- Funded by Ripple, Coil is working with Firefox to provide new monetization opportunities for developers and content creators.
- Coil relies on Ripple’s interledger protocol to transfer micropayments quickly and cost-effectively.
There are many creative minds and developers with a mission, but they can’t find a client and can’t realize their vision due to lack of financial resources. Firefox has always been committed to an open and democratic developer community and wants to raise and provide funding for programmers and content creators through a new project.
Ripple’s Coil and Firefox want to improve web monetization
Firefox will launch a web monetization experiment in the coming weeks in cooperation with Coil to support payments to creators in the Firefox reality ecosystem. Firefox Reality is a web browser launched at the end of 2018, specifically designed for stand-alone virtual and augmented reality (or mixed reality) headsets.
According to Mozilla, developers and content producers as creators of digital content need new ways to make money from their work. Mozilla will therefore partner with Coil, which is financially supported by Ripple, in order to be able to offer an alternative to the classic payment methods of credit card or PayPal payments.
To be eligible for monetization, simply add a meta tag to the header of the participating website and send an email to creator_payments@mozilla.com. Mozilla will present the created content in the Firefox reality content feed. As part of the project, Coil is providing a platform where content consumers can register for a small amount of money.
Depending on the intensity and length of time the content presented on Firefox is consumed, the content producers will automatically receive a monetary payment. The money is moved in the form of micro-payments via the interledger protocol provided by Ripple at low cost and almost in real time. This allows content producers to save the sometimes disproportionately high payout fees of PayPal and other services.
In addition to a standard version, Coil also offers monetization for exclusive content that can only be viewed if a higher subscription level has been purchased. Firefox explicitly points out that so far this is an experiment, which is intended to collect data and feedback for further development. The main goal is not to make content producers rich within a short period of time.
Ripple already invested in the online content platform Coil in August last year and supported the start-up with one billion XRP, which was worth $260 million at the time. Coil’s mission is to simplify and democratize the monetization of digital content, giving even lesser known content creators a chance to make money from their content. Coil was founded by former Ripple CTO Stefan Thomas and has been researching new solutions for web monetization ever since.
Most recently, Firefox partnered with Scroll to test a new ad-free subscription service. Firefox is committed to testing new ways of monetizing and improving these services through constant community feedback.
XRP follows current market trend
The entire crypto market has been showing signs of recovery for a few days now, so XRP has also seen a 6.35% rise in the last 24 hours to a price of $0.20. It remains to be seen whether the current price development is sustainable or was only caused by the capital flood of the central banks worldwide.
