XRP for content creators at YouTube and Twitch, thanks to Coil
The platform was created by the former CTO at Ripple
Content creators from YouTube and Twitch now have another way to monetize their contents thanks to an initiative by Stefan Thomas, former CTO of Ripple. Named Coil, the company’s services are now integrated to the two popular video streaming platforms, which means that such content creators will began to receive funds in XRP (Ripple’s native token) for as long as users are viewing their pages.
The platform works on the InterLedger Protocol (ILP) – also co-created by Thomas – and uses STREAM (which stands for Streaming Transport for the Realtime Exchange of Assets and Messages) to process any kind of fund transaction thanks to a constant “stream” of micropayments. In comparison, it works similarly to the traditional, well-established TCP of Internet.
As of now, a web-monetized site with Coil will see users paying a flat fee of $5 a month to access the content, regardless of how much time they actually stay on the platform, as well as to stream XRP right to the contributor. In return, Coil will donate money to the creator.
“Content providers don’t need any agreement with Coil. If they provide value in exchange for funds, coil (and others) will pay them to get that value. If not, not. Universal and painless for creators,” said David Schwartz, Ripple’s current CTO.
The service is in its beta phase, but those who were selected as beta users can roll it out on their respective websites.
Not only for media
When looking at this announcement, one cannot help but to think in the different use-cases for this new crypto service, then remember how Ripple has been dealing with its vision of a futuristic Internet, an “Internet of Value”. For example, one could take the ILP and adapt it in a way we can apply the same concept of Coil, but for services such as streaming music, or just paying exactly for what you’ve consumed.
In turn, this helps promote mass adoption of XRP as a standard payment method – an objective it is becoming a reality thanks to its developments in the cross-border payment ambit.
Follow TokenTops on Twitter to stay notified about new articles, cryptocurrency news, ICO announcements and price predictions and analysis.
Legal Disclaimer: Please remember that trading, buying or any other type of investing in cryptocurrencies should be consider risky and may lead to the loss of all of the invested money. For further information visit Terms and Conditions section on TokenTops. We do not encourage our readers to any kind of financial decisions. Neither tokentops.com nor its parent companies accept responsibility for any loss, damage, or inconvenience caused as a result of reliance on information published on, or linked to, from tokentops.com. We believe that everyone should make their own and in depth research on the particular topic in various sources before making any financial decision and this person should be the only one responsible for the outcome. Our writers do their best to remain unbiased and don’t actively support any project. The research is done with various sources, the predictions are based on own believes, analytical skills, experts and community discussions and is intended to convey general information only.