The Coil blogging platform offers tipping via XRP and future plans to work with a variety of assets.
The Internet of Value (IoV) needs
interoperability in order to thrive. As such, open standards like Ripple’s InterLedger
Protocol could help it achieve just that.
InterLedger Protocol and Interoperability
InterLedger Protocol (ILP) was designed to solve a pressing
issue in the blockchain space; the ability of a decentralized app to purchase
resources without being restricted to a particular blockchain network. The InterLedger
Protocol aims at creating a universal network for sending value, and it would
be independent of any company or currency.
The network is composed of
independent operators that serve as decentralized exchanges. The protocol makes
it possible for users to carry out transactions natively on any blockchain of
their choice, without having to transfer their assets to a centralized platform
or a specific network for trading. With InterLedger, users can be able to send
BTC, and the recipient would automatically receive XRP or any other
cryptocurrency of their choice.
It is no brainer that for the
internet of value to achieve its primary objective and thrive, it will need interoperability ,and InterLedger Protocol just does that. The protocol is
beneficial because it helps users connect to any network or payment system in
the world without having to switch from their current networks or change the
ways the systems work.
The technology has been used to carry
out transactions by the Bank of England while the Bill & Melinda Gates
Foundation used it to power new open-source software MojaLoop. The InterLedger Protocol helped this software connect to
various payment systems and help people in the underbanked and unbanked areas
of the world have access to financial services.
Ripple’s ILP Could Help the Internet of Value Thrive
No doubt, Ripple is one of the
leading and most creative payment systems. In June 2017, the company
open-sourced the first BTC plugin for its ILP, which would help users carry out transactions across
multiple ledgers, not just the XRP ledger.
Following the activation of the
plug-in on its ILP, Ripple proceeded to carry out a single transaction on seven
different ledgers. This singular transaction passed through private
blockchains, public networks, a traditional payment channel, and a centralized
ledger. While transactions might not pass through so many ledgers, Ripple
insisted that the test was carried out to show that their ILP can work
excellently with distributed ledgers.
Back then, Ripple CTO Stefan Thomas gave
his opinion saying “that’s where the
future is going. We think that in the future all different ledgers will be tied
together and transactions will be very seamless. So, we want to make sure that
our customers are going to be set up for success in that world.”
Ripple has banking applications that
rely on XRP, and with the interoperability feature of its ILP, the crypto
company would play a crucial role in the advent and growth of the internet of
value over the coming year. A Twitter user, seems to agree with this fact, as
he believes that money would move fast with Ripple ILP.
Ripple’s technologies are getting
adopted by banks and financial institutions all over the world, and with this
vast network at its disposal, Ripple is best placed to lead the advent of the
internet of value.
Gradually, ILP as part of Ripple’s
software, will become the standard protocol for connecting banks’ cash ledgers.
It will be an exciting journey towards that end.
The post Ripple’s InterLedger Protocol (ILP) is What the Internet of Value Needs to Thrive appeared first on Ethereum World News.
Americans are tired of two things: cobbling together
multiple streaming services to sate their entertainment needs, and ads
according to a 13th edition of Deloitte’s annual Digital Media Trends survey
reports Variety, an
entertainment business news site. And they have reasons to be fatigued from
consumer over choice thanks to an explosion of subscription based entertainment
services like Netflix, Hulu, Amazon Prime and many more planning to break and
be part of this foray. All of them, despite this finding, are thriving because
of the economic, social and emotional power of devoted fans and magnified by
investment of these firms availing immersive content on demand.
According to the survey,
47 percent of Americans are frustrated by the increasing number of subscription
based entertainment services. However, up-to 57 percent are frustrated when
they “when content vanishes because rights to their favorite TV
shows or movies have expired” and because of this Kevin Westcott, Vice Chairman
of Deloitte, is convinced that Americans “may be entering a time of
‘subscription fatigue.” He adds that despite the boom “consumers want choice —
but only up to a point.” Furthermore, of the 2,003 responders, 77 percent were
of the opinion that pay TV ads should not exceed 10 seconds.
Here’s what a Redditor had to say:
“The thing is that you don’t even have to have them all at once too. There’s no contract and it’s a monthly subscription. All you have to do is catch up on what you want over the course of a few months and then switch. I’ve decided to only keep 2 TV streaming services at a time and it’s working out just fine for me. It’s not like you’re going to be watching 15 different shows on 7 different services all at the same time.”
Why subscription is preffered by Businesses
But what could be triggering businesses to shift to this
model? At first, it is easy to see why. There is guarantee of repeat business
and businesses can easily scale hence delivering on their objectives. Coupled
with auto-renew where content access is dependent on subscription the model is
In auto-pilot mode, customers won’t run out of content
simply because they have failed to pay. This way, “Predictability is not often
a concern in a subscription-based strategy. It’s easier to get the needed data
on the financial aspect of running a business” according to Eva Guerrero, the
proprietor of EGDental.
At the same time, customers draw benefits “since the
understanding that our customers’ spending decision is largely driven by their
budget, we’re able to use a subscription-model offer to ease them into our
services. At the end, this strategy makes bundling our other services in one a
better option for them” says Nicholas Dutko, the CEO of Auto Transport Quotes.
Luckily, there is a channel where Americans can vent their frustrations. Launched last year, Coil proposition could attract content creators diversifying their revenue streams and searching for the best offers. The fragmentation and “content” vanishing is largely because “micro-payments and subscriptions have always been built as closed systems, which fail to capture the huge variety of content on the web.” After Twitch, Google and Wikipedia experiment last year, it was demonstrated that creators can monetize their content by paying a $5 subscription fee as they receive XRP tips from users who have installed Coil’s browser extension. With Coil, the aim is to fix a “broken ad-supported web” and widespread adoption would surely reduce the number of webs and even reduce the shift to subscription models.
The post Coil—Funded by Ripple, May Save Americans from Ads and Subscriptions appeared first on Ethereum World News.
“Coil, a new company founded by Ripple’s former chief technology officer Stefan Thomas, has launched a closed beta.
The project – which aims to allow web content creators to better monetize their work – was announced in May, when Thomas departed Ripple. In an interview, Thomas detailed the closed beta, describing the initiative as a way to level the playing field for content creators.
“If you’re big you can have a subscription service like Netflix or Spotify. If you’re big you can collect enough data about people to make a lot of money with ads like Facebook or Google,” he said, going on to add:
“If you’re small it’s actually very hard right now to make money on the web.”
Coil has not announced the beta publicly, Thomas said, though it has begun inviting certain select parties (those interested can sign up here).
Thus far, few websites have joined the platform, he continued, noting that “we did some passive integrations with some sites like Wikipedia, Youtube, Twitch.”
While at Ripple, Thomas co-created Interledger, an interoperability protocol that facilitates payments across different networks. This technology, which is open source, is now being used as the basis of Coil.
Thomas also helped to create Codius, a smart contract platform that Ripple developed- in-house but ultimately shelved in 2015 due to technological challenges and a lack of compelling use cases. In June, however, Thomas revealed that Codius would be incorporated into Coil.
Coil allows readers, watchers and listeners to compensate content creators through micropayments. It’s a model that has been tried multiple times in the industry, including the browser-focused startup Brave, which raised $35 million in an ICO last year. Thomas also cited Patreon and Flattr, but highlighted an important aspect that distinguishes Coil.
With Coil, he said, “you’re getting paid in real time,” allowing content creators to explore new business models.
“You can now make a service where maybe you need to rent a server for every user that comes by,” he explained, adding that other possibilities include downloading or uploading a file, sending an SMS, or streaming music that triggers a licensing fee.
“The website gets the money instantly as you’re on the website, so they can actually react to it and provide extra services,” Thomas said, concluding:
“That’s never been possible before, so we’re excited to see what people build with that.”
Coil image by Guillaume de Germain via Unsplash
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
One of Ripple (XRP) programmer, Wietse Wind has come out to announce the integration of Coil, with XRP TipBot, signifying that tipping is now possible on the platform and that content creators can now integrate Coil on their platform to receive donations from supporters.
“I am very proud to announce the integration of @Coil with @XRPTipBot Congratulations to the @Coil team with their #launch, and special thanks to @sharafian_ and @baltazar223 – Register at http://Coil.com , and Top-up / auto-donate when you visit a donation page.”
XRP TipBot is a bot that allows Reddit users to send Ripple XRP to each other through Reddit comments and tweets.
“To start tipping XRP, you have to deposit XRP to your XRPTipBot-account first,” XRPTIPBot said on its platform.
The Genesis Of The Glorious Journey: Coil
Not long, Stefan Thomas, former CTO of Ripple and inventor of the Interledger Protocol, announced he was stepping down to launch his own project Coil. According to him, the coil project will ease micropayments for content management.
Thomas did not sever ties with Ripple since the idea will be dependent on Ripple’s XRP and Interledger Protocol.
Project coil monetization will completely rely on XRP tokens for monetization. Everywhere, micropayments are very useful today, especially in monetizing ideas (contents).
With Thomas reintroduction of micropayment, which has been regarded as somewhat uneasy in the past, it will be a major boost for XRP since the idea will monetize, using the cryptocurrency XRP, instead of supporting content by ads, selling data or paywalls.
People are not aware of the full functions of Coil, however, they are getting to understand the advancements inherent in this unmatchable innovation.
According to Thomas, “Coil will use Interledger to make the web a more vibrant market for apps and content, where everyone’s contributions are rewarded.”
While this idea has semblance with Steemit where content owners are compensated, Steemit among other popular platforms doing things in relation to Coil are mostly condemned. This is because many of the content posted on this platform are upvoted using bots on most occasions.
To keep Coil growing, Ripple’s Xpring has supported the idea in cash and kind since it was launched.
Cory Johnson is the Chief Market Strategist at Ripple and he joined the company back in March, 2018. Prior to Ripple, Mr. Johnson worked at Bloomberg TV primarily covering technology on both TV and Radio for Bloomberg. He is a former fund manager and his task at Ripple can be summarized as explaining the Ripple company and XRP to investors and the world at large.
Cory Johnson promised to do just that when he stated the following after joining Ripple:
I’m going to try and explain, listen and set strategies to make it easy for Wall Street and the world of finance to understand what we’re doing.
It is therefore no surprise that Cory Johnson has tweeted that Malta is the new leading trader of XRP and not South Korea. The tweet can be found below:
— Cory Johnson (@CoryTV) July 30, 2018
Mr. Johnson was responding to an article that highlighted the four countries and territories of Malta, Bermuda, Gibraltar and Liechtenstein as being the most cryptocurrency friendly on the globe. In the article by Nathaniel Popper, he states that the officials in these countries have recently passed laws, or have legislation in the pipeline, to make their countries more welcoming to cryptocurrency companies and projects.
With respect to Cory Johnson’s quarterly market report for the 2nd quarter of 2018 (that was co-authored by Miguel Vias), it states that the Ripple company sold $73.53 Million in XRP during this time period. This amount accounted for 0.125% of the global XRP volume. This figure is welcome for such a low percentage means that the Ripple company has no intentions of flooding the markets with XRP. As a matter of fact – and in the same report – Ripple managed to release 3 Billion XRP from Escrow in Q2 and locking back 2.7 Billion XRP back to the same Escrow.
The report also noted that XRP has had a similar percentage decline to that of Bitcoin (BTC) during the same period. BTC declined by 8.2% in Q2 whereas XRP declined by 9%. Such stability in line to that of the King of Crypto, makes XRP suitable as a base pair in exchanges. Another option would be to have a good amount of your crypto portfolio in XRP to hedge against large price fluctuations during times of market turmoil.
The quarterly report also touched on the Coil project run by Stefan Thomas, Xpring and the entrance of large wallstreet firms into the crypto space. These companies include: Goldman Sachs, JP Morgan, Nasdaq, Fidelity and Nomura. The entrance of these firms into crypto is a clear indication of growing interest by institutional investors in the potential of digital assets.
Disclaimer: This article is not meant to give financial advice. Any opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.
In an earlier article, Ethereum World News had stated that Ripple (XRP) had revived the Codius project simply because it was the same guys working on the project. However, Stefan Thomas, the former Chief Technology Officer at Ripple, now runs Coil and is the man behind the revival of the Codius Smart Contract project and not as earlier indicated. Ethereum World News wanted to update its readers on this update and correction.
This announcement by Stefan, adds Codius to the budding list of Smart Contract platforms that aim to solve issues experienced on the Ethereum platform such as scaling, congestion on the network, security vulnerabilities and high ‘gas’ fees for transactions.
Which MainNets are the existing Competition for Ethereum?
Ethereum World News, with the continual assistance of its online community, has been closely tracking the MainNet platforms that have launched or are planning on launching their own blockchains this year. In the initially tally of 8 projects, the Nuls (NULS) MainNet had been left out but the Reddit community was quick to point out that it too had a MainNet launchde.
Therefore, below is a list of each of these projects battling it out with Ethereum and the launch dates of their MainNet versions:
- Tron (TRX) – 31st May
- EOS (EOS) – 2nd June
- Zilliqa (ZIL) – Q3
- VeChain (VEN) – late June
- Cardano (ADA) – September 2017, what is left is decentralization
- Oyster Pearls (PRL) – 29th May
- Ontology (ONT) – Yet to be announced date in June
- Aeternity (AE) – late July or early August
- Nuls (NULS) – 31st May
Three of these projects have been unofficially baptized as possible Ethereum Killers by the online crypto community. These are the projects of Tron, EOS and Zilliqa. All three are unique in their own respects and solve real life problems experienced on the first-in-market Ethereum Platform.
Also to note, is that the above 9 do not exhaust all the projects launching MainNet platforms in the Crypto-verse this year. With the reentry of Codius, the smart contracts arena has changed completely.
How has the game changed and will Codius be the True Ethereum Killer?
Firstly, Codius aims to use Interledger to facilitate interoperability between blockchain platforms. This capability by any one project was always a topic of discussion but never a reality. Codius plans on doing just that. No more silo barriers on the blockchain.
Former Ripple CTO and Codius Creator, Stefan Thomas. Source, coindesk.com
Secondly, Codius somewhat automatically gets the support of the Ripple community: from developers, social media fans, HODLers and Traders. Ripple has proved to being the cryptocurrency choice for lots of traders and institutions such as SBI Holdings that recently launched an XRP centered Cryptocurrency exchange known as SBI Virtual Currencies or simply VCTRADE. This support is sure to be transferred to Stefan, Coil and Codius.
Thirdly, and with the aforementioned community support, XRP could eclipse Ethereum in the cryptocurrency markets. Current market analysis indicate that the difference in market capitalization between the two coins is $33.963 Billion. XRP need only be valued at $1.54 to edge out ETH from the number 2 spot using current market values.
Fourthly, Coil – the company now working on Codius – plans on monetizing the web and will use this smart contract platform to achieve just that. This means Codius can be used by both by the blockchain community as well as that of the internet. The idea behind coil is to use micropayments to support content creators rather than the currently broken ad-supported web that relies on page views or what is famously known as ‘hits;. Coil will enhance the web in a manner where everybody can compensate and support one another. This will include curators, subscription services, content creators and the users.
In conclusion, the revival of Codius by Coil, brings in an unknown variable to the discussion of the Smart Contract dominance that has been held by Ethereum for a very long time. What then can be advised, is a go-with-the-flow approach in this whole arena of Smart Contracts. All the platforms have their own strengths and weaknesses that will be revealed with time.
[Photo source, medium.com/coil]
Disclaimer: This article is not meant to give financial advice. It is an opinion piece. The opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.
Ripple Tech Adoption
Ripple’s solutions are going through tests by various companies that find its products attractive as they attempt to improve existing services that take place when it comes to cross-border remittance. Despite that we call them tests, its a win every time because cryptocurrency comes out at the apex of their expectations.
Keeping in mind that their products [xVia, xRapid, xCurrent] are very reliable and functional, not many find it surprising that banks or financial related firms try to utilize the technology. As an example, Bank of Ayudhya [Kungsri] will be testing again, Mitsubishi Corporation stated that international transfers will be performed via the products. It will be in Singapore and Thailand.
The above mentioned partnerships, are without doubt major impacting factors when it comes to Ripple’s long term. They showcase how reliable the network and platform is.
Both Mitsubishi Corporation and Standard Chartered are among the world’s powerhouses. Their liquidity is absolutely without question. If they can turn to Ripple after the pilot works well, that could change its history for good.
Stefan Thomas – CTO on the Case
Ripple’s CTO – Stefan Thomas, has announced via twitter a new startup building micropayment apps on interledger and XRP.
— Stefan Thomas (@justmoon) May 14, 2018
To have better rewards for individuals using the platform while producing better incentives for digital content and apps, the business model will use Ripple’s interledger protocols. Evans Schwartz and Chris Larsen from Ripple joined the team of the model.
There is still no release date announced, but it is expected to be on the web in the near term. The firm behind the coin will be backing up the project completely.
Ripple Out of the World Prediction
For many times now, the prices in the crypto-market have rocketed away because of speculations. But, below you can see something surprising. In 3 years XRP reaching $334,47 against the US Dollar.
For the value to climb that dreamy ladder, the platform has to reach its original goal – replacing SWIFT system. The SWIFT system has proven to make the customer experience very poor. Problems like long periods of times per transaction, high fees are charged per operation are always present.
If the existing issues are solved by platform completely and accordingly a mass adoption by financial institutions takes place, XRP could go even higher.
According to Coinmarketcap – the pair XRP/USD for the time being is trading at $0.6640 with a 6.06% drop in the last 24-hours.