Ever since the popularity of blockchain dramatically increased, it’s become easier and cheaper for content providers to directly accept payments from its viewers. Many apps and plugins offer that possibility to content creators.
In a new addition to this list, Coil, which recently unveiled its beta, is ushering XRP contributions and disbursements to content providers on Youtube and Twitch.
Monetizing content via Coil
The Coil is a new platform created by Ripple ’s former cto, Stefan thomas. The platform runs on Interledger protocol, also developed by stefan, and uses XRP tokens for monetization. Coil ’s first beta product is a flat-rate subscription service for consumers which will permit them to endorse creators, cruise past pay walls, see fewer ads, and activate extra features and information.
Currently the company has incorporated the facility in Youtube and Twitch so that viewers can contribute XRP to their favorite websites. The platform can also be used to make contributions to Wikipedia and the Internet archive.
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
Test your @Coil implementation on your website with this simple tool: https://t.co/hH7Bq4lppC ?
— Wietse Wind (@WietseWind) September 14, 2018
Beat users have already started to post on Twitter about their functionalities. Micropayments are not a new concept to monetize online content. The idea did not come to fruition, however, because online payments were laborious. But Thomas would like to bring back the concept as an alternative to the traditional possibilities to monetize without annoying user.
Coil initially doesn’t want to create yet another proprietary platform. The firm will be the first to pay out to any website using Web monetization, a new tool allowing browsers to actually pay websites using interledger.
In May 2018, Stefan Thomas, CTO of Ripple and inventor of the Interledger protocol, formally resigned and launched coil. He had expressed his excitement on Twitter then.
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
Coil Vs Brave – micropayments supremacy war
Coil’s launch sounds impressive, but could have Brave and its BAT tokens in its way. So, Coil will have to take them face-to-face to gain dominance in micropayments sector. The anonymous and ad blocking browser, Brave, has more than 3 million worldwide monthly users.
With an expanding list of validated content providers and BAT user wallets, the platform is already disrupting the industry. In July 2018, the founder of BAT Brendan Eich tweeted the big numbers achieved by Brave Browser and Basic Attention Token (BAT).
@brave passed 3.135M MAU on July 1, over 413K @AttentionToken user wallets, over 18K verified publishers. Average funded wallet balance 57.098071BAT (~$14.10 USD). Driving to pass 5M MAU later this year. Give Brave a try & take a BAT grant (settings/Payments), if you haven’t yet.
— BrendanEich (@BrendanEich) July 4, 2018
In June 2018, Brave had 2.8 million users, reflecting the speed of adoption. Given the speed with which these users grow, the Brave browser is poised to reach its target of 5 million users before the year is out. The number of verified publishers has increased from 16,000 to 18,000 in July.
With Brave and BAT already involved in the micropayment industry for content developers, Coil will need to work exceptionally hard to beat the competition.
