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Former Ripple CTO's Blockchain Project Coil Enters Closed Beta

“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

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Tipping Now Possible On Coil With Ripple’s XRP TipBot Integration

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.

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Malta, Not South Korea, Is now the Leading Trader of XRP, says Ripple Exec. Cory Johnson

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:

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.

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Is Codius, By Former Ripple ‘Star’ Stefan Thomas, The True Ethereum (ETH) Killer?

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:

  1. Tron (TRX) – 31st May
  2. EOS (EOS) – 2nd June
  3. Zilliqa (ZIL) – Q3
  4. VeChain (VEN) – late June
  5. Cardano (ADA) – September 2017, what is left is decentralization
  6. Oyster Pearls (PRL) – 29th May
  7. Ontology (ONT) –  Yet to be announced date in June
  8. Aeternity (AE) – late July or early August
  9. 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.
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Ripple (XRP) New Business Model Announced by its CTO: COIL

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.

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.

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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.

Ripple Investment