Coil, a platform for content monetization developed by the former chief technical officer of Ripple, Stefan Thomas, is being discontinued.
According to Thomas, the blockchain initiative that facilitated real-time XRP micropayments is waving farewell but not farewell.
In an open letter to the community that he released on Twitter on February 2, Stefan Thomas revealed why the project is being discontinued.
Thomas co-created Interledger, an interoperability standard that permits payments across many networks, while at Ripple. This open-source technology was utilized as the foundation for Coil.
When Coil began in 2018, Interledger was simply a notion, he says. In the past five years, however, a substantial amount of effort has been invested in the technology, and a robust ecosystem has developed. Thomas said, “It is now time to hand the torch to a neutral organization in the shape of the Interledger Foundation to oversee the future growth of Interledger.”
As a result of this progression, Coil has chosen to discontinue its products and research activities. As of February 2, 2023, Coil is no longer accepting new customer subscriptions, and the San Francisco-based blogging firm will cease operations on March 15, 2023.
In the near future, full-featured Interledger wallets will enable online monetization and several other use cases, as explained by Thomas.
The former Chief Technology Officer of Ripple also said that his work on the Interledger protocol will continue as he would continue to serve as the Interledger Foundation’s Board Chair.
Coil allowed revenue for producers of literary writing, journalism, music, photography, and podcasts, and charged $5 per month for content consumers to use the site.
As reported by ZyCrypto in August 2019, Ripple’s investment arm, Xpring, joined in Coil’s $4 million seed round and granted the platform 1 billion XRP, valued at roughly $260 million.
Thomas responded to a Twitter user’s question about the fate of the quarter-billion XRP donation from Ripple’s Xpring program by stating that “much of it was in the form of a fund from which we could draw. These funds have never left Ripple. Now that Coil is coming to a close, I expect those monies will be reallocated to other initiatives. The largest withdrawal from the fund was $100 million to @Interledger/GftW.”
Also Read: Dell has joined Hedera’s governing council
