Cask Protocol — a non-custodial decentralized protocol for managing recurring payment agreements (subscriptions) between a consumer and a provider in addition to generating income from held funds.
About the Cask Protocol project
Cask provides both consumers and providers with more assurance than traditional recurring payment processing systems. Consumers are not dependent on suppliers, being able to charge them at any time and for any amount that is possible in the current credit card based system. Suppliers are guaranteed instant payment settlements without the risk of chargebacks from consumers. Both of these improvements are made possible by the smart contracts of the Cask protocol, which facilitate the recurring flow of payments.
Other features:
| 1 | Providers are instantly initialized in the system and immediately start accepting payments. |
| 2 | There is no need to approve an account or have a bank account to receive funds. |
| 3 | All you need - a wallet that works with Polygon. Payments will initially support the known set of ERC-20 stablecoins (such as USDC, USDT, DAI). This list can be expanded with management. |
Real-time conversion of stablecoins with a curve or balancer allows the consumer to pay in any whitelisted stablecoin and the provider can receive payment in another.
Consumers have learned to use different techniques to solve problems. Such as the creation of disposable credit cards, but this puts the burden of a poorly designed system on the consumer. Cask is designed to be consumer-friendly and capital-efficient for providers, reducing friction and lowering the cost of running a recurring payments network. The operation of the protocol works by having consumers deposit funds into a contract, which are then used to pay for each recurring payment of active subscriptions.
More about defi app
Cask helps to expand cryptocurrency payments for subscription services to the masses while generating significant revenue from the balances, stored in the protocol. Infrastructure components are available to providers compatible with existing web2 stacks, greatly reducing the technical complexity of offering recurring crypto payments.
The Cask protocol charges the provider a fee for each payment to fund the treasury for the protocol's operations, as well as to distribute the fees among the management participants. The charged fees are set for each block chain, primarily based on the gas fee. It is required to operate on the blockchain, and is set by the Cask DAO governance process.