Stefan Thomas, stepped down as the CTO of Ripple to establish a new venture named coil, which intends to use the interledger protocol to assist in monetizing the web such that it will make it more appealing to both users and content creators.
The facility ensures that those who provide content will definitely get rewarded.
When project was launched in May, Coil revealed that its first product will allow supporting content creators for a flat subscription rate. Coil aims to bypass pay walls, minimize seeing ads and brings out additional features.
Hodor, one of the members of the active XRP community, describes this in detail as follows:
“While Web Monetization is merely a draft version of a new standard at present, it forms the basis for supporting a new kind of Internet – one in which content creators can be rewarded for their services, applications, and creations without having to rely on privacy-destroying web advertising.”
How To Participate
The following procedure should be adopted to participate in the new web monetization through Coil.
The first step is to configure your browser by pressing the “Register Coil Handler” button on the Coil website while using the browser that you wish to use to automatically browse and pay websites. This button will appear different depending on your browser. For example, if you are using Chrome, the button will say “Download Chrome Extension.”
The next step is to use a credit card via Stripe to fund the Coil account. The flat subscription fee is $5 per month.
Coil, Wikipedia, and XRP
David Schwartz, The CTO of Ripple, informed that Coil has been integrated with Wikipedia. This means, when Coil users browse Wikipedia, a donation in XRP will be made to the website.
Schwartz’s further expressed his excitement over the new facility:
“Watching the adoption of @Coil is exciting. Even without a partnership, they are testing their web monetization flat rate product out on @Wikipedia with $XRP. After @Coil users visit the site, @Coil makes a donation to @Wikipedia”
This is incredibly cool!! https://t.co/9dwdmp57dR
— Brad Garlinghouse (@bgarlinghouse) September 21, 2018
List of Sites Using Coil
A web tool offered by Coil Checker enables users to verify whether their favorite website uses Coil. A user has to simply visit the site, login and enter the name of their favorite website to identify whether Coil supports it.
