Crypto AutoPay

Revolutionize Your Crypto Payments

Crypto AutoPay simplifies your crypto life by automating recurring payments. With our innovative use of Reactive Smart Contracts (RSCs), you can effortlessly set up and manage recurring payments for your favorite subscriptions, donations, and more.

How it Works

1. Authorize Once: Grant your RSC permission to spend a specific token. This creates an on-chain event that the RSC monitors, which will trigger the deduction of tokens according to defined parameters.
2. Set Your Payment Schedule: Define the amount, frequency, and recipient of your payments.
3. Relax and Enjoy: The RSC and transaction monitoring handle the rest, ensuring timely and secure payments.

Key Features

• Automated: Leveraging the power of Reactive Network, your payments are securely automated.
• Affordable: Crypto Autopay will use a transaction monitoring script to monitor smart contracts and execute functions based on defined conditions, including time-based ones, without the need for a user to manually submit a transaction. Reactive Smart Contracts help to achieve much more affordable automated payment subscriptions. This is a key differentiator that would be solved less optimally without RSCs.
• Flexible: Customize payment plans to fit your needs.
• Ease of Use: A user-friendly interface makes setting up and managing payments a breeze.
• Decentralized: Your payments are controlled by you, not a centralized authority.

Who it's for

• Users: DeFi, NFT, gaming, subscriptions, purchases
• Apps & Businesses: sell products and services, offer partner integrations
• DAOs, Charities, Non-Profits: fundraising, recurring donations, community treasury management

Examples

Subscription Services

• Streaming Services: Pay a monthly fee for a Netflix or Spotify subscription.
• Software-as-a-Service (SaaS): Automatically pay for cloud storage or productivity tools.
• Gaming Subscriptions: Fund recurring fees for online games or virtual goods.

Financial Services

• Loan Repayments: Make regular loan payments to a decentralized lending platform.
• Investment Contributions: Automatically invest a fixed amount in a DeFi protocol.
• Insurance Premiums: Pay insurance premiums to a decentralized insurance provider.

Charity and Donations

• Recurring Donations: Support your favorite charities with automated donations.
• Community Funds: Contribute to community development funds or DAOs.

Personal Finance

• Savings Plans: Automatically save a portion of your income.
• Bill Payments: Pay recurring bills like rent or utilities.
• Gift Giving: Send regular crypto gifts to friends and family.

By leveraging the power of Reactive Smart Contracts, Crypto AutoPay empowers you to manage your financial life with ease and security.

Technical Specifications

The below implementation uses Ethereum as the origin blockchain, and separate implementations may use any other EVM chain.

1. User Interface:

• Payment Schedule Setup: User interface where users can configure:

  • Amount: Total amount to be paid, evaluated in current exchange rate of chosen ERC-20 tokens designated for scheduled payments.

  • Frequency: Interval at which installments will be released (e.g., daily, weekly).

  • Recipient: Ethereum address of the recipient.

• Approval Mechanism: After configuration, the user clicks “Approve,” triggering a call to the Ethereum origin smart contract.

2. Ethereum Origin Smart Contract:

• Custom Approval Function:

  • ERC-20 Approval: Calls ERC-20 approve for unlimited amount and recipient which produces the first ERC-20 standard approve event.

  • Special Approval Event: Emits a second event with the following data:

    • Amount: Total amount for disbursement.

    • Frequency: Interval for disbursement.

    • Recipient: Target address for payments.

  • Installment Release Event emits events with the data about current installment release.

• Event Emission: These special events are designed to initiate actions in downstream components, specifically the custom program solution.

3. Reactive Network Smart Contract:

• Event Listener for approval: Listens for the ERC-20 approval event from origin smart contract and executes callback to approve destination smart contract for unlimited amount of ERC-20 transfers.

• ERC-20 Spend Approval: When an event is caught, callback sets up permissions for the destination smart contract to execute payments on behalf of the user.

• Event Listener for installment release: Listens for installment releases and executes callback to destination smart contract to release installment in ERC-20 tokens from wallet of user to destination address

4. Custom Program for Payment Scheduling and Triggering:

• Event Capture: Custom script monitors the Ethereum network for the special approval event emitted by the origin smart contract.

• Payment Schedule Creation:

  • Schedule Parameters: The script reads the amount, frequency, and recipient from the event data.

  • Trigger Setup: Based on the user-defined frequency, the script establishes a series of automated triggers.

• Automated Trigger Execution:

  • Frequency-Based Calls: At each scheduled interval, the script calls the origin smart contract to initiate an event for installment transfer.

  • Installment Calculation: Each trigger calculates the installment amount based on current exchange for chosen ERC-20 tokens.

  • Token Release: For each trigger, the script releases a portion of the approved tokens from the user wallet to the recipient.

5. Ethereum Destination Smart Contract:

• Token Release Mechanism:

  • Installment-Based Transfers: Executes the transfer of ERC-20 tokens from user wallet to the recipient according to the installment plan defined by the custom script. Transfers are executed with callbacks coming from Reactive Smart Contract. Gas fees are paid with conversion of chosen ERC-20 tokens from user wallet to native token.

  • Transfer Authentication: Ensures that only valid callbacks from reactive smart contract trigger token transfers.

6. Security Considerations:

• Access Control: Limits approval initiation to the user, ensuring user-only authorization for all scheduled disbursements.

• Rate-Limiting Transfers: Only scheduled installments can be transferred, minimizing the risk of unauthorized or large lump-sum transfers.

• Data Integrity: Logs all events and transactions, ensuring traceability of each scheduled payment.

7. Reporting and Monitoring:

• Transaction Logs: Tracks each installment release, including timestamps, amounts, and transaction statuses.

• User Notifications: Optional alerts for users after each successful installment transfer.

8. Compliance and Auditing:

• Audit Trails: Maintains a complete transaction history for auditing.

• Compliance Monitoring: Integrated with monitoring tools to ensure that transactions align with regulatory requirements.

Conclusion and other remarks:

This solution replaces the need for third-party automation (for example Gelato or Chainlink Keepers) by implementing a custom programmatic solution to handle scheduled, user-defined disbursements, enabling secure, automated, and on-schedule token payments directly within a decentralized framework. Solution is implementable on any of the blockchain networks supported by Reactive Network. The technical specification is the basic framework for complete solutions; detailed specification needs to include at least a verification mechanism to ensure transfers of installments were executed. Final and detailed technical specifications need also to include cancellation of payment plan.

Join the Future of Crypto Payments

Crypto AutoPay is more than just a dApp; it's a gateway to a future where your crypto follows your instructions. Experience the convenience and security of automated crypto payments today.