Stefan Thomas, the former Ripple CTO’s well publicised “Coil” startup has launched its public beta. Coil is a platform which enables bloggers to earn XRP for their content. This is the next stage after the previous “closed-beta” which was a subscription service limited to 1,000 members.
Coil has partnered with Stronghold to enable users to “cash-out” should they choose to. Currently, the determining factor for payments is the amount of time that people spend on a certain page. Coil is still very much in its infancy, and hence the payments earned by users seem relatively small. However, this is also due to the value of XRP being significantly down on its all-time highs.
The platform is still in the beta testing phase, and hence not anywhere near its full potential. Once Ripple’s Interledger develops to a point where multiple currency interoperability becomes the norm, Coil is a project that may well flourish. Thomas has already stated that there are upcoming plans to use both cryptocurrency and fiat bank transfers in the pipeline.
Coil will unquestionably draw up comparisons with the Brave web browser and BAT rewards. Whilst both have a similar setup and overall aim, there are subtle differences. Coil is designed more for specific individuals to be rewarded for the online content they provide, and Brave rewards users for viewing certain adverts via their browser. Brave also does not currently have a “cash-out” option.
As these projects start to come into use, they are slowly both illustrating the diverse uses for cryptocurrency and how mainstream adoption continues to defy those who had already written off the entire space.
XRP image licensed via Shutterstock