User smart-contract and Opt-out subscription

While discussing payment options, opt-out subscription needs special mention. With the current state, it is not possible to opt-out subscription systems. In case of opt-in subscription user is prompted make payments when the subscription cycles is over. In case of non-payment services provided are stopped.

Although it gives option to user to unsubscribe whenever necessary it creates situation where user loses access to service due to opt-in mechanism. On the business side, most of the subscription businesses faces issue with high-churn rate and an opt-in mechanism might make the business unfeasible.

We create a possibility of opt-out subscription by creating user smart-contract. User smart-contract is essentially smart-contract on which user has sole modification access to. The smart-contract has details over all the opt-out subscription user has agreed to. Business smart-contract would have access to deduct the subscription amount after completion of subscription cycles. User can opt-out of a subscription by modifying/deleting that subscription from the smart-contract.

Another benefit which user smart-contract brings is it gives details of all subscriptions in one place.

Example

1. Alice is browsing Bob's website.

2. Alice likes a product and and decides to purchase it.

3. Alice clicks on Payment button and is prompted for her ethereum address (or ENS if she has one)

4. Alice fills in her address a function is called on her contract in ethereum blockchain which fires a request payment event for which the OPOCHWallet is listening to.

5. Alice's OPOCH app generates a notification to approve the payment.

6. Alice approves payment on OPOCH App and payment is made on Bob's address/contract