Since the popularity of blockchain has increased, it’s become easier for content creators to directly accept payments from its audience. A lot of apps and plugins are providing that facility for content creators. In a recent addition to this list, Coil which recently launched its beta, and is bringing XRP donations and payments to content creators on YouTube and Twitch.
Coil- new way of monetizing content
The coil is a new platform created by Ripple’s former CTO, Stefan Thomas. The platform uses the Interledger Protocol, also created by Stefan, and carry’s XRP tokens for monetization. Coil’s first beta product is a flat-rate subscription for consumers which will allow them to support creators, breeze past paywalls, see fewer ads, and unlock additional features and content. Currently, the company has integrated with YouTube and Twitch, allowing viewers to donate XRP to their favorite channels. Users can also utilize the platform to donate to Wikipedia and the Internet Archive. Beat users have already started posting on Twitter regarding their integrations.
Now to start writing interesting content on a regular basis! 😬
— Nik Bougalis (@nbougalis) September 17, 2018
— Wietse Wind (@WietseWind) September 14, 2018
Micropayments are not a new idea for monetizing content. However, the idea failed to take off, as online payments were cumbersome. Yet Thomas aims to reintroduce the concept, as an alternative to the current ways of monetizing that annoying user. As per the Coil initially doesn’t want to build yet another proprietary platform, Coil will be the first company to pay out to any website using Web Monetization, a new standard for how browsers can pay websites using Interledger.
In May 2018, Stefan Thomas, CTO of Ripple and inventor of the Interledger Protocol, has decided to step down from his position and launch Coil. He had shared his excitement on Twitter then.
— Stefan Thomas (@justmoon) May 14, 2018
Coil to take on Brave in the battle of supremacy for micropayments
Coil’s launch looks promising but will have Brave and its BAT tokens in its way and will have to take them head on to achieve supremacy in micropayments industry. The privacy-focused and ad blocker browser, Brave has credited over 3 million monthly active users to its name. With a growing list of verified publishers and BAT user wallets, the platform is already disrupting the industry. In July this year, the founder of BAT Brendan Eich took on Twitter to announce the big numbers Brave browser and Basic Attention Token (BAT) is achieving.
@brave passed 3.135M MAU on July 1, over 413K @AttentionToken user wallets, over 18K verified publishers. Average funded wallet balance 57.098071BAT (~$14.10 USD). Driving to pass 5M MAU later this year. Give Brave a try & take a BAT grant (settings/Payments), if you haven’t yet.
— BrendanEich (@BrendanEich) July 4, 2018
In June 2018, the number was 2.8 million users as mentioned by the company in its June blog signifying the speed at which the browser is gaining traction. Given the rate these users are growing, the Brave browser will reach its goal of 5 million users before even the year ends. As for the verified publishers, this number has been 16k which has risen to 18K in the July 2018 period.
With Brave and BAT already spreading their wings in micropayments industry for content creators, Coil will have to work exceptionally hard to beat the competition. We will have to see how does the competition play out between the two, but one thing is for sure the winner in this battle will be the content creators.
Will Coil be able to displace BAT and Brave in the supremacy battle? Do let us know your views on the same.
Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.