Stephan Thomas, the inventor of the Interledger protocol, announced that he would step down as CEO of Ripple and start a new company known as Coil.
Through its project, it aims to enable cash support for content through mini-payments. The project works with the Interledger protocol and XRP currencies to enable these transactions.
"One of the reasons I chose this timing for the Coil project is that Ripple is in a great location. We recently played several major engineering roles with great people. The first quarter of 2018 was the best quarter of all sales. I have the utmost trust in the Rival team. "
Another important name on the board of directors is Chris Larsen, the co-founder of Ripple, the richest person for the XRP coin, and Evan Schwartz, the co-inventor of ILP.
"There is no clear way on the Internet to take money outside of processing, like advertising, or selling user data," Stephan said in a blog post.
The Coil project is a way of profit that has begun to spread in the foreign web and is dependent on the major newspapers and websites on the Internet. Some Arab newspapers have started to go to them, such as the Lebanese Diyar, which requests monthly or yearly subscription to read its news and reports.
What is the purpose of the Coil project?
The Coil project, as advertised, will now provide webmasters with access to money from their users and visitors through the paid subscriptions system or even contributions and donations.
This means that webmasters will receive the financial equivalent of their services, content and efforts in the XRP currency, and will be able to convert them into dollars.
For browsers and users, this will enhance their privacy. They will donate to content producers who want to support them without revealing their true identity. They will also be able to subscribe to websites that provide paid membership and private content and not display paid ads on their sites.
Development of current financial contribution patterns
This project is not actually the first initiative on the Internet so that content producers can get financial contributions from users, visitors and browsers.
There are many services that provide this capability to publishers and can be easily activated, but Coil is the first of its kind to rely on XRP for these payments.
This initiative will boost the demand for this digital currency, where millions of web surfers will buy and use it in subscription-driven sites, as well as support publishers.
Project within the current trend
Different websites are launching a paid version that includes special content and reports and does not show ads targeted to those who do not want to show ads to them.
News sites and the press are the most open to this trend, while it is not unlikely to see Facebook is also releasing the paid version of his site to satisfy users who will pay the money that the ads are not shown to them.
The Coil project will help websites adopt a payment system to receive paid subscriptions quickly, smoothly and away from the complexity of existing e-banks or solutions.
We do not know when this project will be launched, but the step currently announced indicates that it will be launched in the coming months.