Former Ripple Executive Opens New Coil Blogging Platform For Content Creators To Earn XRP
New Blogging Platform Allows Contributors To Earn XRP, Thanks To Former CTO Of Ripple
Finding use cases for blockchain technology is the key to pushing the industry forward, and there are many crypto startups that are looking to find a way to support content creators with it. A new startup in San Francisco named Coil, which is run by former Ripple CTO Stefan Thomas has launched a public beta, which allows for these content creators to earn XRP for blogging.
The closed beta version of this blogging opportunity was launched in August 2018, allowing 1,000 test users to get involved by paying $5 monthly subscriptions. Much like Spotify, the company then pays the content contributors with XRP, based on the use of the browsers.
Speaking with CoinDesk, Thomas said that the blogging platform has collaborated with Stronghold, a digital wallet provider, to make it possible for cash-out options as well. For now, the company hopes to offer bonus content, which users can access freely with tipping and payment options.
Overall, Thomas noted that the currency used is up to the participant. The next phase of the project is to figure out what works from the users’ side and the creators’ side, determining how creators can get quality bonus content and if anyone will actually sign up for the program.
Author Avi Kabani, who has written multiple nonfiction books on love and relationships, has already earned 21 XRP with Coil and XRP tips, which amounts to about $6 right now. So far, he has spent his own $20 worth of XRP to participate in watching Twitch users. At this point, there is a circular economy going on with the platform, and Kabani has expressed that he wants to save his earnings as a way to support other creators.
Thomas Silkjær, a Forbes contributor that is also using Coil, spoke with CoinDesk about the platform, saying that he is excited to see publishing paywalls replaced by the work of the Coil platform. While visiting the website, Silkjær points out that each second on a website costs the user money, but he highlights how the time on Coil would be “walled by paywalls and subscription.”
Much of the focus with Coil is on the amount of time someone is on the page, highlighting the use of micropayments to pay content creators. However, that is far from the only effort that the platform makes. In 2016, a web browser called Brave created a rewards program to pay content creators and bloggers.
When compared with efforts made by other platforms, the earnings through the Coil subscription payments seem small. The Yalls lightning blog made it possible for 20,000 bitcoin invoices to be facilitated within seven months. Cent, an Ethereum-focused platform, is the home of 50 blogs, wherein creators brought in anywhere from $55 to $326 in ETH in the last month.
The true advancement of the Coil platform will happen when Interledger, the interoperability protocol from Ripple, makes it possible for micropayments to be performed with multiple currencies. Thomas noted that there are plans in place to offer other cash-out options, ranging from cryptocurrencies to direct bank transfers.
The open standards that Coil is built upon makes it more interoperable than the other platforms that allow for this kind of publishing and payout. In the meantime, Thomas commented that they are working on showing “market traction” to become “a browser standard.