Author: Mike Hearn 2014-01-31 18:13:42
Published on: 2014-01-31T18:13:42+00:00
This email thread discusses the proposal for a protocol to enable recurring payments in Bitcoin. The protocol aims to allow customers to pay for subscription-based services using Bitcoin, with advantages such as giving users control over their subscriptions and opening the door to subscription management tools in wallets. The proposed protocol is an extension of BIP-0070 and involves the customer subscribing to a service and then having the wallet make recurring payments without any intervention from the customer as long as the payments match what the customer agreed on paying. The email provides a high-level description of the protocol, including the flow of operations, creation of the subscription, ongoing payments, subscription change (optional), and cancellation of the subscription. The email also addresses some concerns and issues with regards to implementing the proposed protocol, such as triggering it off the existing payment protocol, defining the payment schedule data structures, and allowing pre-submission of time-locked transactions. As the proposing team is new to the Bitcoin community, they seek feedback on the high-level proposal and additional requirements that they might have missed. They also suggest prototyping either in Bitcoin Core or bitcoinj, with the hopes that these prototypes will help clarify the necessary details.
Updated on: 2023-06-08T01:48:45.782519+00:00