Former Ripple CTO Launches Blogging Platform That Tips Crypto
Coil is a startup founded by Stefan Thomas, who is the former CTO of Ripple. The San Francisco-based company has reportedly gone to public beta on its blogging platform, which is specifically designed to help scribes obtain the crypto called XRP.
Introducing the New Blogging Platform
According to the official report, the closed beta started back in August last year. Since then, more than 1,000 test users have been successful in paying in-browser subscriptions, which reportedly comes with a monthly rate of at least $5.
Apparently, Coil can be compared to Spotify. Basically, the platform is hell-bent at automatically paying its content creators in XRP based on usage. Even more so, its users are given the ability to enjoy a flat subscription fee.
In an interview, Thomas said that the new blogging platform is working hand in hand with Stronghold, a digital wallet provider. The decision to do so is when it comes to the process of having dollar cash-out options, which is an addition to XRP. Initially, the aim is to provide free access with tipping and, more importantly, a handful of payment options for bonus content.
The executive said that all participants are able to decide the type of currency they want to make sure of. A great part of the upcoming phase, according to Thomas, is to experiment with what would really work.
A Circular Economy
Basically, the platform is looking for ways to obtain quality bonus content without the need to invest in massive efforts. From the user’s perspective, it wants to give people a huge reason to sign up on its platform.
The author of a number of non-fiction books (most of which deal with love and relationships) named Avi Kabani said that, so far, he has managed to earn at least 21 XRP. In content, that is around $6. According to the author, he did so through the blogging platform and XRP tips.
In addition, Kabani revealed that he has already spent roughly $20 worth of XRP just by simply watching Twitch users. It is safe to say that Coil has been successful in enabling a circular economy, one that centers on the XRP community.
The aforementioned author that he loves saving his XRP in an attempt to support other content creators. And apart from utilizing his social media channels, he often makes use of Coil’s blogging platform. Moreover, he appreciates the fact that XRP, in one way or another, is liquid enough so that if an individual requires fiat, he can just get it.