8x Protocol

[sydneykevinlu]

dap: 6
project name: 8x Protocol
main site: http://www.8xprotocol.com
author: Kevin Lu ([email protected])
discussions-to:
status: Draft
created: 2018-09-25

Simple Summary

8x is a protocol to facilitate decentralized recurring payments, powered by DAI.

Abstract

8x Protocol, at its heart, enables repeatable payments on the blockchain through a network of layer 2 relayers that are incentivized to process subscriptions, coupled with the use of a stable coin. Furthermore, 8x will create new business models for developers/merchants and allow consumers to interact with their subscriptions seamlessly. Our solution allows developers to create a new subscription, specified in their currency of choice, through one line of code. As a result, users can then subscribe through the 8x.js payment gateway. Furthermore, 8x will create new funding mechanisms for DAO's, thereby making DAO’s more accountable through recurring payments during token sales - thereby reducing the probability of the misuse of funds or an exit scam.

Resources

• Site - https://www.8xprotocol.com/
• Code - https://github.com/8xprotocol
• Dev Tools - https://www.docs.8xprotocol.com/

Motivation

8x Protocol enables a cheaper, more convenient recurring payment flow that thrives on a full stack ecosystem. Many DeFi projects. 8x Protocol will:

• Bridge the digital consumer market with the digital currency market.
• Increase access to services are improved as the unbanked individuals become banked.
• Allow consumers to experience outstanding customer experience across different services/utilities through on-going relationships in B2C transactions and UX benefits through API's & interfaces.
• Allow businesses to create new revenue models with the power of programmable money and increase flexibility in paying for their goods/service with their ideal currencies, tokens or assets.

In collaboration with other DeFi projects, the addition of 8x Protocol opens up entirely new avenues other than subscription payments on web 3.0 such as fund management, superannuation, insurance and rent. For example, you could convert your ETH (Kyber Network) to purchase index funds (Set Protocol) every month (8x Protocol) as a user - you can even use your CryptoKitties as a collateral in case you default on your payment (Dharma Protocol).

Specification

8x Protocol Whitepaper

Rationale

8x Protocol is designed to tackle three main challenges within decentralized recurring payments.

• Volatility. To ensure businesses do not have to deal with price volatility, 8x uses MakerDao's stablecoin - the Dai.
• Pre-Authorisation. The use of the ERC20 approve function allows us to 'pull' funds from a users' wallet directly.
• Scheduling. 8x utilises a network of incentivized layer 2 relayers to execute transactions on behalf of the user.

Our design revolves around an exclusive focus on developers, user experience and transparency. Developers will be able to create a new subscription on the 8x platform through one line of code by which users can subscribe to via payment gateway. Furthermore, at no point does 8x control, hold or escrows the users' funds - individual subscription contracts are deployed for every unique subscription. Hence, user funds have an additional layer of security in the from hacking incidents. All subscriptions deployed and processed are able to be publicly verified on the blockchain.