MyCrypto Wallet is the first to start implementing scheduled transactions for Ethereum and this has been called as ‘Ethereum alarm clock’. This wallet was founded by Co-founder of MyEtherWallet.
As Reported by CCN, This feature of scheduling transactions can be used by any existing Ethereum wallets. Users must just connect their existing wallet to MyCrypto Wallet.
MyCrypto utilizes the smart contracts by Chrono Logics to implement scheduling transaction for Ethereum.
Why are Scheduled Transactions Required?
Ethereum users can send cryptocurrency ahead of time and this will create up newer way to transact using scheduled payments. And By using this the user won’t be able to miss or forget payments.
Like, think if there is an ICO which is conducting the token sale and you are away from the computer still you won’t miss it because of scheduled transactions where payments to subscriptions are done ahead of time.
“I know there were a lot of interest in it Ethereum alarm clock way back when Piper created the alarm clock. It seems like something that would be very valuable.” said Ethereum co-creator Vitalik Buterin in an interview with Chrono Logic.
This scheduled transaction solves the problem of people who fight to remember their ongoing payments. Because this wallet will initiate the payment automatically when it is required.
Several other wallets are interested in this feature because one of the reasons is it stands good for subscriptions and creates a new way of payment and helps the users to pay on time or Not let them miss out on the token sales they were expecting.
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