 1ST GLOBAL EMERGING TECHNOLOGY BLOCKCHAIN FORUM: BLOCKCHAIN & BEYOND, IGETBLOCKCHAIN

【影响因子】

【Abstract】This article proposes a concept of building a payment system for subscription-based services in cases of fixed prices and with recurring frequency. The proposed solution offers the user the opportunity for ease-of-use and transaction fee cost savings. The proposed method of calculating balances for crypto-wallets can be applied to other financial services that provide traditional banking products based on decentralized public platforms. The concept is deployed in the form of a smart contract for issuing tokens on Ethereum, which is backward compatible with ERC-20 and ERC- 777, and can form the basis for a new EVM-based decentralized network standard.

【Keywords】recurring payment; token standard; smart contract; accrual accounting; subscription-based service; decentralized finance; blockchain

【发表时间】2022

【收录时间】2023-06-25

【文献类型】理论模型

【主题类别】

区块链应用-实体经济-支付领域