Bloggers and other content creators now have a new platform in which they can earn XRP in exchange for creating content.
The new blogging platform, Coil.com, is the brainchild of former Ripple CTO Stefan Thomas’s San Francisco-based startup Coil and has just recently become accessible to the public in the form of an open beta.
A closed beta commenced in August 2018, which saw roughly 1,000 beta testers paying in-browser subscriptions for a flat fee of $5 a month. One goal for the platform is to eventually make it free to access and include tipping and payment options for bonus content.
“Every participant can decide what currency they want to use,” explained Thomas.
“Part of the next phase is really to experiment with what works, both from a creator’s side – where the constraints are, ‘How do I get some good quality bonus content without investing a huge amount of effort?’ – and from the users’ perspective of, ‘What will people actually sign up for?’”
Coil.com tech may replace paywalls
As mentioned before, content creators on Coil.com are currently being paid in XRP based on usage. One such creator is author Ava Kabani, who revealed that he has earned 21 XRP (almost $6) through Coil.com and XRP tips so far.
Kabani noted further that he has also spent around $20 worth of XRP on other content creators, specifically Twitch streamers.
“I typically like to save [XRP] in my [Coil] balance to support other creators,” he said. “It’s also good to know that XRP is liquid enough so that if someone does need fiat they can get it.”
Meanwhile, Coil.com early adopter Thomas Silkjær, who also writes as a contributor for Forbes, believes that the platform may become a much more suitable replacement for the paywalls currently in use by some online content publications and sources.
“You pay per second you are visiting a website. But the underlying technology is much more capable,” Silkjær said. “Imagine paying per kilobyte streamed of video, or paying for time spent reading articles otherwise walled by paywalls and subscription.”
More cash-out options in the works
Coil is currently working on introducing dollar cash-out options in addition to XRP with the help of digital wallet provider Stronghold.
Silkjær, however, claims that Coil’s true potential will only become evident when multiple currencies become usable with the platform’s micropayments tool. This, he says, will be made possible by Ripple’s own interoperability protocol Interledger.
“Using Interledger, content creators can define what currency they wish to receive,” he said. “And no matter if Coil is spending XRP, it will be bridged on the network to match the content creators’ needs: currency-agnostic micropayments.”
And apparently, there are official plans to bolster Coil.com’s cash-out options using Interledger. Thomas noted that these future options could range from other cryptocurrencies to direct bank transfers.
“We think of it as a platform for publishing and it’s built on open standards so it is more interoperable than past publishing platforms,” Thomas said.
“The standard that we’re built on, called Web Monetization, is intended to be a browser standard someday. But in order to be a browser standard, first you have to show some market traction, so that’s what we’re building out right now.”