XRP Payments To Be Sent To Content Creators Via New Coil Project
The internet is a base for content. Information is shared via content that is placed online via writers, creatives and general content creation, though often their efforts do go unrewarded. This is where Coil comes in, a new project that uses a subscription service for readers and viewers to pay and reward content creators on various websites. Coil wants to monetise the web to create an economy that ensures content creators are paid for their efforts, in a secure and fair manner.
How does Coil work?
Coil is an external subscription, so doesnât work with the websites directly, instead users install Coil and pay a subscription, this subscription is then used to send money to the content creators on the supported websites that have been viewed by the user. Such supported websites include YouTube, Twitch, Wikipedia and even the XRP Community blog.
Coil are going to allow XRP payments through their system
This means that creators will be able to accept payments for their content in XRP, though at the moment subscriptions are still paid in FIAT, at a rate of around $5.00 per month.
Well, according to Forbes there are some big links between XRP and Coil, Coil was established by Stefan Thomas, the former Chief Technology Officer for Ripple. Upon the first announcement of Coil, Thomas stated:
âFor decades, people have discussed the potential of micropayments to support content creators that would move us away from the broken ad-supported web. Others have created subscription services that bundle content. But micropayments and subscriptions have always been built as closed systems, which fail to capture the huge variety of content on the web.â
Is Coil the next big use for XRP?
Possibly so. Coil is giving XRP a whole new use case, one that will push XRP as currency into the hands of content creators. Once more people start to subscribe to Coil and more XRP is moved around as a result of it, the value of XRP and most importantly - XRPâs market cap will benefit massively.
With XRP in the hands of more people, further trades and transfers can be expected. Coil could well spearhead a whole new ecosystem for XRP, moving it away from its current association as a tool for the banks and bringing it closer to the mainstream audience it is dying to reach out for.