Coil, a new company founded by Stefan Thomas, Ripple's former chief technology officer, has launched a closed beta.
The project – which aims to enable web content creators to better monetize their work – was announced in May when Thomas started Ripple. In an interview, Thomas detailed the closed beta, describing the initiative as a way to level the playing field for content creators.
"If you're big, you can have a subscription service like Netflix or Spotify – you can collect enough data on people to make a lot of money with ads like Facebook or Google," he said, adding:
"If you're small , at the moment it is very difficult to make money on the web ".
Coil did not announce the beta publicly, Thomas said, even though he started inviting some selected parties (interested parties can register here).
So far, few websites have joined the platform, he continued, underlining that "we have made some passive integrations with some sites like Wikipedia, Youtube, Twitch."
While in Ripple, Thomas created in collaboration Interledger, a interoperability protocol which facilitates payments on different networks. This technology, which is open source, is now used as the basis for Coil.
Thomas also helped create Codius, an intelligent contracting platform developed by Ripple, but which was eventually closed in 2015 due to technological challenges and lack of convincing use cases. In June, however, Thomas revealed that Codius would be incorporated into the coil.
The reel allows readers, observers and listeners to compensate content creators via micropayments. It is a model that has been tried several times in the industry, including the browser-focused Brave startup, which raised $ 35 million in an ICO last year. Thomas also mentioned Patreon and Flattr, but emphasized an important aspect that distinguishes the reel.
With Coil, he said, "you get paid in real time", allowing content creators to explore new business models.
it is now possible to create a service in which perhaps it is necessary to rent a server for each user that arrives ", he explained, adding that other possibilities include downloading or uploading a file, sending a text message or streaming music that triggers a license fee.  "The website gets the money instantly while you're on the website, so that they can actually react and provide extra services," Thomas said, concluding:
"It's never been possible before, so we're excited about
Coil image by Guillaume de Germain via Unsplash