Closed beta testing of the Coil project, founded by the former technical director of Ripple's Stefan Thomas, has started recently.
According to Thomas, a blockchain platform Coil is designed for more effective web content monetization and "equalization of all content creators on the playing field."
"If you are a big player, you can easily use Netflix, Spotify and other services with subscriptions. With sufficient amount of resources you can collect a large volume of data about people to secure revenue from advertising, as do Google and Facebook. But if you are a beginner, having no resources, earning money online becomes a very difficult task".
At the moment the company hasn't made any public announcements about the beginning of the Coil testing, however selected candidates still can participate in the event by submitting a request on the project's official website. So far, the developers attached a few of the sites to the platform, as well as completed passive integrations with YouTube, Wikipedia and Twitch.
During the work on Ripple Stephen Thomas became one of the founders of the open source technology Interledger, on which the Coil is based now. The compatibility protocol gives the possibility of making payments between different networks. In addition, Thomas also worked on Codius, a platform for smart contracts, which was never able to be implemented in Ripple. However, this year's June, Thomas said, that Codius would be included in Coil.
A blockchain platform Coil will allow readers, viewers and listeners to pay the content creators through micropayment system. A similar model had been already implemented in the industry more than once ― browser startup Brave, that attracted $35 million through the ICO, has set itself the same goal. Stefan Thomas also called Flattr and Patreon Coil's "like-minded" micropayment systems, but noted, that his project had one unique advantage:
"Content creators, using Coil, will be able to receive a reward in live and rent new servers for each user as part of the service launch, if necessary".
The Coil platform, probably, will also be able to be used for downloading or uploading files, sending messages and broadcasts music, that will come from license fees.
Thomas noted, that the websites get the money immediately after the payment, due to which can respond quickly and provide special services. Previously it was not possible, so the Coil team is looking forward to see, how people are going to use it.