ERC: Subscription Based ERC20 Token

0xRobinR · April 25, 2023, 6:23am

Discussion thread for new EIP, Subscription based ERC20 Token, an extended form of EIP20

abcoathup · April 25, 2023, 8:34am

Suggest reading: Guidelines on How to write EIP. Do's and Don'ts including examples | by Anett | The Fellowship of Ethereum Magicians | Medium

EIP editors assign an EIP number (generally the PR number, but the decision is with the editors) (from: EIP-1: EIP Purpose and Guidelines), so you can’t just pick your own, e.g. ERC360

0xRobinR · April 25, 2023, 11:16am

Apologies for that, I had read the guidelines, thought I could “propose” the number. Nevermind.

0xRobinR · May 2, 2023, 1:08pm

Any views/comments on this proposal ?

0xRobinR · May 22, 2023, 1:29pm

github.com

360core/EIPs/blob/master/EIPS/eip-6932.md

---
eip: 6932
title: Subscription-Based Token
description: access to a service or product that requires recurring payments.
author: 360 Core <hello@360coreinc.com>, Robin Rajput (@0xRobinR)
discussions-to: https://ethereum-magicians.org/t/erc-subscription-based-erc20-token/13964
status: Draft
type: Standards Track
category: ERC
created: 2023-04-25
requires: 20
---

## Abstract

The subscription-based [ERC-20](./eip-20.md) token extends the basic [ERC-20](./eip-20.md) token standard with a `subscribe` and `unsubscribe` function, which allow users to subscribe or unsubscribe from the subscription service. The `subscriptionFee` and `subscriptionFrequency` variables define the cost and frequency of the subscription. The `nextPaymentDate` mapping keeps track of the next payment date for each subscriber.

This EIP also proposes adding `renewSubscription` functions to the token contract, that can be used by token holders to renew their subscription to a service or product that requires recurring payments in the form of the token.

## Motivation

This file has been truncated. show original

link to the eip proposed

0xRobinR · June 1, 2023, 1:07pm

a working implementation on auto-debit subscription-based erc20 token - EIP 6932

SamWilsn · September 20, 2023, 5:18pm

Why use this over using approve with a subscription contract? This explanation should probably also appear in your Motivation section.

0xRobinR · September 21, 2023, 4:39am

sure, will add that too, here’s a quick glance -

if you use simple approve with a subscription contract, the contract will have to call again and again to fetch the subscription amount from the subscribers. in our EIP, this will not have to be the solution, it will be auto-debited and auto-credited without doing any single transaction. check the contracts for more info.

SamWilsn · September 21, 2023, 2:47pm

I’m not sure I follow (and I’ll be the first to admit my Solidity isn’t the best.) It looks like subscribe is supposed to lock an amount of tokens depending on the duration of the subscription?

0xRobinR · September 23, 2023, 3:37am

It’ll lock the tokens of the recurring subscription amount, and not all the tokens at once. For example, if there’s a 20 tokens per month frequency, for a total period of 12 months, the contract will

lock the first month amount
then it will check for the 2nd month subscription amount,
if the user holds the amount, it’ll be again locked (auto-debit) or,
their subscription will be void/cancelled.

this will all happen behind the curtains, all the values will be updated auto, no transaction needed.

SamWilsn · September 23, 2023, 3:49am

Does this happen as part of the first transaction? When does the 3rd month get locked/debited?

0xRobinR · September 23, 2023, 4:01am

no, after the subscribe transaction, the contract will update the state of the account, and then it all depends on the subscription start time (info.start) and period elapsed (block.timestamp), all in a calculation

uint256 intervals = ( block.timestamp - info.start ) / info.frequency;
uint256 amount = info.amount * intervals;

for continuation of the subscription, the account must hold, greater than the amount tokens

the current balance will be the actual balance - subsription amount(s), when he transfers (normal transfer) the tokens, the actual balance gets updated