Ripple: Coil, Firefox Seek to Improve Web Monetization

Ripple: Coil, Firefox Seek to Improve Web Monetization

Coil, a startup funded by Ripple, is collaborating with Firefox to create new monetization opportunities for developers, according to Crypto News Flash.

Firefox, which is an open-source web browser developed by Mozilla Foundation, will soon launch a web-based monetization experience in collaboration with Coil to support payments for developers in Firefox Reality.

Firefox Reality was launched in late 2018 as a web browser designed for standalone virtual reality or mixed-reality headphones.

According to Mozilla, developers and digital content creators need innovative ways to earn money. Thus, Mozilla will join forces with Coil which is funded by Ripple to offer an alternative to traditional payment methods.

To be qualified for monetization, the user should add a meta tag to the header of the participating website and then send an email to [email protected].  

In a related context, Coil provides a platform where clients can register for a small amount of money.

Based on the intensity and length of the time the content provided on Firefox consumes, the content creators will receive amounts of money. The money will be transferred in small payments through interledger protocol provided by Ripple at a low cost. This allows the content creators to save high payment fees.   

In August 2019, Ripple has already invested in Coil and supported it with 1 billion XRP worth $260 million at that time. Coil aims to simplify the monetization, which allows less famous content creators to earn money from their own content.

Coil was founded by Ripple CTO Stefan Thomas and has been looking for new online monetization solutions.

Global payment shift to boost digital economy

Navin Gupta, Ripple’s managing director for Southeast Asia & EMEA, said the coronavirus crisis has weighed on the global economy.

Gupta added that his company’s payment data indicates lockdowns around the globe, leading individuals and companies to change their investment habits.

The executive believes such reforms would have a long-lasting impact on the crypto industry.

“[There are] two things where we can observe a dramatic shift. One is, we are seeing a big shift from paper, or touch-based, or physical, to digital. So if Rachel had the choice, then she would not like to go to a physical store if she can use an app to make the transfer possible,” Gupta said.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.