from the the-web-can-work-differently dept
We’re excited today to announce that we’ve received a grant from Grant for the Web to create a content series on Techdirt exploring the history (and future?) of web monetization, entitled “Correcting Error 402.” We’ll get more into this once the series launches, but lots of people are aware of the HTTP 404 Not Found error code — and some people are at least vaguely aware of 403 Forbidden. What most people probably don’t know about is the Error Code 402: Payment Required. It’s been in the HTTP spec going back decades, with “This code is reserved for future use.” But no one’s ever actually done anything with it.
And, arguably, the lack of standardization there has created some ancillary issues — including a few giant, dominant payment processor companies, high transaction fees, as well as the current (and more recent) mad dash scramble to fill the gap by trying to build a zillion different kinds of cryptocurrencies, most of which are fluff and nonsense, but without actually understanding what makes the most sense for an open internet.
Grant for the Web is a project of the Interledger Foundation. Interledger is an attempt to create an open protocol, web monetization standard for handling internet payments and monetization. We’ve talked a little about all this in the past, when we started experimenting with Coil (a provider of tools to help enable web monetization), and on the podcast we did with Coil founder and Interledger co-creator Stefan Thomas.
But we wanted to dig deeper into the questions of what the web might look like if monetization was built on an open standard as part of the web, and that’s what this content series will entail. Expect the series to startup in about a month, and to explore the history, present, and future of monetization. And, just to answer a few questions you might have: this series is not going to be about cryptocurrency (though it may get mentioned in passing), because that’s not central to the questions here, and it’s also not going to be just about Interledger/Coil’s vision of the future. It’s designed to be a deeper exploration of the question of monetization online and how it should work.