Content Creators Can Now Earn XRP Through a Blogging Platform Launched by a Former Ripple CTO

Coil, a San Francisco-based fintech firm founded by Stefan Thomas, the former Chief Technical Officer at Ripple Labs, has revealed that it has now launched the public beta release of its blogging website.

Coil’s blogging platform allows users to earn XRP as compensation for writing and publishing content. The closed beta version of Coil’s blogging platform was introduced in August 2018, and around 1,000 users had been testing the content publishing software. The testers have reportedly been paying a flat, in-browser subscription fee of $5.

Content Creators May Receive Payouts In XRP And Fiat 

In a manner somewhat similar to how Spotify rewards artists, Coil allows content creators to automatically earn XRP based on usage. Meanwhile, the consumers are able to access content for a monthly fee.

According to Thomas, the latest release of Coil.com may also includes options to receive payouts in USD as the blogging platform’s developers are working with Stronghold, the creators of a digital wallet service that allows for crypto-to-fiat conversions.

In the initial stages of the blogging website’s launch, the platform’s designers will be allowing free access (registration) to all users. However, Coil’s team noted that accessing bonus content will require users to pay.

Commenting on the initiative and how the blogging platform works, Thomas told CoinDesk

Every participant can decide what currency they want to use. Part of the next phase is really to experiment with what works, both from a creator’s side – where the constraints are, ‘How do I get some good quality bonus content without investing a huge amount of effort?’ – and from the users’ perspective of, ‘What will people actually sign up for?’

"XRP Is Liquid Enough That If Someone Needs Fiat They Can Get It"

Meanwhile, Avi Kabani, who has authored many different nonfiction books on topics related to relationships and love, said that he has so far managed to earn 21 XRP (appr. $6.4) through Coil. Kabani added that he also spent around $20 in XRP as he paid to watch various Twitch streamers.

Explaining how he has been using Coil, Kabani said that he “typically likes to save” XRP in his Coil account balance, in order “to support other” content creators. He also noted that he intends to use the Coil blogging platform on a regular basis, along with other mainstream social media outlets.

Kabani also mentioned: “It’s ... good to know that XRP is liquid enough so that if someone does need fiat they can get it.”

Coil Is "Built On Open Standards"

Other content creators and bloggers like Thomas Silkjær, who is a Forbes contributor and early Coil adopter, told CoinDesk that he would like to see Coil’s monetization schemes replace some of the traditional publishing methods. He stated: 

You pay per second you are visiting a website. But the underlying technology is much more capable. Imagine paying per kilobyte streamed of video, or paying for time spent reading articles otherwise walled by paywalls and subscription.

According to Silkjær, Coil’s full potential as an effective XRP-based content monetization platform will be realized when Ripple’s Interledger protocol enables micropayments in major world currencies. He remarked: 

Using Interledger, content creators can define what currency they wish to receive. And no matter if Coil is spending XRP, it will be bridged on the network to match the content creators’ needs: currency-agnostic micropayments.

He added the Coil platform is designed primarily for “publishing and it’s built on open standards so it is more interoperable than past publishing platforms.”

OKEx to Foster Crypto Talent Via Mentorship Program

Popular cryptocurrency exchange OKEx is launching a mentorship program called Beacon Program in Europe to support those interest in the cryptocurrency space during the lockdown and foster new talent in the space.

According to a press release shared with CryptoGlobe, OKEx has noticed the cryptocurrency industry has been gaining significant traction, with the total number of confirmed Bitcoin transactions per day steadily rising since the March market crash, and the total trading volume on major exchanges surpassing $680 million in March.

The pandemic, according to the exchange, “undoubtedly accelerated the adoption of crypto” and encouraged people to see Bitcoin as a safe haven like gold or real estate. Given the increased interest, OKEx is expanding its presence beyond the 180 countries and regions it is currently serving, and expects to double its staff over the next two years.

The exchange’s CEO Jay Hao was quoted as saying:

This is an exciting time for OKEx, we plan to open new offices in more regions to better serve our users, and we’ve already started recruiting passionate blockchain professionals to grow and prosper together. We expect a 100% increase in the total number of staff in 2 years serving customers from around the world,

Hao added that OKEx is launching its Beacon Program to nurture talent in the cryptocurrency space. The program will recruit 6 mentees for a one-month mentorship program with Jay Hao himself and OKEx’s Director of Financial Markets Lennix Lai.

The program will see mentees join their mentors once a week for a 30-minute mentoring session on Telegram, and will allow them to participate in masterclasses given by industry professionals on topic surrounding the blockchain and cryptocurrency space.  The OKEx team will guide them by sharing industry research, news digests, and more with them so the most talented mentees join the firm.

As CryptoGlobe reported, OKEx burned 70% of its OKB token’s supply earlier this year, helping the cryptocurrency’s price surge little over 90% in a 30-day period. At the time it launched a testnet for its decentralized exchange, which further helped demand grow.

Featured image via Pixabay.