Monthly subscriptions are a key monetization channel for legacy web, and arguably they are the most healthy monetization channel for businesses on the legacy web (especially when compared to ad/surveillance) based models. They are arguably more healthy than a token based economic system (depending upon the vesting model of the ICO) because
For these reasons, we think it's imperative to create a standard way to do 'subscriptions' on Ethereum.
To enable replay-able transactions users sign a concatenated bytes hash that is composed of the input data needed to execute the transaction. This data is stored off chain by the recipient of the payment and is transmitted to the customers smart contract for execution alongside a provided signature.
Recurring payments are the bedrock of SaSS and countless other businesses, a robust specification for defining this interaction will enable a broad spectrum of revenue generation and business models.
EIP-1337 Contracts should be compiled with a contract that references all the enumerations that are required for operation
EIP-1337 compliant contracts support EIP-165 announcing what interfaces they support
Merchants who accept credit-cards do so by storing a token that is retrieved from a third party processor(stripe, paypal, etc), this token is used to grant access to pull payment from the cx's credit card provider and move funds to the merchant account. Having users sign input data acts in a similliar fashion and enables that merchant to store the signature of the concatenated bytes hash and input data used to generate the hash and pass them off to the contract holding the subscription logic, thus enabling a workflow that is similliar to what exists in the present day legacy web.
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