Cryptocurrency startups are increasingly eyeing content creators as a key use case. Coil, the San Francisco-based startup founded by former Ripple CTO Stefan Thomas, just opened the public beta on its blogging platform designed to help content creators earn XRP.
Since the closed beta started in August 2018, roughly 1,000 test users have been paying in-browser subscriptions for a monthly rate of $5. Comparable to Spotify, Coil then automatically pays the content creators in XRP based on usage while the user enjoys the flat subscription fee.
The new Coil.com blogging platform is working with a digital wallet provider for dollar cash-out options in addition to XRP. Initially, the goal is to allow free access with tipping and payment options for bonus content.
- Create a Unique username
- Monetize your website
- Monetize your Youtube channel(s)
- Monetize your Twitch Account(s)
- Link the XRP Tip Bot
While Coil is uniquely focused on time spent on the page, it is hardly the only tool offering micro-payments directly to content creators.
Starting in 2016, the privacy-minded web browser Brave has offered a rewards program for content creators, with payouts to bloggers, YouTubers and publishers denominated in the company’s Basic Attention Token (BAT).
In 2018, the lightning blog Yalls facilitated 20,000 bitcoin invoices in just seven months, while the ethereum-centric platform Cent currently hosts more than 50 blogs that earned creators between $55 and $326 worth of Ethereum in the past 30 days. By comparison, the Coil subscription earnings appear modest.
Coil’s true potential will only be unlocked when the Ripple-invented interoperability protocol Interledger allows the micro-payments tool to support multiple currencies. Using the inter-ledger, content creators can define what currency they wish to receive. And no matter if Coil is spending XRP, it will seemingly be bridged on the network to match the content creators’ needs: currency-agnostic micro-payments.