The former Chief Technology Officer at Ripple, Stefan Thomas, parted with the company to spearhead another venture by the name of Coil. The latter firm aims at using the Interledger protocol to help monetize the web in manner that will make it more vibrant for the users and content creators. This means that everyone’s content contribution will be rewarded.
According to the announcement back in May launching the venture, Coil’s first product will be a flat rate subscription for customers which allow them to support creators of content to their favorite websites. Coil’s aim is for the user to breeze past paywalls, see less ads and unlock additional features and content.
Vibrant XRP community member, Hodor, explains this further in a recent post as follows:
While Web Monetization is merely a draft version of a new standard at present, it forms the basis for supporting a new kind of Internet – one in which content creators can be rewarded for their services, applications, and creations without having to rely on privacy-destroying web advertising.
How Do You Participate
He goes on to explain the procedure for participating in the new web monetization through Coil.
- The first step is to configure your browser by pressing the “Register Coil Handler” button on the Coil website while using the browser that you wish to use to automatically browse and pay websites. This button will appear different depending on your browser. For example, if you are using Chrome, the button will say “Download Chrome Extension.”
- The second step is to fund your Coil account with a credit card, via Stripe. How much do you pay? No matter what, it’s a flat fee per month of $5.
Wikipedia, Coil and XRP
In a recent tweet, the now CTO at Ripple, David Schwartz, explained that Coil was now available on Wikipedia. What this means is that, as users who are using Coil browse the site, Coil makes a donation to Wikipedia in the form of XRP.
Mr. Schwartz’s full tweet went on further to express his excitement of this new capability:
Watching the adoption of
@Coil is exciting. Even without a partnership, they are testing their web monetization flat rate product out on @Wikipedia with $XRP. After @Coil users visit the site, @Coil makes a donation to @Wikipedia
Brad Garlinghouse would go on to retweet the tweet by David Schwartz.
Other Sites Using Coil
Coil Checker offers web users a tool to check which of their favorite websites is already using Coil. All the user has to do, is log into the site and type the name of their favorite website to find out.
What do you think about Coil? Is web monetization through Coil a good idea? Will it drive up the price of XRP even further? Please let us know in the comment section below.
Correction: The previous title of the article postulated that Wikipidia was integrating Coil onto its platform. However, this was not the case. Coil is simply donating to Wikipedia with no involvement from their end.