Ripple's former Chief Technology Officer, Stefan Thomas, separated from the company to lead another company under the name Coil. This latest company aims to use the Interledger protocol to help monetize the web in a way that makes it more vibrant for users and content creators. This means that the contribution of all content will be rewarded.
According to the announcement in May of launching the company, Coil's first product will be a flat-rate subscription for customers that will enable them to support creators of content on their favorite websites. Coil's goal is to get the user to get through paywalls, see less ads and unlock additional features and content.
The vibrant XRP community member, Hodor, further explains this in a recent post as follows:
While web monetization is simply a draft version of a new standard at the moment is the basis for supporting a new type of the Internet, where content creators can be rewarded for their services, applications and creations without having to rely on web advertising that destroys privacy.  How to participate
Continues by explaining the procedure to participate in the new web monetization through Coil.
- The first step is to configure the browser by pressing the "Register roll manager" button on the Coil website while using the browser you want to use to browse and pay for websites automatically. This button will appear different depending on the browser. For example, if you use Chrome, the button will say "Download Chrome extension".
- The second step is to fund your Coil account with a credit card, through Stripe. How much do you pay? No matter what, it's a flat rate of $ 5.
Wikipedia, Coil and XRP
In a recent tweet, Ripple's current CTO, David Schwartz, explained that Coil was now available on Wikipedia. This means that while users using Coil navigate the site, Coil makes a donation to Wikipedia in the form of XRP.
Mr. The complete tweet of Schwartz went ahead further to express his excitement of this new capacity:
Looking at the adoption of
@Coil is exciting. Even without a partnership, they are testing their fixed-rate web monetization product on @Wikipedia with $XRP . After @users of Coil visit the site, @Coil makes a donation to @Wikipedia
Brad Garlinghouse would switch to Retweet David Schwartz's tweet
This is incredibly beautiful !! https://t.co/9dwdmp57dR
– Brad Garlinghouse (@bgarlinghouse) 21 September 2018
Other sites that use Reel
The spiral corrector offers Web users a tool to check which their favorite websites already use the reel. All you need to do is log in to the site and type in the name of your favorite website to find out.
What do you think about Coil? Is monetization of the web via Coil a good idea? Will the price of XRP increase further? Please let us know in the comments section below.
Disclaimer: this article is not intended to give financial advice. Any opinion here is purely that of the author and does not represent the opinion of Ethereum World News or its other writers. Perform your research before investing in one of the many cryptocurrencies available. Thank you.