ERC-948 Summary
- A proposed Ethereum standard for subscription-based transactions.
- Enables automated recurring payments via smart contracts.
- Ensures decentralized and permissionless subscription management.
- Facilitates seamless integration of subscription services on blockchain.
- Introduced to address limitations in handling recurring payments via decentralized applications (dApps).
ERC-948 Definition
ERC-948 is a proposed Ethereum Request for Comment (ERC) standard designed to facilitate subscription-based transactions on the Ethereum blockchain. It enables automated recurring payments through smart contracts, offering a decentralized and permissionless solution for managing subscriptions.
What Is ERC-948?
ERC-948 is a proposal within the Ethereum ecosystem that aims to standardize subscription-based transactions.
It leverages smart contracts to automate and manage recurring payments without the need for intermediaries.
This standard addresses the challenges faced by decentralized applications (dApps) in handling subscription models effectively.
Who Developed ERC-948?
ERC-948 was introduced by David Truong, a developer in the Ethereum community.
The proposal emerged from the need to create a robust and decentralized solution for recurring payments on the blockchain.
David Truong’s initiative was aimed at enhancing the functionality of dApps by incorporating subscription services.
When Was ERC-948 Proposed?
ERC-948 was proposed in early 2018.
The proposal was submitted to the Ethereum community for review and discussion.
Although it remains a proposed standard, it has sparked significant interest and discussions among developers and blockchain enthusiasts.
Where Is ERC-948 Applied?
ERC-948 is applied within the Ethereum blockchain ecosystem.
It is particularly relevant for decentralized applications (dApps) that require subscription-based models.
The standard can be used across various industries, including content streaming, software services, and any platform offering recurring services.
Why Is ERC-948 Important?
ERC-948 is important because it addresses a significant gap in the Ethereum ecosystem.
Prior to ERC-948, managing recurring payments on blockchain was cumbersome and required manual intervention.
This standard provides a seamless, automated solution for subscription management, enhancing the user experience and operational efficiency of dApps.
How Does ERC-948 Work?
ERC-948 works by utilizing smart contracts to automate recurring payments.
A subscriber authorizes a smart contract to make periodic payments to a service provider.
The smart contract then executes these payments at predefined intervals, ensuring timely and accurate transactions.
By removing the need for intermediaries, ERC-948 ensures a decentralized and permissionless approach to subscription management.
