In his recent ‘Ask me anything’ session, the former CTO of Ripple, Stefan Thomas, appreciated Ripple’s InterLedger Technology, as XRP prices continued their pace of moving upwards. He spoke about the success of the video “What is Bitcoin?” stating that he was the one behind it, and the author of BitcoinJS. He continues further saying that while he wished to work for mainstream adoption to be real, the inherent limitations of BTC blockchain satiated him. He had built a version of blockchain which was way better than that the Bitcoin’s blockchain. However, the present CTO, David Schwartz’s recently revealed that the former CTO had faced great losses in BTC.
David also states that Stefan probably has had an encounter with “aliens with extraordinary abilities.” Later, Stefan admitted to the loss of BTC, 7002 in total, a bounty he had earned for his video on Bitcoin. However, he has lost his key, which he says he has a minimal chance of recovering. Stefan answered questions related to pizza, XRP, trading, and programming as well as his disinterest in BTC, which he supported earlier. Stefan has tried to convince many people that Bitcoin does not work and Ripple is the finest answer to blockchain’s problems. He claims that XRP technology enables easy transactions as compared to BTC. Stefan says that the coin is not the problem in the picture, but the payment protocol that helps transaction is. Some of the major faults in Bitcoin are its transaction delays, geographic centralization, energy usage, etc. which have been resolved in the XRP, using the InterLedge technology, that he had designed in 2015.
The coil is a San Francisco based startup established by Stefan Thomas, former Ripple CTO, who has just created the public beta on its blogging platform to help the scribes earn XRP. After the advent of closed beta in August last year, approximately 1,000 test users are paying $5 per month for the subscriptions. As compared to Spotify, content creators at Coil get automatic payments in XRP based on their usage at the flat subscription fee.
The new Coil.com blogging platform is working with the digital wallet provider Stronghold to add dollar cash-out options along with XRP. Previously, the mission was to allow free access with tipping and payment options for bonus content. Avi Kabani, a non-fiction book spoke to CoinDesk and stated that he earned 21 XRP, i.e. equal to nearly $6, through Coil and XRP tips. He even spent around $20 worth of XRP while watching Twitch users. By now, it appears Coil has enabled a circular economy within the XRP community.
Likewise, early Forbes contributor and Coil user, Thomas Silkjær told CoinDesk that he is looking forward to see Coil integrations replacing some of the publishing paywalls.
Other Options in the market
The main objective of Coil is to spend more time on the page, but it is not the only tool offering micropayments directly to its content creators. From 2016, Brave, a web-browser with high privacy priorities, has offered a rewards program for the content creators, providing them payments in terms of BAT (company’s Basic Attention Token). In 2018, in just seven months, the Yalls blog eased 20,000 btc invoices, while the ethereum-centric platform Cent, presently hosts more than 50 blogs that made creators earn somewhat $55 to $326 worth of ETH in the past one month. After comparison, one can see that the subscription earnings of Coil is modest.
However, many believe that Coil’s capability will only be visible when, Interledger, the Ripple-invented interoperability protocol, enables the micropayments tool to help multiple currencies. Thomas also confirmed that the technology will be used for various cash-out options, which will involve various cryptocurrencies to direct bank transfers. Therefore, we can depend upon the new generation digital asset transactions.