Exclusive: XRP Tip Bot announces integration with Coil, the race towards the Internet of Value begins

Exclusive: XRP Tip Bot announces integration with Coil, the race towards the Internet of Value begins

The XRP Community’s favorite third-party software on the XRP Ledger recently received another update, with the creator, Wietse Wind, announcing that the tool will have support with Coil. Coil is a company that was created by the ex-CTO of Ripple and Creator of the InterLedger Protocol, Stefan Tomas. It focuses on managing micropayments through the ILP to effectively allow for sites to support themselves with reduced advertisements.

The integration of XRP Tip Bot with Coil will allow for users of the Tip Bot to ‘STREAM’ payments in XRP. STREAM is a protocol for ILP and stands for Streaming Transport for the Real-time Exchange of Assets and Messages. STREAMing payments is sending a small and continuous flow of a cryptocurrency, in this case, XRP. The payments are so small that they are measured in drops, which is the lowest division of XRP possible.

Payments are STREAMed when the user is browsing the website, which allows users of Coil to support the creators of the content that they like. This marks a movement from actively doing something to support content, such as going through a paywall, to passively paying for content as long as the user browses a website.

Moreover, users of the XRP Tip Bot on Twitter, Discord, and Reddit all have the ability to access an ILP address, which is like the Internet’s IP address, except for payments through InterLedger Protocol.

Coil balance can be topped up with credit cards, XRP or even other cryptocurrencies, thus allowing for the XRP Tip Bot to theoretically work with any cryptocurrency. Coil utilizes a flat $10 a month fee for XRP donations, which can then be topped up if the user donates more than $10 in the billing period.

The utilization of Coil for this implementation also brings the ability for XRP Tip Bot users to make payments through channels. This boosts transaction speeds to practically “trillions per second” as it processes through payment channels, as noted by crypto-influencer Dr. T on Twitter. He also clarified the payment flow through ILP and XRP Tip Bot, stating:

“Sender » moneyd » ILP » ILP XRP Connector for Sender » ILP » ILP XRP Connector for XRPTipbot » ILP » XRPTipbot moneyd » XRPTipbot Receiver » XRPTipbot Database”

As explained by the CTO of Coil, Ben Sharafian, Moneyd is a daemon [background process] that allows programs to utilize ILP for payments. It was described as being similar to a “home router” on the Internet of Value.

The reason streaming payments is hailed as a sea change by XRP enthusiasts on Twitter is that this opens up the possibility for a service such as pay-per-stream. For example, if users watch one second of a video, they can simply pay for that one second instead of paying for more than what they would watch. Similarly, one would only pay for one article instead of a paywall for the entire site.

Wietse Wind, the creator of the Tip Bot, said to AMBCrypto in a statement:

“Coil will allow content creators to earn when people are viewing / reading / visiting their creations. Users have a flat fee subscription. Making it possible to send little packets of value from one user to another. Not even a special client required.”

He also spoke about utilizing ILP, stating:

“Regarding ILP: when more connectors for other currencies (or who knows, maybe even FIAT) go online in the near future, you can send a currency to someone else, “listening” (accepting) another currency. Without the user having to use exchanges, clients, … This will allow money / value to te send easier and cheaper than ever before.”

Crypto-influencer Dr. T stated:

“Most importantly, 330m Twitter + 150m Discord + 200 Reddit users ALL HAVE a personal ILP address that’s 1 click away! Everyone now use their @xrptipbot and ILP STREAM protocol to STEAM payments as you can see in this video while browsing! #WebMonetization.”

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