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Coil, a platform that enables publishers to monetize their content, has recently announced that the company has received a grant of 1 billion Ripple (XRP)trade digital coins from Ripple’s project Xpring. This grant’s initial aim is to increase the use cases of XRP as micropayments on Coil’s platform; in addition, the grant will advance Coil’s monetization platform to create the new standard of Web Monetization.
Xpring is an initiative started by Ripple to collaborate with interesting blockchain projects around the world in order to boost the adoption of the XRP cryptocurrency. Coil, interestingly, was started by Ripple’s former CTO, Stefan Thomas. The company aims to create a better business model for the web where publishers and creators can monetize their content across the web. Coil’s monetization platform supports writers and journalists, video producers and streamers, photographers, artists and many other.
Combing back to the lavish grant, it is designed to boost XRP adoption and further advance the Interledger Protocol (ILP) through essential development of Coil’s monetization platform, which allows it to release micropayments on real-time basis. With this, the company is aiming to create an ultimate web standard on interledger that enables micropayments in any currency.
Emphasizing the needs of creators, the CEO and founder of Coil and co-creator of the Interledger Protocol Stefan Thomas, said that creators want complete control over the monetization and distribution of their content.
“Web Monetization provides a solution that is more fair, open and inclusive for creators and fans around the globe. This initiative will help us level the playing field for creators by providing a better way to support content across the web.”
Coil is planning to use the 1 billion XRP to develop an infrastructure that invites all sorts of creators, developers, companies, and nonprofits that will use the XRP cryptocurrency through the newly developed Web Monetization open standard and conduct micropayments internally.
The company has also announced that it will utilize a portion of the grant for promoting and spreading awareness regarding the Coil’s platform among creators and consumers. Coil has already partnered with two popular media services and raised investment from them. First being, Imgur, the community-powered entertainment platform; and second, Cinnamon, a video streaming service.
Creators can join the Coil community with a monthly subscription of $5 and can monetize their content. As consumers enjoy its content and subscribe, Coil will release XRP micropayments to the creators using ILP. Creators can also opt for the virtual currency in which they want to send and receive payments. Currently, the platform supports U.S. Dollar for withdrawals and creators can receive their payouts via cheque, ACH and wire transfer or they can opt for XRP payment.