Ex-Ripple CTO Stephan Thomas Discusses XRP-Based Coil Product And Interledger Protocol
Ripple CTO Stephan Thomas Discusses Coil And Leaving Ripple
Stephan Thomas is a former Ripple employee, who had left the firm with an intern, Ben Farifian. The two then went on to establish Coil and the interledger protocol. The new system focuses on micropayment solutions based on the ledger.
Epicenter TV recently featured them in an interview where they discussed their decision to develop Coil and their previous experience at Ripple. Ripple commented on the interview on its Twitter page, stating “It’s exciting to see the XRP ecosystem grow and evolve!”
During the interview, Thomas called interledger a big idea and that he decided to establish Coin after determining that there are not many platforms that are “doing stuff with interledger.” He also added that while at conferences, he would become struck because there were no products that provided an avenue for the interledger. Sharifian also added that when introduced to the interledger, he instantly saw it as a “big deal.”
Concerning their decision to start Coil, Thomas stated,
“So, if you want to go out and you want to build totally new products, I think everyone felt that it was much better to do that as part of a new company. So, I don’t think it would have been possible to build interledger as Coil because you kind of need enough funding and momentum to put in all this research and pay for a whole team to do that. But, as far as producing it, you kind of need something like a startup that’s just not doing anything else, what’s just going after this one opportunity. So, that’s kind of what Coil is intended to be.”
Coil’s solutions are important to Ripple because the latter uses XRP. Coil’s interconnected payment solution system can be used in smaller packets to transfer funds across various platforms. Thomas agreed that interledger is a payment solution system at the third layer that is not based on economics, but blockchain mining. Further, the system hinges a lot on interoperability.
By the end of the discussion, the pair were discussing the development of web monetization systems that differ from traditional digital advertisements and they outlined how the protocol is faster and more scalable.