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Decentralized (Built-In) direct debit on Bitshares blockchain

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Feature Explorer / Tech Deep Dives / How-to Guides

Decentralized (Built-In) direct debit on Bitshares blockchain

BitShares

By BitShares

Created 2 months ago, last updated 2 months ago
2 mins read
Decentralized (Built-In) direct debit on Bitshares blockchain
Back in 2019 the Bitshares blockchain implemented decentralized direct debit functionality, enabling automated periodic payments to the payee.

Where to find the direct debit function?

Navigate to the direct debit page located in the Bitshares spotlight page, you'll see a blank direct debit table:

To proceed to create a direct debit, click the create authorization button:

So let's fill it out with a direct debit of 1 BTS per minute for 5 periods, which should produce 5 individual payments for a total of 5 BTS to the payee:

Let's ignore that the fee is 7.24 BTS which is more than the example total 5 BTS being sent, in a normal direct debit the debit amount would far exceed this fee.

Now that we've created the authorized direct debit we see the following in the direct debit table:

And from the payee's perspective:

As the payee, let's claim one of BTS from the passed payment periods by clicking on the Claim button next to the direct debit table entry:

Once the claim button is clicked, the collected amount of BTS is placed in the payee's portfolio.

User would like the security of this direct debit mechanism, there's no way for the payee to adjust the terms of the direct debit without authorization, potentially unlike traditional bank direct debits.

For More Information

Official GitHub Website: https://bitshares.github.io
Official GitHub Repositories: https://github.com/bitshares
Official Telegram Group: https://t.me/BitSharesGroup
Official Development Telegram Group: https://t.me/BitSharesDEV
BitShares Reference Wallet: https://bts.exchange

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