Blosent Protocol FAQ
What is the Blosent Protocol?
The Blosent Protocol is a decentralized solution for recurring payments in the Web3 ecosystem. Using smart contracts and a network of bots, the Blosent Protocol automates the execution of recurring payments without requiring the sender to sign off on each transaction.
What are recurring payments?
A recurring payment is an automatic transaction scheduled on a regular basis. Common examples include: payments for services such as streaming platforms, magazines or software subscriptions, electricity, water, internet and other utilities.
How does the Blosent Protocol work?
The Blosent Protocol works by deploying a smart contract that specifies the recipient, amount, and interval. You deposit a token to be sent to the recipient and some coins to incentivize the third party to initiate the transaction. When the condition is met, the third party initiates a transaction that will send a predetermined amount from your smart contract to the recipient, the performer gets some incentive.
What is the Factory smart contract?
The Factory smart contract is a smart contract that creates Schedule smart contracts. The Factory smart contract is deployed by the Blosent team.
Is the Blosent Protocol open source?
Yes, the Blosent Protocol smart contracts is open source. You can find the smart contracts source code on GitHub.
What is the address of the Factory smart contract?
What token can I use to pay?
You can use literally any ERC20 token, even one without a market value. This is true for the v1 protocol, since the incentive for the executor is denominated in the chain's native coin.
How do I know the executor will not steal my funds?
The Schedule smart contract is programmed in such a way that execution sends funds to a pre-defined recipient. Also, withdrawal of funds from the Schedule smart contract is only possible by the owner of the Schedule smart contract and will only be sent to the owner's address.
How do I stop further payments?
You can either withdraw funds from the Schedule smart contract, or disable Schedule, or both.
How to contact technical support?
You can contact us via email: support@blosent.com
or via Telegram: t.me/blosentchat