The app defines as ‘tipping-for-content’ initiative by Coil, the brainchild of Stefan Thomas who was once the CTO of Ripple Labs. The team at San Francisco launched the browser extension beta version that allowed the users to tip content creators straight from their pockets containing XRP tokens. However, we cannot say that this breakthrough is the first one to come up ever. The plans are similar to Changetip bitcoin tipping app which doesn’t function anymore. But with the Coil app, it seems to be at the right place at the right time, as now is the major need of an alternative to the advertisement-backed industry of internet.
According to Stefan Thomas, people have always discussed new ways to support content creators through micropayment and avoid ad-sponsored web as a result. Other ways were to create subscription services for the contents. However, the subscriptions and micropayments both are closely systemized and therefore fail to attract a large amount of content on the web.
The services offered by Coil will be the first in its class which will allow paying websites with Web Monetization. It is an Interledger-powered system which will enable the permission from browsers to allow the viewers to pay websites. For starters, Coil will be dealing with some big websites in the industry and offering its services to YouTube, Twitch, Wikipedia, Beat and Internet Archive.
There are a lot of adoption possibilities that Coil takes into account before implementing the service. Even for the subscription clients, the websites will offer content on the basis for a monthly subscription which enables the users’ access to unlimited content from their subscribed website. But in case the user is unable to use the entire subscription package, they can opt for a pay-per-view option. So in exchange for an XRP, your browser releases any web content like video or sound.
An already established platform that acts as a rival to Coil is the Brave platform which allows the same services as Coil, but with their BAT tokens. Moreover, it offers its millions of customers with ad-blockers and privacy measures to enhance its growth, and they aim to reach 5 million users by this years’ end.
Now is the correct time for XRP investments with its high ranks in charts and Coil to initiate a project meanwhile. The platform can grow with further updates in the future, and it might become the micropayment browser giant much sooner than expected with correct XRP distribution.