Recurring Actions

[orishim]

Proposal for recurring action to be enabled at set intervals.

Details

There would be three different kinds of proposals in this scheme:

• Create new recurring action
• Edit existing recurring action
• Cancel existing recurring action

Also need to have a view for showing all existing recurring actions.

Impact

Increasing predictability of cash-flows for the DAO and its beneficiaries. Also allowing for automated:

• Retainer / Payroll - pay Alice 500 DAI monthly for 6 months
• Treasury Management - swap ETH for DAI on the DutchX by some amount every month
• ENS Renewal - renew our ENS address once a year

[orishim]

A narrower approach could be to just implement recurring/continuous payments.

Could utilize this standard:
ethereum/EIPs#1620

[PaulRBerg]

Hey @orishim thanks for the shout out to erc-1620.

Create (Edit) (Cancel) recurring actions

It just happens that we're working on a dapp for this. We're auditing it as we speak and will be in private beta soon. Launch scheduled later this year. If you don't want to use our UI, you'll of course be able to plug-and-play the smart contracts (with accompanying docs). We find our model more secure because you don't have to trust a relayer with your money - for what we know, they could transfer that 3,000 immediately (not to their own wallet, but still, space for collusion exists).

pay Alice 500 DAI monthly for 6 months

This is very hard in the blockchain world. Gitcoin is doing it by asking you to approve their relayer to spend up to 3,000 DAI from your wallet. Our model is a bit different, in that you have to provide the 3,000 DAI upfront, but that's not a payment, rather just an initial deposit.

What we do then is to continuously "allocate" the deposit towards a recipient. Every second, the recipient will be able to see their income growing in a user interface (see this demo). If say 1 month passes and the payer decides to stop the payment, they can, resulting in them getting 2,500 DAI back and the recipient their fair share of 500 DAI.

[orishim]

Thanks for the input @PaulRBerg! I agree, continuous payments make more sense than fixed intervals like monthly.

I still need to dig in and wrap my head around the differences between your Money Streaming approach and the old openzeppelin vesting contracts.

[PaulRBerg]

We may publish an article explaining the difference between GitCoin, OZ vesting and Sablier. Thanks for your feedback!