ReccuriPay

This project aims to tackle 2 key problems with crypto wallets.

Currently, there is no easy way of making recurring payments because you cannot have event-based executions on smart contracts. As an externally owned account you are required to initiate the transaction every time. Some use cases which would have benefitted from this are automated loan repayment, subscription payment and payroll.

On the other hand, current crypto wallets are still susceptible to loss of private keys. The risk of losing all your funds without an avenue for recovery makes it hard to onboard more users.

RecurriPay stands for "Recurring Payments". To put it simply, it is a wallet which enables recurring payments and social recovery. Under the hood, it uses Gelato Network to automate the recurring payment and Optimism’s Attestation Station to provide social recovery function.

With account abstraction it has made wallet creation easier and more seamless. Social recovery function also enhances the user experience as now users can recover their wallet in the event of them losing their private key. Last but not least, being able to automate payments opens up a new capability for on-chain interactions such as paying for subscriptions or dollar-cost-averaging.

The frontend of this project is built using Nextjs. Under the hood, this project builds on top of ERC-4337 @account-abstraction-sdk by Eth-infinitism to enable first class citizen contract accounts. We wrote smart contracts inheriting from SimpleAccount and SimpleAccountFactory with additional features - recurring payment and social recovery.

For recurring payments, the account is able to set up recurring payment orders, these orders are written into the account’s smart contract, thus allowing pull payments to be made, moving tokens out of the account without the account’s private key. We have also automated this task by using Gelato Network. It will then call the specified function to execute the transaction every interval defined by the user. The details of the recurring payment will be stored in a Polybase collection, which is a lot cheaper than storing it on-chain.

As for social recovery, we have integrated with Optimism’s Attestation Station to achieve this feature. To set up social recovery, the account owner would specify 3 addresses as their social recovery addresses. In the event of losing the key to the ReccuriPay account, the account owner would create a new wallet and ask the owners of the registered social recovery accounts to make attestations that the account is lost, and specify the new wallet address. When all 3 addresses have attested. A function can be called in the account contract to move any tokens or ETH to the attested new wallet address. Optimism’s Attestation Station is easy to integrate and provides a simple and secure mechanism to build our social recovery feature.

Lastly, we have deployed this project on the Optimism, Scroll and Polygon chains because of their cheap gas fee, which will be beneficial for wallet users.