UNDERSTANDING OF X402 AGREEMENTS

The X402 protocol for Coinbase is on the Internet all weekend。

I THINK THE IMPORTANT THING ABOUT THIS AGREEMENT IS THAT IT CREATES A MEMES PING。

With regard to the X402 agreement, I shared it in my article last week. It is a payment agreement initiated by Coinbase and involving a large number of agencies。

SINCE THE RELEASE OF THE AGREEMENT, THERE HAVE BEEN FEW CASES OF LANDINGS, DESPITE NUMEROUS PUBLICITY ARTICLES. IT WAS NOT UNTIL 23 OCTOBER THAT THE AGREEMENT PRODUCED ITS FIRST TOKEN, PING, THAT GAVE RISE TO WIDESPREAD CONCERN ABOUT ITS OPERATIONAL STATUS。

HOW DID THIS PING TOKEN COME OUT

Briefly, the user opens the browser page of the X402 protocol (https://www.x402scan.com/) to send a USDC to a web site, “https://api.ping.observer/ping”, for 5,000 PINGs (mint)。

OF COURSE, IF THE READERS TRY THIS AGAIN ON THE WEBSITE, THEY CAN'T CHANGE PING ANYMORE

IN THE PROCESS, THE X402 AGREEMENT WAS USED TO RECEIVE PAYMENTS FOR THE CASTING OF A TOKEN, BUT THIS DOES NOT MEAN THAT THE AGREEMENT CAN ONLY BE USED FOR THE FORGING OF A TOKEN, BUT IN FACT IT CAN BE USED TO PAY FOR ANY SERVICE AND IS A GENERAL PAYMENT AGREEMENT。

This case demonstrates that users can pay encrypted assets to Internet applications through this protocol, and that they can receive feedback on the service (in this case, a token)。

THE COMPLETE WORKFLOW OF THE X402 PROTOCOL WAS DEMONSTRATED THROUGHOUT THE PROCESS AND DEMONSTRATED ITS VIABILITY。

HOWEVER, LOOKING AT THIS AGREEMENT CAREFULLY, IT SEEMS THAT IT HAS A WEAKNESS: WHEN THE USER COMPLETES THE PAYMENT, THE PROTOCOL DOES NOT IMPOSE A PROCESS GUARANTEE THAT THE VENDOR WILL SEND THE SERVICE. THAT IS TO SAY, IF THE BUSINESS DOES NOT SEND THE SERVICE, THE USER IS POWERLESS. THERE IS STILL A GAP AND A GAP IN THE WAY ICO USED TO ENFORCE THE DELIVERY OF SERVICES THROUGH SMART CONTRACTS。

This short board should be complemented by more technology in future landing applications。

In addition to this PING token application, there are a number of other applications that use the X402 protocol. Users can access the browser page of the X402 protocol (https://www.x402scan.com/)。

On the page, the "Top Servers" column lists all Internet applications using the agreement for payment transactions by volume of transactions. A number of well-known AI applications/AIAgents are listed, such as questflow.ai, heurist.ai, oritsgloria.ai。

OBVIOUSLY, THESE APPLICATIONS ARE BEGINNING TO TRY THE X402 PROTOCOL FREQUENTLY。

IF THE X402 PROTOCOL IS REALLY GOING TO BE QUICKLY REPLICATED AND APPLIED, THEN THE LEAD EFFECT OF PING WILL BE VERY CLEAR - OBVIOUSLY, MANY USERS ARE BETTING ON THIS PROSPECT, SO PING WILL RISE SHARPLY SOON AFTER IT GETS ONLINE。

Whether or not to buy this token now is for everyone to think and decide。

MORE INFORMATION ON PING AND X402 IS PROVIDED IN A DETAILED ARTICLE AT THE BLOCK MOTION (FOR FULL TEXT, SEE REFERENCE LINK)。

In this article, the author also lists a number of AI Acts projects closely related to X402. Many of these projects are in the Virtual Ecology AI Actes。

IN ADDITION TO THESE PROJECTS, THE ARTICLE DRAWS AN ANALOGY BETWEEN PING, THE TOKEN CURRENCY, AND THE BITCOON INSCRIPTION OF THE YEAR, AND CONSIDERS THAT THE CASTING PROCESS OF PING IS VERY SIMILAR TO THAT OF THE INSCRIPTION, SO THAT THE X402 FIRE COULD BE REPEATED。

Technically alone, there are indeed similarities. But the space and time context is different and the consensus is different. Can it recapitulate what was once a fire? Let us give time to witness it。

However, given the similarity of technology, and the fact that the current encryption ecology is too short of new narratives and new pitfalls, it is bold to assume that many of the teams that will follow will use this wind to create various kinds of “floating” assets in this agreement。

IN FACT, I EXPECT MORE INTERNET APPLICATIONS TO INTEGRATE THEIR SERVICES AND X402 SO THAT USERS CAN USE THEIR SERVICES BY PAYING FOR ENCRYPTED ASSETS。

This would be a great blessing for users in certain areas where Internet access is restricted and cannot be paid in United States dollars。