Ripple Interledger powered Coil could benefit as EU parliament passes the content creators-friendly bill

By September 13, 2018Ripple
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Content creators these days find it difficult to get a fair ownership or enforcing rights to their work online. However, in view of this, yesterday, Article 13 and 11 was approved by the EU Parliament concerning contents online that say:

A summary of the EU Legislation explains that the internet has become the main marketplace for distribution and access to copyright-protected content. Unlike traditional business models, however, people who produce and publish contents and own the rights to intellectual property have a hard time enforcing their rights to the work online. Lawmakers argue that this “could put at risk the development of European creativity and production of creativity and production of creative contents,” which is why stronger laws protecting creators are needed.”

Most content related websites on the net these days are less informative and lack business plans. Most of them are based on Ads or click baits due to the normal phenomenon that views are more important than the quality of the content. So this makes the actual quality of the contents unappreciated, thus, supporting views, the more.

However, this normal notion is detrimental to quality and creativity, and an administrator of XRP the Real Zerpbox, Mr. H, Tweeted that,

as creativity to more views (fake news/clickbait) is more rewarding than the actual creative content. Put a picture of a hot in a short skirt on the embed of your YouTube video about milking cows and get x100 views. These videos are not even watched, may be scanned through, ‘where is that girl then and why is she in the preview picture’ but the actual content is ignored – yet rewarding because the preview attracted views.”

Meet Coil – The Technical Startup Company

A technical startup company known as Coil has decided to reward the number of seconds the content is actually watched through Interledger.

You have a crypto blog? Monetize it and get the max rate for each click!

Coil is a startup company based in San Francisco and powered by the Ripple network. The company aims to create a benefiting plan by paying websites that make use of Web Monetization. It is important to know that Web Monetization is the latest way websites can get paid by using Interledger.

Stefan Thomas @justmoon gives us a peek into what to expect with @Coil & @Interledger: Web Monetization schemes that will make paying with cryptocurrencies and digital assets like $XRP ubiquitous & automatic with streaming payments.

Subsequently, in an interactive workshop, Coil took out time to explain how Web Monetization can be used by websites to get paid automatically when their sites are visited, instead of using ads and click baits or paywalls.

Mr. H also made this known on his Twitter page,

Coil can reward the number of seconds, the content is actually watched. Read an interesting story you like-actively tip or ‘reward’ the content creator, now 10,000 actual views can be more rewarding than 1,000,000 ‘clicksbait.’ Clicks – business models will adapt to this and the quality of the internet can be restored. Less fake news & clickbait… The European Parliament wants by article 13&11 is actually similar to the solution that Coil provides. Enable another business revenue model to reward the content creators, reduce the amount of fake news and clickbait”

The Role of Ripple

Coil’s initiative is great and beneficial and there is no better way to do this other than using crypto rewards. However, Ripple is likely to be one of the standards for Coil’s new business model for content creators.

Coil has decided to use Interleger Protocol (ILP). In a recent statement, Coil’s team stated,

which means that you’re not tied to any currency, token, or single company. We’re going to start off with background on Interledger and Web Monetization before diving into how to use it yourself. The project aims to address slow block finality, high transaction fees and unsophisticated payment channel constructions that exist within blockchain payment solutions today. The team is building a decentralized payment network leveraging Interledger for clearance and is actively working on an Ethereum plugin for the protocol.”

If this gets actualized, people can also get rewarded through XRP. This news has come as a big surprise to all Ripple enthusiasts and they hope it may have a good effect on the price of XRP.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Content creators these days find it difficult to get a fair ownership or enforcing rights to their work online. However, in view […]

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