When Coil was launched by the former Chief Technology Officer at Ripple, Stefan Thomas, he explained that one of the goals of the project was to provide an open marketplace that made it easy for everybody on the web to compensate and support one other. Coil would offer an open protocol that provides an option outside internet ads and common subscription models.
Coil uses the Interledger protocol and cryptocurrencies to support content creators through micropayments thus moving away from the ad-supported internet. The current ad-revenue driven internet slows down our web experience as well as tracking and fingerprinting our online activity majority of the time. In September of last year, Coil tested web monetization by donating XRP to Wikipedia with every user visit. Bloggers and website administrators can also integrate Coil into their websites to get additional revenue in XRP from members of the platform.
Cinnamon Video to Use Coil and Interledger Protocol
It is with the above brief background that a new service known as Cinnamon Video plans to become a video streaming platform that provides exclusive content to Coil members. The team at Ripple retweeted @CinnamonVideo‘s twitter announcement of their pending launch. The tweet can be found below.
How to Become a Coil Member
For you to become a member of Coil, all you have to do is create a user account on the platform’s website. Once logged in, you will enroll in a monthly subscription that ‘rewards’ content creators through micropayments with every visit you make. However, you can only access the subscription service through an invite. You can still validate your account to reserve a spot on the project’s wait list.
Why Coil Is not Exclusive to XRP
Coil uses the Interledger protocol that plans on connecting all blockchains to support interoperability. Interledger was born from a need to create a blockchain-agnostic smart contract platform. This means that we can send payments across different ledgers such as those belonging to Bitcoin, XRP, Litecoin, Ethereum and more. More on this can be found on the project’s website.
What are your thoughts on the video streaming service of Cinnamon using Coil and the Interledger protocol to bring premium content to members? Is this the beginning of a new era in content creation? Please let us know in the comment section below.
[Feature Image courtesy of Unsplash.com]
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