Topic: Automated payments on the ETH blockchain (Read 318 times)

Good to read about De-Fi i was there is lots of token available in that i used Aave ( Ethlend ) but i dint find Kucoin platform it is also providing lending may be they are not using any token still i am not having any idea how they are using but its really intersing to read about Decentralized Finance . Recently i used Spectre platform for withdraw my reward for withdrawing platform running smart contract hope it is Automated (I am i missing something or i am completely wrong?? ) 

Interesting. Never thought someone would came up with detailed statistics of ERC tokens on the ETH blockchain. The site greatly resembles Coinmarketcap, and it's a great resource to keep track of the De-Fi world of ETH. ICOs are a thing of the past, as regulators have paved the way for the birth of STOs and IEOs (Security Token Offerings and Initial Exchange Offerings). Automated payments are already possible on the world of De-Fi in the form of interest by holding an specific ERC-20 token. But I'm referring of a feature where businesses or companies are able to automatically pay their employees' salaries at a pre-defined timeframe. I haven't seen such use case in the ETH blockchain yet, but it could happen in the future as popularity rises like never before.



I'm referring to automation where a smart contract could send "x" amount of ETH or an ERC-20 token at a predefined block number or timeframe. If made possible, employers can set an automated payment on the ETH blockchain which can only be received by the employee at a certain time. For example, Microsoft could pay its employees every 2 weeks with a fixed payment in ETH using a smart contract. The possibilities here are endless. I know that ETH is still in its very beginnings (only 5 years since inception), but there's more to it than "meets the eye". With a dedicated development team working day and night aiming to make ETH a bigger and stronger Blockchain network, anything's possible. Just my opinion

Great ideas. I belive that it become true in near future

Yes, it was 666, but today if you check it again, the figure is 657, not 666 nor 664.
https://defimarketcap.io/
I don't know which criteria the site uses to list DeFi tokens on it but it seems the site has a very flexible criteria and algorithm.

Why do you need crypto for that? You can make a script that uses bank API to send money to workers at specified intervals. And maybe it will be happening soon.

You can use ETH blockchain as a public ledger of completed work and payouts, but you can't use it to verify that the job was done without human input, unless you create some mechanism for automated verification, which might not always be possible. For example, you can't check the quality of programming or translation automatically.

Immediately. Immediately still need some time, while price movements sometimes do not know about the time. What if the dump occurs 2 minutes after receiving salary? or when doing a swap? People working in crypto, of course, will know about this volatility. But are we mentally ready if the volatility occurs when our salary, for example, is above $ 7,500? Suppose when the salary is transferred, we receive $ 7500, but 2 minutes later the value of the salary drops to $ 6000? Are you?

I feature like the smart contract of ethereum will do for that, since eth smart contract is capable of that and it's all about automation. I even thought that there are already projects that do something like that.

We'll are understand the market volatility and have been able to managed out respective portfolios through the huddles of volatility. What everyone should understand is: recipient of the coins should ensure to make a swap from the volatile coins to a stable coin immediately. Also, the employees can keep coins on a long-term hold which will definitely yield profits, but if they're in need of the funds then they can get their coins directly to exchange and get their fiats equivalent without huge loss.

Surely this will bring more adoption towards employees getting paid in bitcoin, I am not aware that this kind of feature available in bitcoin.If someone knows how to make automated payments every week or month with bitcoin,please you guys let me know.

I think that the feature of automated payments and transactions that you are asking for is already there and companies and projects do use it through smart contracts basically they code or program the eth smart contract to make the process automated.
Talking about latest developments there are additional apps and services built on eth network that also provide the similar services where as internal feature is concerned i am sure some eth dev team will be working on it too.

Have you thought about crypto price volatility? Example of the worst scenario. You receive a salary in ETH/other tokens at 12 AM. At that time the price of the coin was $ 500/coin. You come home from the office at 5 pm. It turned out that between 1-4 pm, there was a dump and the price dropped. If price goes up, above $500. Yeap, we are happy. But if not?

You sure they are triple six? Currently showing 664(Tokens: 664). I guess something happened to two tokens or i/you got the figure wrong?

In regards to Op automated payment suggestion, guess this is abit close:
https://mobile.twitter.com/SablierHQ
https://sablier.finance

Not sure how safe it's though as I haven't used or properly researched it.

Im confuse with what you meant here. How automation of payment via eth will happen? Like is there an example of a platform that has been automated already aside from what you mentioned? Eth market is on a good vibes and it will trigger more investment as defi hitting every cornerstone.  Check out this article showing 80% of supply of eth are all profitable.

https://eng.ambcrypto.com/?p=50564

Likely we can see a new ATH if the eth migration will pushed through later next year.

I think it might be a wonderful development if such a mechanism is created on the Ethereum blockchain, the ability to perform automated might ease the process of payment for employers and employees

So after ICOs, IEOs, now we have a new trend in crypto, DeFi. Once again, it will be trigger by ETH. Like or dislike ETH, it deserves a honor position in the history of crypto industry.

According to https://defimarketcap.io/, there are 666 tokens (a very nice figure) in total as of writing.

Smart contracts bring a whole new world of possibilities on the Ethereum blockchain. It's possible to create and interact with security tokens, utility tokens (ERC-20), and even Non-Fungible Tokens (ERC-721). Now, we've entered a world of De-Fi (Decentralized Finance) on the Ethereum blockchain where people can request loans, or even lend ETH or tokens for interest earnings. All of these features are great, but there's one thing that's missing and that's the ability of performing automated payments on the ETH blockchain.

It would've been great for employers to send payments in ETH or any token of their choice in an automated manner. Something like Bitcoin's "nLockTime" feature right on ETH might work for this. Imagine working for ETH and receiving income on a determined timeframe by the employer. It would certainly revolutionize crypto jobs as we speak.

What are your thoughts?