Wikipedia announces plans to monetize using reel and XRP
Wikipedia will test web monetization using Coil and XRP according to a recent Ripple CTO tweet David Schwartz.
XRP is rising to news, climbing 63% in the last 24 hours to become the world's second largest cryptocurrency by market capitalization, surpassing Ethereum.
Coil was launched by former Ripple Chief Technology Officer, Stefan Thomas at the start of this year. Coil uses the Interledger protocol to monetize online content. The goal is to reward the contributions of everyone's content through cryptocurrency micro-transactions.
When Coil returned in May, the company announced that its first product would be a fixed-rate subscription for customers. This subscription would allow website visitors to support content creators on their favorite websites. Coil envisioned a future without paywall, with less publicity and where users could unlock features and additional content in return for their contributions.
In other words, Coil has imagined a new way to monetize the web. Now, Wikipedia is interested.
Wikipedia depends on donations to survive. The online information giant is notoriously ad-free (except for the occasional ads that ask you to donate). Wikipedia is understandably interested in alternative web monetization methods – which is why they have announced plans to test Coil on their platform.
The test is not described as a partnership. Instead, it appears that Wikipedia is simply testing the Coil protocol to determine if it is an effective monetization method.
How is XRP connected to all this? Well, the coil connections directly to the XRP network. The funds you spend on Coil come directly from your XRP portfolio. All Coil transactions are performed using XRP.
This is how the coil becomes innovative, however: it is not necessary to purchase cryptocurrency or crypto in order to use the coil. Instead, you can fund your Coil account using a Stripe credit card.
How to use the coil
If you want to check the Wikipedia coil test, you can do it by following these steps:
Step 1) Configure your browser by pressing the "Register coil manager" button on the official website of Coil at the address https://coil.com/about.
Step 2) This button will be displayed differently depending on the browser. Make sure you use the browser you want to use to interact with Coil. If you're using Chrome, for example, you'll see a button on the Coil website asking you to "Download the Chrome extension".
Step 3) So you will have to fund your Coil account using a credit card. The reel uses Stripe to process credit card transactions. Currently, all users pay a flat rate of $ 5 per month.
Wikipedia is not the only online platform that uses the reel. You can view a complete list of websites that have implemented Coil here: https://fudbingo.com/coilchecker. To date, around 100 different websites have added the Coil payment protocol.
XRP Surges on the News
Crypto markets rose all day Friday, but XRP had a particularly strong week. The digital token has almost doubled in price over the last seven days, and seems to have further increased compared to the news on the integration of the Wikipedia roll.
In the last 24 hours alone, Ripple recorded an incredible 62.59%. He was sitting at around $ 0.30 at the beginning of this week; today it hits $ 0.60. Bitcoin increased by 4.33% over the same 24-hour period.
In fact, Ripple's price hike anticipated it to Ethereum (ETH), which now occupies the number three position after "only" the 8.14% increase over the last 24 hours. The XRP is now the second largest digital currency in the world – at least for now.
Ripple CTO's original tweet David Schwartz mentioning the Coil test in Wikipedia, meanwhile, said this about integration:
Looking at the adoption of @Coil it is exciting. Even without a partnership, they are testing their fixed-rate web monetization product on @Wikipedia with $ XRP . After @Coil users visit the site, @Coil makes a donation to @Wikipedia
– David Schwartz (@JoelKatz) 21 September, 2018
Ripple's CEO, Brad Garlinghouse, responded to the Wikipedia news with a tweet that said:
This is incredibly beautiful !! https://t.co/9dwdmp57dR
– Brad Garlinghouse (@bgarlinghouse) 21 September 2018
These are exciting times for Bobina, Wikipedia, XRP and Ripple. We will keep you updated as Coil's adoption continues to grow. If the Wikipedia Coil test is successful, then we assume that other major online properties will consider the next use.