ERC-948
ERC-948 Key Points
- ERC-948 is a proposed standard for recurring subscriptions on the Ethereum blockchain.
- The standard aims to facilitate the creation of a decentralized subscription service.
- As a part of Ethereum’s EIP (Ethereum Improvement Proposal) system, ERC-948 is not yet an officially adopted standard.
- ERC-948 could allow for recurring payments for services like Netflix or Spotify but in a decentralized manner.
ERC-948 Definition
ERC-948 is a proposed Ethereum Improvement Proposal (EIP) for a standard that would add functionality for recurring subscriptions to the Ethereum blockchain. It seeks to facilitate an ecosystem of decentralized subscription services, allowing for automatic, recurring payments in Ether or ERC-20 tokens.
What is ERC-948?
ERC-948 is a proposed standard that would add recurring subscription functionality to the Ethereum blockchain. It would allow for the creation of automatic, recurring payments for subscription-based services.
While the Ethereum network allows for one-time transactions, recurring transactions are not yet officially supported. ERC-948 seeks to add this functionality.
Who Proposed ERC-948?
ERC-948 was proposed by a group of Ethereum developers. These proposals are part of the Ethereum community’s ongoing efforts to improve and expand the Ethereum network’s functionalities.
When was ERC-948 Proposed?
The exact date of the ERC-948 proposal is not publicly available. However, Ethereum Improvement Proposals are regularly submitted and reviewed by the Ethereum community.
Where Does ERC-948 Apply?
ERC-948 would apply to the Ethereum blockchain, specifically in relation to subscription-based transactions. If implemented, it could be used anywhere Ethereum is used, providing a global decentralized solution for recurring payments.
Why is ERC-948 Important?
ERC-948 is important because it would add a significant new capability to the Ethereum network: recurring payments. This could revolutionize subscription services, enabling them to operate in a decentralized manner. It could also open up new possibilities for contract-based interactions on the Ethereum network, such as rent payments, utility bills, and more.
How Would ERC-948 Work?
Under the proposed ERC-948 standard, a user would authorize a service provider to withdraw a certain amount of Ether or ERC-20 tokens from their account at regular intervals. This would be done through a smart contract, which would automatically execute the transaction at the specified times. This would allow for a decentralized, blockchain-based subscription service.