Recurring Payments on EVM-based Platforms

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.