Do you post content on YouTube, Wikipedia or Twitch? The good news is that now you can accept direct payments in XRP from your users.
Stefan Thomas, the former CTO of Ripple Labs, has developed Coil, a “tipping-for-content” platform that has established its advancement by posing itself as an alternative to today’s ad-supported web.
Thomas said: “For decades, people have discussed the potential of micropayments to support content creators that would move us away from the broken ad-supported web. But micropayments and subscriptions have always been built as closed systems, which fail to capture the huge variety of content on the web.”
Coil has first mover advantage, because it is the first to use Web Monetization, an Interledger-powered standard that would enable browsers to pay websites. And to ensure it capitalises on this, it is making sure that Coil is compatible with as many of the biggest channels on the web.
It has a lot of potential for subscription-based content and there is a lot of chat on community forums about subscriptions that allow users to access unlimited content on the site, yet most users seldom make maximum use of these subscriptions and the only solution to date has been pay-per-view.
Coil, on the other hand, could unleash web content for XRP, be they text, video, sound, or other. Coil also has features such as paywall bypassing and a lesser ads display option. One Redditor said: “This is just the beginning of Internet of Value! COIL is big, COIL is huge — Coil deserves as much attention as we are giving Ripple!”
Coil does have a competitor in Brave for micropayments. Brave already has over four million active users and its browser solution “provides privacy and ad-blocking to further its attractiveness to an average crypto user.”
Still, Coil has arrived at a moment when Ripple’s XRP token has been rising high in the cryptocurrency markets and this announcement could push it up even further.