BlocksInform
Coil, a content monetization platform founded by Stefan Thomas, former Ripple CTO, is expiring. Thomas says the blockchain project that supported real-time xrp micropayments is a farewell, but not a farewell.
Coil says goodbye to you.
In an open letter to the community, which Stefan Thomas shared on Twitter on Feb. 2, he explained the reason why the project ends.
While at Ripple, Thomas co-created interledger, a protocol for interoperability that facilitates payments between different networks. This technology is open source and was used as the basis for the reel.
He points out that at the launch of Coil in 2018, Interledger was just an idea. In the past five years, however, a great deal of work has been devoted to technology, and a rich ecosystem has developed around it. But 'now is the time to pass the torch on to a neutral body in the form of the interledger foundation to manage the future development of interledger,' said Thomas.
As a result of this development, coil has decided to discontinue its product development and development activities. Coil is no longer accepting new customer memberships as of February 2, 2023, and the blogging startup in San Francisco will cease operations on March 15, 2023.
Thomas revealed that there would be "full Interledger portfolio feeding web monetization and numerous other usage cases" in the near future.
Thomas To Stay Participating In Interledger Development.
The former Rivere Technical Director added that his work on the Interledger Protocol would continue since he will remain as Chair of the Interledger Foundation Board of Directors.
Monetizing content for content creators in the fields of literary writing, journalism, music, photography and podcasts by charging content consumers a $5 monthly subscription fee to access the platform.
As ZyCrypto reported in August 2019, Ripple’s investment arm, Xpring, participated in Coil’s $4 million seed round and provided a 1 billion XRP grant to the platform — worth over $260 million.
When a Twitter user asks what happened to the quarter-billion xrp giveaways of the Ripple xpring initiative, thomas said, It was above all a fund from which we could take advantage. That money never flowed out the window. Now that the reel is coming to an end, I'm assuming they're going to reallocate that to other projects. The most significant withdrawal of the fund was $100 million to @Interledger/GftW."
