Coil, a tipping tool that allows users to donate XRP tokens to content creators, has taken a major step forward. Coil has now launched a brand new version of its platform, and this update turns the Coil website into a full-fledged blogging platform. As of Wednesday, users can post and read articles on the Coil website.
What Is Coil?
Coil has been available as a browser extension since last year. Once you pay Coil’s $5 monthly subscription fee, the extension begins to automatically send microdonations to content creators as you view their work. Until now, Coil has primarily attempted to monetize YouTube channels, Twitch streams, and personal websites.
However, Coil is now hosting its own content, and it is making changes. Coil still uses XRP, but it has also partnered with Stronghold to allow creators to withdraw their earnings as fiat currency. Coil has additionally adopted Interledger’s Web Monetization standard. All of these features will make it easier for creators to accept donations.
Although articles on the Coil website can be viewed for free, Coil is encouraging visitors to tip creators by introducing bonus content. The new blogging platform will allow authors to publish “split articles” in which bonus content is hidden from non-paying users. Coil is, however, encouraging creators to keep most content free.
Facing the Competition
Coil will face competition from similar crypto-based compensation platforms. The Brave browser offers a comparable tipping feature, as it allows users to distribute BAT tokens to their favorite creators. Meanwhile, Steemit produces a popular crypto-based blogging platform that rewards users from its large supply of Steem Dollars.
Patreon and other non-crypto platforms will also pose a challenge. Patreon is the largest and most mainstream donation platform, but it has received backlash for banning some high-profile users. This means that Coil and other crypto projects could attract users who have grown dissatisfied with their mainstream options.
Coil is also competing with Ripple, in a way, as it isn’t an official Ripple product. Coil was created by Stefan Thomas, a former Ripple CTO. It also relies on Ripple’s Interledger and the XRP token. But despite these connections, Coil probably won’t operate on the same scale as xRapid or other Ripple products aimed at big banks.
Fortunately, web content monetization is a thriving area, and Coil’s new blogging feature will help it gain more attention. Until now, users have had no reason to visit the Coil website except to download the browser extension. With any luck, compelling content will drive traffic to the site and raise awareness about Coil itself.