At the moment it is not possible within Particl wallets / Particl Desktop to schedule payments to a certain point of time nor to have them recurring. It is a building block for a bankless financial system.
Idea
Problem
I want to make a payment recurring or execute at a certain point of time as I am used to it in the traditional banking system. This is something to be considered as an expectable functionality from a user-perspective.
What makes this idea good, where are the obstacles, what could go wrong?
Pro
list of resulting benefits and other positive implications
allows subscriptions
allows rentals
allows sponsoring
allows salary transfers
allows pocket money
is a key-function within financial systems
is good for marketing purposes
functionality could be considered as another smart-contract solution on btc basis
could be a basis for multiple new dApps on the Particl Platform. Something like https://private-patreon.com
Contra
list of resulting downsides and other negative implications
complicated to develop
A user would expect this to work even if the client is not online. Hence it needs a decentralised solution for execution of payments.
Attention Points
list of things that need to be taken into consideration or need special attention
Unlocking of funds at execution time
To make a payment the wallet needs to be unlocked. It may be a solution to have a dedicated PART address which covers at least the funds for X amount of time. This may need to be unlocked like the unlock feature“for staking only”. As sender and receiver are known in advance it may be possible to prevent any drain of funds to other addresses.
this automated/recurring payment option does not need to be“ringCT/ct” enabled if it would complicate things.
Conclusion
What will be the overall risk/cost/reward ratio and what are the long term benefits for this idea to the Particl Project.
This function would make Particl Desktop a little more user-friendly and would be inline with the overall vision of the project itself. The long-term benefits regarding daily value in use should not be underestimated.
Actions to make this idea work
What are the next steps to be taken to make this idea work. Sort by chronological sequence.
Summary
Idea
Valuation
Conclusion
Actions to make this idea work