Coil Web Monetization Startup, Built on Ripple Interledger, Likes EU’s New Bill on Content Rewards
It isn’t easy for content creators, especially because they don’t always receive fair ownership or are able to enforce rights to their online work. However, things may be changing, especially because the European Parliament recently approved Articles 11 and 13 that deal with online content. A brief bit of the articles state:
A summary of the EU legislation explains that the internet has become the main marketplace for distribution and access to copyright-protected content. Unlike traditional business models, however, people who produce and publish contents and own the rights to intellectual property have a hard time enforcing their rights to the work online. Lawmakers argue that this ‘could put at risk the development of European creativity and production of creative contents,’ which is why stronger laws protecting creators are needed.
Though the law has good intentions, an administrator of XRP the Real Zerpbox named Mr. H. Tweeted in response:
[C]reativity to more views (fake news/clickbait) is more rewarding than the actual creative content. Put a picture of a hot in a short skirt on the embed of your YouTube video about milking cows and get x100 views. These videos are not even watched, may be scanned through, ‘where is that girl and then and why is she in the preview picture’ but the actual content is ignored – yet rewarding because the preview attracted views.
This is where Coil, a technical startup company may be useful. It looks to reward the number of seconds the content is watched through the interledger. The company, based in San Francisco, is powered by the Ripple network and it is hoping to establish a benefiting plan to compensate websites that make sure of web monetization, which is the latest method to get paid by using interledger. Coil discussed how web monetization can be used by websites so get paid automatically.
Mr. H. commented on the company’s efforts on Twitter, stating:
Coil can reward the number of seconds, the content is actually watched. Read an interesting story you like-actively tip or ‘reward’ the content creator, now 10,000 actual views can be more rewarding than 1,000,000 ‘clickbait.’ Clicks – business models will adapt to this and the quality of the internet can be restored. Less fake news & clickbait . . . The European Parliament wants by article 13&11 is actually similar to the solution that Coil provides. Enable another business revenue model to reward the content creators, reduce the amount of fake news and clickbait.
Ripple may have a role in the matter. Coil’s initiatives may use Ripple as one of the standards for its new business model. In a recent statement, the company mentioned:
We’re going to start off with background on Interledger and Web Monetization before diving into how to use it yourself. The project aims to address slow block finality, high transaction fees and unsophisticated payment channel constructions that exist within blockchain payment solutions today. The team is building a decentralized payment network leveraging Interledger for clearance and is actively working on an Ethereum plugin for the protocol.
If this does go through, then individuals may be able to receive rewards through CRP. The news is surprising to Ripple enthusiasts, who are hoping it will positively effect XRP’s price.