Monetizing content online has never been easy. Most make do with third party ads, affiliate marketing or subscription packages, and it’s unfortunate that most methods hurt user experience to varying degrees. As much as creators would love to give away their content, creating content for thousands of people online is expensive and time consuming so monetizing is essential.
The new startup Coil is changing the monetization environment by building their platform on Ripple’s Interledger. Coil is backed by Ripple and the new company will be headed by Stefan Thomas, Ripple’s former CTO.
Coil and Interledger
Ripple is revolutionizing payments technology at many levels. Ripple’s technology allows people to make micropayments down to the cent which was impossible before due to high fees, high transaction times and the multi-step process that is usually involved with online payments. With micropayments content creators are able to monetize their content using the Interledger instead of using pesky buy walls or intrusive advertisements. With Coil content creators will have a fairer share of their monetization, whereas pay per click and pay per impression advertising models offer creators a small cut of the profit.
Technology like the Interledger Protocol (ILP) is still at its early stages and there will be many future applications that we can’t even imagine. With this in mind Ripple created Xpring, a business incubator that will aid in the development of new solutions with the company’s technology. Backed by Xpring, Ripple’s former CTO Stefan Thomas announced his departure from Ripple in a Medium post from May 14. Stefan is leading Coil with Ripple’s guidance.
Recently, we had some hype surrounding an alleged Ripple and Apple partnership. This was fueled by an update on Safari that included the W3 payment request API that supports the Interledger Protocol as a payment method, although it was unclear whether the ILP was actually accepted as payment in addition to the default ‘basic-card’ method described by user TexasHodlem on XRP chat.
In his post on Medium, Stefan Thomas confirms these rumors. Stefan admits that the Ripple team has worked with “Microsoft, Google, Mozilla, and others to create the W3C Web Payments Request API that has been rolling out to billions of iOS and Android devices”.
So it’s true: The Interledger Protocol is destined to be used by all major browsers, even if the technology is still in its early stages. With all major browsers supporting the W3C payment request API we can expect Coil to use the Interledger to revolutionize the way we think about monetizing digital content. You can be sure we will be using Coil as soon as possible here at XRP world.
Featured image by RawPixel.com – CC By 2.0
Crypto enthusiast, writer and editor.