By
Chimamanda U. Martha
April 26th, 2024
On Coil, a new blogging platform established by former Ripple CTO Stefan Thomas, content creators will get rewards in XRP.
As it has been recently revealed a beta version of a new blogging platform Coil is alive. The platform represents special interest to crypto enthusiasts and supporters as content creators will have an opportunity to receive their awards in XRP.
The San Francisco-based Coil blogging platform was created by ex-Ripple CTO Stefan Thomas. It’s worth mentioning that it is already not the first platform that offers authors rewards in crypto. It means that this use case is definitely gaining momentum in the blockchain industry pushing it forward.
The closed beta testing of Coil was launched last year, in August. 1000 users took part in the testing procedure with a fixed monthly subscription of $5. As for content creators, they were paid automatically based on the popularity of the content among the users.
There are also USD cash-out options. To provide them Coil has established collaboration with Stronghold, a digital wallet operator. As Thomas has disclosed their goal is to offer the platform with free access with tipping and payment variants for additional content.
“Every participant can decide what currency they want to use. Part of the next phase is really to experiment with what works, both from a creator’s side – where the constraints are, ‘How do I get some good quality bonus content without investing a huge amount of effort?’ – and from the users’ perspective of, ‘What will people actually sign up for?’”, explained he.
Some authors of the content have also shared their experience and impressions. For example, Avi Kabani has managed to earn 21 XRP, approximately $6, via Coil and XRP tips. At the same time, he has spent this amount (and even more) to support other content creators on other platforms. It means that here we can speak about a circular economy within the XRP community.
“It’s also good to know that XRP is liquid enough so that if someone does need fiat they can get it, ” said he.
Thomas Silkjær who is an early Coil user and Forbes contributor believes that Coil may easily replace some publishing paywalls.
He explained his position the following way:
“You pay per second you are visiting a website. But the underlying technology is much more capable. Imagine paying per kilobyte streamed of video, or paying for time spent reading articles otherwise walled by paywalls and subscription.”
Coil’s Competitors
As we have already mentioned in this article, Coil is not the first platform of its kind.
For example, the privacy-minded web browser Brave was launched in 2016 and since then it has been offering rewards in BAT for content creators, publishers and bloggers. This year, it has enabled a new feature that allows users to earn by just surfing the web and watching online ads.
The Lightning-powered Yalls blog is also a rather successful startup. In 7 months of 2018, it processed nearly 20 000 invoices. To read a post, a user needs to pay 1 cent, writing a comment costs 0.5 cents, while reacting to a post with emoji costs 10 cents. Nevertheless, there are no fees for publishing.
At the same time, the Ethereum-powered platform Cent has over 50 blogs the authors of which received from $55 to $326 in ETH in the last 30 days. But the subscription fees of Cent are said to be higher than Coil’s.
* To learn more about XRP coin, Ripple Labs company and their innovative solutions, please check out our awesome “What is Ripple?” guide.