XRP tokens are now be able to be used for payment to web content creators. It has become active due to Coil, the brilliant idea from the former CTO of Ripple Labs, Stefan Thomas.
The company in San Francisco has started the beta version of its browser extension app under the same name which allows users to tip content creators with XRP tokens without deviation. The original concept has observed from Changetip, an obsolete tipping app, Coil developed it into the one which is more suitable to today’s “ad-supported internet”.
Thomas stated that people have been curious about possible micropayment which would allow them to take a distance from the broken ad-supported internet while others have come up with subscription services. However, micropayments and subscriptions have always been founded as closed systems which limit the variety of contents.
Coil is the first company which utilizes Web Monetization an Interledger-powered standard that enables browsers to pay websites. In this way, Coil can collaborate with gigantic websites: YouTube, Wikipedia, Twitch, Internet Archive and Beat.
Furthermore, there are numerous possibilities for future adoption especially the subscription-based content. Discussions on multiple online forums will be offered based on monthly subscriptions which authorize their uses to enter into unlimited content on the site. Nevertheless, there are not many users who bring it into play realistically. Paying per view would be the only one solution to this problematic situation.
The browser extension can allow free web content for XRP for the text, video, sound or other. Redditor emphasized Coil’s additional functions which contain paywall bypass and less advertisement display by stating “Consider Spotify, Uber, advertisement online or no more ads. This is just the beginning of a new era of the value of Internet. Coil is big, Coil is huge, Coil deserves much more attention as we give to Ripple.”
Coil can be partnered with Brave, a crypto founded browser, on micro-payments. This is not an extension but a full-featured web browser which provides same services as Coil with its BAT tokens. Brave already possess over 4 million active individual users. The browser also bestow an attractive favour on privacy and ad-blocking to crypto users. The team for the project expects to bring over 5 million users by the end of 2018.
The crypto market is still young and holds a potential to reach innovative growth. Coil is also part of it. The micropayment browser app could at least enhance the hopeful future of XRP tokens which are already demonstrating the growth.
Author: Jieun Lee