Micropayment startup Coil is making major strides on its goal of reshaping the way the internet is monetized.
The San Francisco-based startup offers a way for web surfers to send micropayments to the websites they visit. A user can sign up with Coil and pay a flat monthly subscription fee to generate spontaneous donations around the web. As the user engages on various platforms across the net, Coil automatically sends micropayments to the website’s content creators, directly rewarding them for their efforts, creations and causes.
Starting today, Coil is integrated into the XRP Tip Bot platform. The XRP Tip Bot allows social media users to send XRP to each other through tweets and comments.
Users on Coil can now deposit XRP onto the XRP Tip Bot and use Coil’s micropayment technology to send XRP donations to anyone and everyone on Reddit, Twitter and Discord.
For example, XRP donations can be sent to Madonna’s charity Raising Malawi through this url: https://www.xrptipbot.com/u:raisingmalawi/n:twitter.
Here’s a look at how it works:
Former Ripple CTO Stefan Thomas announced his departure from the company back in May to create Coil.
“With the technologies we’ve helped build at Ripple — XRP and Interledger — we can process trillions of transactions per second without any central authority. What if we managed to apply these tools as a way to offer an alternative to today’s ad-supported web? Imagine an open protocol that provides a third option outside of the advertising and site-by-site subscription models. We think there’s a huge opportunity to grow a web industry that is collectively bigger than today’s monopolies, yet much more diverse and distributed.”
Coil uses Interledger, an open protocol for sending payments across different ledgers and enabling interoperability for any value transfer system in order to make the web “a more vibrant market for apps and content, where everyone’s contributions are rewarded.”