EVM-Based Token Standard for Ensuring Non-Custodial Recurring Payments

Abstract

This article presents a token aimed at ensuring the implementation of recurring bill-pay functionality on decentralized platforms utilizing the Ethereum Virtual Machine (EVM). Automatic periodic payments, including subscription-based services, have gained significant traction in traditional fiat-money industries due to the various advantages they offer to both service providers and customers. However, current Distributed Ledger Technologies (DLTs) lack inherent non-custodial mechanisms to support such payment schemes. In this study, we propose an approach implemented through a smart contract that issues tokens on EVM-based networks, enabling the inclusion of recurring payments. This contract ensures compatibility with ERC-20 and ERC-777 standards, offering the potential to establish a novel token standard.