Founded in 2018, the blockchain startup Coil announced yesterday that it had received a one billion XRP grant from Xpring, Ripple’s incubator subsidiary.
Pronounced ‘spring’, Xpring was announced by Ripple in May of last year which is set to be an “initiative that builds infrastructure and helps innovative blockchain projects grow through investments and partnerships”. It is “strongly focused on projects that build on and utilize XRP and the XRP Ledger.” Xpring’s goal is “to build a robust community of developers, entrepreneurs and companies who believe that blockchains, and the XRP Ledger in particular, will transform industries.”
Founded by the former CTO of Ripple, Stefan Thomas has built the project up to what it is today. Alongside the COO, Gary Morris, the CDO, Fabian Rühle and the CTO Ben Sharafian, Thomas is the CEO of the project.
As reported by CryptoGlobe, the mission of Coil is to change the way that creators monetise their content over the internet.
“Coil exists because content monetization doesn’t work for everyone, and we think it should. Our model offers an alternative to the status quo of paid advertisements and selling the public’s attention to the highest bidders – A solution that will serve the people who aren’t being served well today.”
As subscribers consume more content, Coil will use “an open API called Web Monetization to stream micropayments to creators in real time.”
A good example of the creators supported by Coil is “writers and journalists, video creators, podcasters, streamers, musicians, photographers, and artists.”
In a recently published press release, the grant from Xpring will be used to further the adoption of XRP and the Interledger Protocol (ILP) “growing Coil’s monetization platform through mainstream adoption of Web Monetization”
Thomas said this in regards to creative freedom:
“Creators want more choice and control over how their content is monetized and distributed. Web Monetization provides a solution that is more fair, open and inclusive for creators and fans around the globe. This initiative will help us level the playing field for creators by providing a better way to support content across the web.”