Xpring, Ripple’s ecosystem initiative for building the Internet of Value, announced on Thursday, August 15, that it will give away one billion XRP to promote and support content monetization platform Coil.
Stefan Thomas, former CTO of Ripple, founded Coil in 2018, but it wasn’t launched until May 2019. The platform is built with the help of web monetization technology.
What exactly is a web monetization?
Because of the inability to transfer money from the web platform, today, web is flooded with (mostly irrelevant for the user) ads. Web monetization solves this problem by automatically paying to creators, plus, without the ads on the platform.
And this is the technology that Coil uses to compensate the creators on the platform.
How does Coil work?
Coil uses the open Interledger protocol, and users can pay with credit cards, while creators can be paid out in cryptocurrency or any other kind of asset on Interledger. To read and upvote the content, the subscribers have to pay a flat fee every month in the amount of $5.
When subscribers read and upvote certain content, Coil sends micropayments to the content creators.
What does Ripple’s Xpring giveaway mean for Coil?
Recently, Imgur, a popular image hosting site, revealed that Coil invested in Imgur $20 million in venture equity. Moreover, earlier this year, Coil made an investment in Cinnamon, a video streaming startup.
Obviously, Coil is serious when it comes to the success of the platform, and Ripple’s give away is quite helpful.
One billion XRP grant from Ripple’s ecosystem is worth roughly $265 million, and it’s a win-win situation for both Coil and Ripple. For Coil, it means a necessary help in building an ecosystem of creators, companies, developers, and non-profits.
On the other side, for Ripple, this collaboration with a blockchain project means increasing the adoption of its native currency XRP.
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