ERC-865 stands for Ethereum Request for Payment extension. It is a proposed standard for creating payment requests on the Ethereum blockchain. This standard aims to simplify the process of requesting payments by allowing users to generate payment requests in a structured format that can be easily executed by smart contracts.
One of the key features of ERC-865 is the ability to create reusable payment requests, which means that a user can generate a payment request once and use it multiple times. This can help to reduce the complexity and costs associated with generating payment requests for recurring transactions.
Another benefit of ERC-865 is that it allows users to track the status of their payment requests on the blockchain, providing greater transparency and security for both parties involved in the transaction. By standardizing the format of payment requests, ERC-865 aims to improve the efficiency and reliability of payment processing on the Ethereum blockchain.
