EIP 1337 (Subscriptions) Launches
1337 Alliance Forget tokenization, subscriptions on the blockchain are here I am thrilled to announce the launch of EIP 1337 Alliance. Following enthusiastic feedback of EIP 948 (our initial subscriptions EIP) and in depth architecture technical deep dives, we’ve settled on a subscription standard for Ethereum which will help move the ecosystem forward in UX, business models and more. It’s been a great six month journey, and we’re excited to bring this to bear!
Forget tokenization, subscriptions on the blockchain are here
I am thrilled to announce the launch of EIP 1337 Alliance. Following enthusiastic feedback of EIP 948 (our initial subscriptions EIP) and in depth architecture technical deep dives, we’ve settled on a subscription standard for Ethereum which will help move the ecosystem forward in UX, business models and more. It’s been a great six month journey, and we’re excited to bring this to bear!
Why Subscriptions?
Monthly subscriptions are a key monetization channel for legacy web, and arguably they the most healthy (especially when compared to surveillance ad based models). In many cases, they are are more healthy than a token based economic system. There are a few reasons to consider why subscriptions might be a good option for users, founders, and the ecosystem as a whole.
Benefits For Users
- Don’t have to read a complex white-paper to use a dApp’s utility (as opposed to utility tokens)
- Don’t have to understand the founder’s vesting schedules, crypto-economics, or anything more complex than the dApp’s use case.
- Can cancel anytime
Benefits For Founders
- Get consistent cash flows, given availability of data around subscribers, churn, and conversions
- Get to focus on making customers happy (as opposed to having two actors: speculators & users)
- Utilize a proven, time-tested business model
- Have little regulatory uncertainty
Ecosystem Benefits
Building in support for proven systems like subscriptions is a no-brainer for Ethereum as we look to grow the ecosystem. On-chain subscriptions provides a healthy alternative to token models while pushing forward much needed UX conversations, including meta-transactions. Austin Griffith just joined the Gitcoin team with this focus in mind!
The Launch
The launch of EIP 1337 at Devcon consisted of four things.
- EIP 1337 officially enters ‘Pending’ state.
- There is a security audited reference implementation available.
- The launch of 1337alliance.org
- Lots of schwag
We sincerely hope that EIP 1337 ushers in a new era for Blockchain-based dApps. One that is driven by alignment between dApp founders and consumers.
- To learn more, go to 1337alliance.org.
- To get in touch, join the Gitcoin Slack and the #proj-subscriptions channel or open an issue on our Github.
Thanks for being l33t.
@owocki