UNI-PAYMENT CHANNEL
DESCRIPTION
The Uni-Directional Payment Channel contract enables the creation of a payment channel between a sender and a receiver. The sender initializes the channel by deploying the contract and locking a specified amount of Ether. The receiver can then close the channel and claim the Ether by providing a valid signature from the sender. The channel has a predetermined expiration time, after which the sender can cancel the channel and retrieve any remaining Ether. The contract utilizes hash functions and signature verification to ensure the security and integrity of the payment process.
FUNCTIONS
cancel: An external function that allows the sender to cancel the payment channel if it has expired. It checks if the current time is past the expiration time and, if so, triggers the self-destruct mechanism to send any remaining Ether back to the sender.
close: An external function that allows the receiver to close the payment channel and claim the specified payment amount. It requires a valid signature from the sender to ensure authorization. If successful, it sends the specified amount of Ether to the receiver.
getEthSignedHash: An external function that allows retrieving the Ethereum-signed message hash of the contract address and payment amount. It takes the payment amount as a parameter and returns the corresponding signed hash.
getHash: An external function that allows retrieving the hash of the contract address and payment amount. It takes the payment amount as a parameter and returns the corresponding hash.
verify: An external function that allows verifying the validity of a signature. It takes the payment amount and a signature as parameters and returns a boolean value indicating whether the signature is valid.
receiver()
sender()
expiresAt()
EXTRA PARAMETERS
Contract Level: Medium
Utility tags: Payment Channel, Signature Verification, Ether Transfer.
Receiver: address(string)
USES
Streaming Services: Content creators or service providers can use payment channels to enable streaming payments for their services. Subscribers can deposit a certain amount of funds into the payment channel, and the service provider can withdraw funds periodically based on usage or subscription duration. This allows for seamless and instant payments without the need for individual transactions for each service usage.
Pay-as-You-Go Services: Service providers offering pay-as-you-go models, such as cloud computing or storage providers, can utilize payment channels. Users can deposit funds into the channel, and the service provider can deduct fees or usage costs as the services are consumed. This eliminates the need for frequent transactions and provides a more efficient and cost-effective payment solution.
Gaming Platforms: In online gaming, payment channels can be employed to enable real-time microtransactions for in-game purchases or virtual goods. Players can deposit funds into the channel and make instant payments for items, upgrades, or additional game features without experiencing delays or high transaction fees for each purchase.
Content Platforms: Platforms that offer digital content, such as e-books, music, or videos, can utilize payment channels for seamless and instantaneous purchases. Users can deposit funds into the channel, and the platform can deduct the payment for each content item or subscription without requiring separate transactions for each purchase.
Retail and E-commerce: Payment channels can be used in retail and e-commerce scenarios to facilitate faster and more cost-efficient transactions. Customers can deposit funds into a payment channel, and the merchant can deduct the payment for each purchase. This can streamline the checkout process, reduce transaction fees, and enhance the overall user experience.
Peer-to-Peer Transactions: Payment channels can enable secure and quick peer-to-peer transactions. Users can open a payment channel between themselves, deposit funds, and transfer value back and forth without the need for each transaction to be recorded on the blockchain. This can be useful for various purposes, including splitting bills, lending and borrowing, and settling IOUs among friends or acquaintances.
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