Coil is the Ripple ecosystem answer to earning money via the web, more specifically, a way to monetize content in a more streamlined manner. In such a manner were the content creator would not have to conduct blatant advertising, place paywalls, or covertly sell user data.
The Basics of Coil
Coil is a company created by the ex-CTO of Ripple, Stefan Thomas.
The company, based in San Fransisco, will utilize Interledger to bring about a simpler experience on the web for apps and content.
The idea is to reward content and app creators on the web in a frictionless manner. As such, Stefan Thomas and team will deploy products which will focus on micropayments and web monetization.
Coil is funded by Xpring to help grow the Ripple ecosystem.
Coil Products
Coil will deploy a flat-rate subscription service for consumers.
Customers will pay Coil a certain amount per month and Coil will distribute these earnings to the creators of content that customers love and visit on a regular basis. Donations would be contributed based on the duration of each visit, the longer one stays on a particular site, the bigger the donation distribution.
The subscription service should allow user to contribute to their favorite creators, bypass paywalls, minimize ads, and access more features from their favorite content providers. The company will utilize an open API called web monetization for the distribution of contributions via web browsers.
How To Use The Coil Subscription Service
The first Coil product is currently in the beta testing phase. Users must sign up on the Coil website, install the Coil Firefox Extension and then move forward with the rest of the process.
Coil is Active
The subscription service is currently in the early stages of testing and may be utilized on sites such as Twitch.com where users will be able to donate “bits” to streamers watched.
What Is Coil?
