Earlier this year, the Chief Technical Officer of Ripple, Stefan Thomas, stepped down from his position to start a new company. The company in question is called Coil and focuses on monetary support of content through micropayments.
Notably, Stefan is known for his work on the InterLedger Protocol. ILP is an open protocol suit that allows for the interoperability of blockchains with other ledger systems. Coil aims to use this to support content creators across payment systems.
Dan Aranda, the Managing Director of Xpring spoke on Coil and its applications. Xpring is Ripple’s incubator for startups in the blockchain and digital assets arena, and Coil is one of them. He started off by talking about Stefan Tomas, and his contributions to the early growth of Bitcoin.
On Coil, he said:
“It is also focused on payments but more on very low value payments, meaning focused on micropayments, specifically as an alternative ad-based models to monetize the web and monetize web content whether that’s articles or streaming video.”
Stefan will be using the XRP Ledger and the ILP to allow for clearances between different blockchains that allow money to move. He will also be using an agnostic smart contract platform known as Codius. Codius can be used to create revenue disbursement contracts to pay content creators for their contributions.
He also spoke about scaling issues on the XRP Ledger, with comparisons to Ethereum’s Plasma protocol. He said:
“I think also you’re beginning to see kind of novel kind of implementations that might scale blockchains. Part of that I think that’s interesting is the concept of sidechain. So in the Ethereum community, you’re seeing that expressed through plasma where you’re still able to kind of leverage the public blockchain for security but actually have your own ledger for a specific application.”