ERC stands for ‘Ethereum Request for Comment’ and provides application-level standards for the Ethereum blockchain. The ERC-948 token standard is an interface that enables subscribers to make a recurring payment to a merchant. A unique feature includes the ability of the contract to then make payments on behalf of the subscriber at an interval determined by the individual.
The standard allows for basic functionality that one would expect with subscriptions, enabling initiation, approval, and management of a subscription between subscriber and merchant. The merchant can also transfer an amount to be pre-authorised and released on a recurring time interval.
Features of ERC-948:
- Subscribers may cancel at any time.
- It has the capability to support any ERC-20 token.
- The first payment made can be a different amount from the recurring payments afterwards.
- A maximum authorised amount may be pulled by the merchant for every billing period.
