New blogging platform, launched by ex-Ripple CTO, pays creators in XRP

01 May, 2019
by David Borman
New blogging platform, launched by ex-Ripple CTO, pays creators in XRP

It has been reported by Coindesk that former Ripple CTO Stefan Thomas has just launched a public beta for a blogging platform that will reward content creators with XRP based upon their engagement from the community.

The new outlet is called Coil, and is a San Francisco-based startup from Thomas, who wants to incentivize quality content by enabling a system reminiscent of both Spotify and the Brave browser. In this system, content creators get paid each time their content is viewed by users, who pay a base subscription fee. It would also allow for tipping on top of the base compensation, further pushing creators to truly engage with their fanbase.

The ultimate goal is to implement both tipping and cash out options beyond just XRP. Thomas is quoted in the article:

"Every participant can decide what currency they want to use... Part of the next phase is really to experiment with what works, both from a creator’s side – where the constraints are, ‘How do I get some good quality bonus content without investing a huge amount of effort?’ – and from the users’ perspective of, ‘What will people actually sign up for?"

The closed beta has been running since last August, with about 1,000 users testing the platform in preparation for this open beta rollout. The long term hope is for this model to become the new industry standard, as Thomas also elaborates:

"The standard that we’re built on, called Web Monetization, is intended to be a browser standard someday. But in order to be a browser standard, first you have to show some market traction, so that’s what we’re building out right now."

In time we will see if this approach, or similar ones such as Brave Browser's Basic Attention Token (BAT), will be embraced by the masses. If not, perhaps something even more intuitive and attractive will come along. In the meantime, stick with Chepicap for all updates!

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