The Bitshares DEX supports direct debit!
Back in 2019 the Bitshares blockchain implemented decentralized direct debit functionality, enabling automated periodic payments to the payee.
Navigate to the direct debit page located in the Bitshares spotlight page, you'll see a blank direct debit table:
To proceed to create a direct debit, click the create authorization button:
So let's fill it out with a direct debit of 1 BTS per minute for 5 periods, which should produce 5 individual payments for a total of 5 BTS to the payee:
Let's ignore that the fee is 7.24 BTS which is more than the example total 5 BTS being sent, in a normal direct debit the debit amount would far exceed this fee.
Now that we've created the authorized direct debit we see the following in the direct debit table:
And from the payee's perspective:
As the payee, let's claim one of BTS from the passed payment periods by clicking on the Claim button next to the direct debit table entry:
Once the claim button is clicked, the collected amount of BTS is placed in the payee's portfolio.
Have you used the direct debit mechanism on Bitshares?
Where/who would you like to pay a direct debit in this decentralized manner?
I like the security of this direct debit mechanism, there's no way for the payee to adjust the terms of the direct debit without my authorization, potentially unlike traditional bank direct debits.
Comment below with your answers!