There are a lot of eyebrows raised at the beginning of this year when it was announced that Ripple's former technical director, Stefan Thomas, was leaving the company to work on his project along with the former former Ripple , Ben Sharifian. Thomas, who invented the Interledger protocol, has since worked on a project known as "Coil", which was designed to allow micropayments for content management.
Although Thomas left the Ripple ranks, he did not separate the bridges with the platform. Its Coil system is designed to use the Interledger protocol and accept XRP token as part of the monetization process.
Earlier this month, the co-founder of Thomas and Coil, Sharifian, spoke with Epicenter.tv in a podcast, discussing their ambition to create a brand new blockchain entity. Thomas admitted that the Coil project originated from the fact that very few encryption companies were "doing business with Interledger". Thomas began to feel frustrated by the lack of connection products to help take advantage of the Interledger protocol, so he decided to build one by himself along with co-founder and friend Ben Sharifian.
The interviewer for Epicenter.tv, Brian Fabian Crain, questioned the duo about the decision to leave Ripple and do it on their own. Thomas insisted that "to build totally new products" like Coil, it is up to them "to do it as part of a new society". Thomas hopes that Coil will help the ability to "produce" the Interlingger Protocol by focusing exclusively on Interledger and "only by following this unique opportunity".
Coil's micropayment solution will also make a big difference to Ripple, given its use of XRP tokens. The new Coil payment solution will use smaller packages to transfer funds through a plethora of platforms. Thomas concluded his interview by agreeing with the view that the Interlingger Protocol should be considered a "third-level" solution, focusing more on the interoperability of Ripple's technology than the basic concept of blockchain.
Thomas and Sharifian were interviewed on the future Coil business model. The couple said they could provide another efficient payment model for digital industries. This is Coil's ability to monetize the content published online without the need to request personal data from users or request registration records. Thomas also said that Coil would not need to display online advertisements or frustrating pop-up windows. He said that Coil is "an experience that is designed to be as simple as possible".
Despite the positivity surrounding Ripple, XRP and the other two cryptographic assets in the "big three" – Bitcoin and Ethereum – they suffered heavy incidents on the market during Thanksgiving. Ripple XRP is now down about 80% from the record levels recorded at the end of last year. However, Ripple continues to kick off an update of its most popular product, xCurrent. Identified as a likely future replacement of SWIFT – the global payment infrastructure – xCurrent 4.0 will offer closer integration with the equivalent product of Ripple xRapid as it aims to provide industry with "on-demand liquidity" for all types of cross-border transactions.