Decentralized Subscription Payments
How to subscribe and pay for subscriptions on Desu.
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Good to know: All payments made in cryptocurrency on Desu are peer to peer and handled by smart contracts in a trustless manner. Desu is a non custodial platform and never has access to your funds or private keys!
The create subscription function creates a smart contract between the creator and the subscriber. The smart contract transfers the payment/tokens into the Desu smart contract, tokens start getting transferred from the subscriber to the creator once every month.
Tokens are not actually transferred to the creators address until the creator withdraws the tokens that are allocated to them each month within the smart contract. What is actually happening in this allocation is not a transaction, rather an allocation of funds. Every month, the in-contract allowance of the subscriber decreases and the creators increases, but the tokens are not officially transfered to the creators wallet address until the creator executes the creator withdraw function. Learn more about this info below.
Terms to cover for subscriptions on Desu.
- 4.Creator Withdrawal
- 5.Cancel Subscription
Subscriber: The user who is subscribing to the creator to get access to exclusive content
Creator: The user who is creating exclusive content
Deposit: There is an initial deposit of funds made into a smart contract to cover the entire payment period chosen by the subscriber. Ex, the subscriber subscribes to the creator for 6 months with a monthly pay period of $10. A total of $60 will be deposited but only the first month will be charged to the subscriber. The subscriber can cancel anytime and receive all of their remainning funds back.
Creator Withdrawal: The smart contract will allocate funds deposited by the subscriber to the creator every monthly pay period to cover the monthly recurring subscription payment. This charge and allocation will be done every month until the entire subscription duration is over. After each month, the creator can withdraw their earnings from the smart contract into their wallet address to collect their earnings.
Cancel Subscription: The subscriber may cancel their subscription at any moment and withdraw all funds that have not yet been charged from the smart contract. Ex. The Subscriber would like to cancel their 6 month subscription for $60 ($10 per month for 6 months). The subscriber is canceling their subscription after 3 months with 3 more months still remaining and yet to be charged. Upon the Subscriber canceling, the subscriber may withdraw and return their full remaining balance that has not been charged yet, which in this example would be $30 for the remaining 3 months that were not charged yet.