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XRP for creators of content on YouTube and Twitch, thanks to Coil
The platform was created by the former CTO of Ripple
The creators of content from YouTube and Twitch now have another way to monetize their contents thanks to an initiative by Stefan Thomas, former CTO of Ripple. Named Coil, the company's services are now integrated into the two popular video streaming platforms, which means that such content creators will start receiving funds in XRP (Ripple native token) until users view their pages .
The platform works on InterLedger Protocol (ILP) – also co-created by Thomas – and uses STREAM (which stands for Streaming Transport for real-time exchange of assets and messages) to process any type of transaction of funds thanks to a constant flow of micropayments. In comparison, it works similar to the traditional and well-established Internet TCP.
As of now, a monetized website with Coil will see users pay a flat rate of $ 5 a month to access content, regardless of how much time they actually remain on the platform, as well as streaming XRP directly to the contributor . In return, Coil will donate money to the creator.
"Content providers do not need any agreement with Coil: If they provide a value in return for funds, the reel (and others) will pay them to get that value, if not, no.Universal and painless for creators. "said David Schwartz, current CTO of Ripple.
The service is in beta, but those who have been selected as beta users can implement it on their respective websites.
Not just for the media
By observing this announcement, one can not help but think in several cases of use for this new cryptographic service, so remember how Ripple had to deal with his vision of the futurist Internet, a "valuable Internet". For example, you can take the ILP and adapt it so you can apply the same reel concept, but for services such as streaming music or simply paying exactly what you have consumed.
In turn, this helps promote the mass adoption of XRP as a standard payment method – a goal that is becoming a reality thanks to its developments in cross-border payments.
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