Introducing the birth of Coil

Ripple’s former CTO, Stefan Thomas has created a new platform called Coil. Coil gives a chance for video content creators to earn in top-ranked cryptocurrency Ripple. Currently, the client is in beta to test how content creators on Twitch and Youtube are able to receive XRP from their fans and followers.

Coil is also able to help users pay donations to the popular Internet Archive, Wikipedia.

Basically, according to certain Twitter users who are beta testers, anyone can add the platform on their websites.

I added @coil integration to my blog through @xrptipbot by following @haydentiff’s instructions. Took only a couple of minutes and works great. Now to start writing interesting content on a regular basis! 😬 — Nik Bougalis (@nbougalis) September 17, 2018

Powered through Interledger

The technology implemented is Interledger. This is a protocol created by Stefan Thomas who is also the brains to the Coil operation. Interledger helps facilitate payments from a variety of networks.

An open API called Web Monetization allows sites to be paid in real time and helps to create a self-sustaining economy.

According to the website, Coil has one plan as of now which costs $5 a month, which is quite worthwhile given that it has no transaction costs.

Micropayments start to rise

Micropayments are starting to pick up as a means to monetise content, with Tron also utilising the Seedit platform which has become a way for people to tip TRX to their favourite Twitter personalities.

Thomas, creator of both Coil and it’s Interledger Protocol was the CTO of Ripple before stepping down in May 2018.

Excited to launch @Coil_, a new startup building #micropayment applications on #XRP and @Interledger. We’re creating a new business model for the web! https://t.co/X0WWxmulLQ

1/5 — Stefan Thomas (@justmoon) May 14, 2018

Seedit maybe an interesting concept, however, the direct competitors of Coil is Brave and the Basic Attention Token. BAT seems to be the leaders in terms of the micropayments industry. Brave reportedly has over 4 million monthly users.

Content creators are about to be rewarded thanks to the technology the cryptocurrency spheres are bringing in their front doors.

A new type of subscription

One way Coil will create a niche is the way monthly subscriptions work. For example, many notable newspapers have a monthly subscription to view articles. However thanks to Coil it allows readers the chance to pay per article (much lower amount) instead of for the whole month. Coil is bound to bring a positive and progressive change in the way monetisation models work.

The reflection of Coil as a use case for XRP was noted yesterday when XRP shot by more than 18% in the last 24 hours. Ripple’s expected xRapid launch along with an alliance with Asia’s leading bank SBI means that sentiment is leaning positively towards XRP as of now.