The San Francisco-based startup, Coil, founded by ex-Ripple CTO Stefan Thomas, has started the public beta on its blogging platform designed to facilitate scribes earn XRP.
Roughly one thousand test users have been paying in-browser subscriptions for a monthly rate of five USD, since the closed beta started in August 2018. While the consumer enjoys the flat subscription fee, Coil then automatically pays the content creators in XRP based on their platform usage.
The author of several nonfiction books about relationships and love, Avi Kabani, told a crypto media outlet, Coindesk, that so far he has earned twenty-one XRP (around six USD) through Coil and XRP tips. For the meantime, he has spent nearly twenty USD worth of XRP watching Twitch users. So far, it seems that the Coil has enabled a circular economy within the XRP community.
Similarly, Forbes contributor and early Coil consumer, Thomas Silkjær told CoinDesk, a crypto media outlet, that he looks forward to seeing Coil integrations substitute a number of publishing paywalls.
Interestingly, Coil is barely the lone tool offering micropayments, without an intermediary, to content creators. Notably, it is distinctively focused on time spent on the page,
It is to be noted that in 2018, the lightning blog Yalls facilitated twenty thousand BTC invoices in just 7 months, while the ethereum-centric platform Cent presently hosts more than fifty blogs that helped creators earn between $55 and $326 worth of ETH in the past thirty days. By comparison, the Coil subscription earnings come into view as decent.
Nonetheless, Silkjær mentioned that the true potential of the Coil will only be unclosed when the Ripple-invented interoperability protocol Interledger permits the micropayments tool to brace multiple currencies.