Vitalik Buterin
@vitalik.eth
https://x.com/linakhanFTC/status/1823094653962289640 This seems good but there was a much easier way to accomplish this objective: payment interfaces should have been designed from the start to make subscriptions one-click cancellable from the user interface. Like, you should be able to go into your banking UI, see all active subscriptions, and one-click cancel any of them. From that point, it's the service's responsibility to stop providing you service. One benefit of crypto is that if you try to make a subscription system on top of it, you pretty much *have to* do it that way.
21 replies
48 recasts
309 reactions
EleniThinks
@elenithinks
I think the problem is your bank has no idea if the thing you bought is a coffee (one-time) or a monthly coffee club subscription. It has to get this data from the Merchant. It's a communication / data problem. Crypto 100% can solve this! But i think how isn't immediately clear: Crypto unlocks the ability to easily revoke your approval - you don't even need to officially cancel, you can just take away the ability to ever charge your wallet. But unless the item is publicly tagged on-chain, its still up to the purchaser to know what she bought (a wallet explorer can't easily show it to you). What you then need, and crypto is the perfect solution for, is a general purpose network that can store the tx context (i.e. this is a subscription), encrypt it for privacy & allow the user to control & forever access that data so it knows which authorization to revoke.
0 reply
1 recast
1 reaction
