Stefan Thomas, former CTO of Ripple and inventor of the Interledger protocol, has launched a closed beta. The project which he called Coil was launched in May when he left Ripple. In an interview, Thomas detailed the closed beta, describing the initiative as a way to provide a level playing field for content creators.
Monetizing through XRP micropayments
The Coil project aims to monetize through XRP micropayments, instead of supporting content by advertising, paywalls, or selling user data.
“If you’re big you can have a subscription service like Netflix or Spotify. If you’re big you can collect enough data about people to make a lot of money with ads like Facebook or Google. If you’re small it’s actually very hard right now to make money on the web,” he said.
The announcement has not been made public by Coil yet, but it has begun inviting certain select parties.
Few websites have already joined the platform. “We did some passive integrations with some sites like Wikipedia, Youtube, and Twitch,” he noted
Interledger technology as the building block
At Ripple, Thomas played an integral role in the creation of Interledger protocol, an interoperability protocol that facilitates payments across different networks. This technology is now being used as the building block of Coil.
At Ripple he also co-created Codius, a smart contract platform that Ripple shelved in 2015 citing technological challenges and a lack of compelling use cases.
However, in June this year, Thomas revealed that Codius would be incorporated into Coil.
Coil allows readers, watchers and listeners to compensate content creators through micropayments and it’s a very viable model. With Coil, he said, “you’re getting paid in real time.”
“You can now make a service where maybe you need to rent a server for every user that comes by,” he explained.
Other possibilities include downloading or uploading a file, sending an SMS, or streaming music that triggers a licensing fee.
“The website gets the money instantly as you’re on the website, so they can actually react to it and provide extra services,” Thomas said.
“That’s never been possible before, so we’re excited to see what people build with that,” he concluded.
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