Notably, Coil was founded by former CTO of Ripple and developer of the InterLedger Protocol (ILP), Stefan Tomas. Coil is primarily focused on managing micropayments through the ILP. It was created to enable websites to support themselves with minimum advertisements.
XRP Tip Bot’s integration with Coil will enable users to ‘STREAM’ XRP payments. STREAM, an ILP protocol, stands for Streaming Transport for the Real-time Exchange of Assets and Messages. STREAM enables sending continuous and small amount of cryptocurrency. Obviously, it is XRP token in this case. Drops, the lowest divisible unit of XRP token, can be sent as continuous payments using STREAM.
The payments are so small that they are measured in drops, which is the lowest division of XRP possible. Streaming payments are sent when a user browses a website that facilitates users of Coil to donate the creators of any impressive content. The facility marks a shift from the traditional form of rewarding content by going through a payment processor to passively pay the creator of content while browsing a website.
More importantly, users of XRP Tip Bot will be able to access ILP address on social media platforms such as Twitter, Discord, and Reddit. ILP address is similar to internet address, but the payment is made through InterLedger Protocol.
Coil can be loaded with cash using credit cards, XRP or other alt coins. So, theoretically, the XRP Tip Bot will work with any crypto. Coil charges a flat $10 per month fee for XRP donations. A user can top the Coil account, if more than $10 is donated within the billing period.
The integration with Coil highlights the capability of XRP Tip Bot to send payments through channels. As a result, XRP Tip Bot will be able to reach transaction speeds of “trillions per second” using payment channels.
I am very proud to announce the integration of @Coil with @XRPTipBot ? Congratulations to the @Coil team with their #launch, and special thanks to @sharafian_ and @baltazar223 ? – Register at https://t.co/lHA0z47mvW, and Top-up / auto-donate when you visit a donation page ? pic.twitter.com/g4yX0mginM
— Wietse Wind (@WietseWind) August 28, 2018
Ben Sharafian, CTO of Coil explained that Moneyd, a daemon (background process), allows websites to make use of ILP for payments. It functions similar to a “home router” on the Internet of Value. The launch of streaming payment facility is heralded as an ocean of change because it allows the possibility of a pay-per-stream service. As an example, if a user views only a video for only five seconds then a payment for that duration can be made instead of making payment for the entire video. Likewise, if a reader goes through only one article, then a payment can be made only for that, rather than for the entire site.
Wietse Wind has expressed the following opinion regarding the integration of XRP Tip Bot with Coil
“Coil will allow content creators to earn when people are viewing / reading / visiting their creations. Users have a flat fee subscription. Making it possible to send little packets of value from one user to another. Not even a special client required.”
Wietse Wind also expressed his views about ILP
“Regarding ILP: when more connectors for other currencies (or who knows, maybe even FIAT) go online in the near future, you can send a currency to someone else, “listening” (accepting) another currency. Without the user having to use exchanges, clients, … This will allow money / value to te send easier and cheaper than ever before.”