Coil Provides First Look at Reimagined Business Model for Content Creators with Streaming Micropayments and an Alternative to Advertising and Site-By-Site Subscriptions
Coil, a San Francisco-based start-up founded by the former CTO of Ripple, announced its new publishing platform designed to help creators monetize their content.
“Content creators are the fabric of the internet, but too few can make a living doing what they love,” said Stefan Thomas, CEO and founder of Coil, co-creator of the Interledger Protocol (ILP) and former CTO of Ripple. “People want writers, artists, and other creators to thrive. People don’t want their online experiences to be interrupted by ads and their data sold to the highest bidder. Coil is reimagining the way creators make money so that they can provide their fans with an effortless way to experience and support their work.”
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With today’s launch, creators can for the first time post public and exclusive content via a customizable creator page on Coil which is automatically enabled for streaming payments. Creators who have their own website can monetize it with a simple tag.
Those who want to support creators and the new Coil ecosystem can now join the community with a $5 monthly subscription. There are no subscription or membership fees to be a creator.
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As subscribers enjoy content, Coil streams micropayments to creators in real time using the Interledger Protocol, which allows any currency or asset to be used for sending and receiving payments. Creators have the option to be paid out in US dollars via check, ACH or wire transfer or in the cryptocurrency XRP. In the future, creators will have the option to be paid in any currency or asset using Interledger.
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