HTTP 402, the precursor code of Ethereum and Tokens based network

Did you know the web was designed with payments in mind?

The HTTP code 402 was created and reserved for “Payment Required”. This class of status code is intended for situations in which the error seems to have been caused by the client for a no-payment situation.

 

Source : https://en.wikipedia.org/wiki/List_of_HTTP_status_codes#4xx_Client_Error :

« 402 Payment Required

Reserved for future use. The original intention was that this code might be used as part of some form of digital cash or micropayment scheme, as proposed, for example, by GNU Taler but that has not yet happened, and this code is not usually used. Google Developers API uses this status if a particular developer has exceeded the daily limit on requests. Sipgate uses this code if an account does not have sufficient funds to start a call. Shopify uses this code when the store has not paid their fees and is temporarily disabled. »

 

Today, it could be also really useful around any development of a Dapp on the Blockchain Ethereum. Indeed, it is impossible to deploy a contract and use the network without paying Gas. In case of a lack of credit on your wallet, the service could return you an HTTP_402 code.

More broadly, with the Blockchain, the web becomes a native internet currency.

So, we would witness the revival of this code, as a result of a major mutation of the web…

 

 

Distributed Ledger Technology and Smart-contracts: which incorporation into the usual Law?

Despite the fact that the Blockchain is recent, this technology already has many prospects and use cases in the following generic areas:

  • transfer of digital assets;
  • register;
  • smart-contracts.

Projects also support some concrete economic or real life developments (for example: dApp Ethereum, hyperledger), sometimes even in production context.

In the lack of a regulatory and a judicial environment, this use could therefore lead to legal difficulties or even litigation. Why? Because, to date, many questions remain open such as:

  • What probative force and what opposability regime should be given to data recorded in a Blockchain network?
  • Can a smart-contract be considered as a legal and/or a real contract?
  • How will a Judge handle a request concerning data originating from the Blockchain and/or a smart-contract?
  • How could we also introduce this technology into the legal field in order to ensure that it could be understood and embedded by legal professionals?

It would be useful to think about these and other questions soon, in order to prepare for tomorrow’s realities.

Indeed, the connection between the blockchain and the judicial reality has not yet been achieved. Who could say today that the Blockchain is practically incorporated by the judicial community and that a smart-contract is considered as a contract « sensu stricto ». There are therefore efforts to be made to make progress in a more appropriate direction.

This is precisely why, on the basis of some current insights, I would also like to explore constructive approaches, technical solutions also, that could help us move step by step towards a better matching of this technology with the needs of daily legal practice.

Technology must be made available to legal professionals. In this way, some challenges will be overcome more quickly. Then the blockchain could extend a little further into the real world…

David S.

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