Coil is a startup that has created a service that allows for the ad-free monetization of content on the web. Interledger technology is used to stream micro-payments to content creators in real time using digital assets (XRP, BTC, or ETH).
***Update: For those who do not wish to get paid in crypto Coil now has the option for payouts directly in USD (US dollars $)***
With Coil, creators can receive micro-payments for the content consumed by Coil subscribers on the creator’s website, blog, YouTube or Twitch channel. Coil subscribes get the benefit of being able to contribute to their favorite content creators for a single $5 per month subscription. Creators are able to monetize their content without the use of intrusive advertising or individual pay-walls.
***Update: For those who do not already have a website, when you sign up for a Coil account you can create an easy to use blog directly on Coil.com and begin to monetize your content immediately!***
Step 1: Create a Coil Account
To sign up for a Coil account go here. You will need to enter your name, email address, a nickname, set a password and agree to the terms of service.
Coil is currently in beta. For contributors, a wait-list code must be obtained to purchase a $5 per moth contributor subscription. There is no wait-list for content creators to begin to receive monetization payments for their web content from current Coil subscribers.
Note: If you are a creator who wishes to monetize content proceed with step 2. If you only wish to contribute to other creators and have obtained your wait-list code skip to step 6.
Step 2: Obtain Your Payment Pointer from XRPTipBot.com
In order to receive payments you will need a payment pointer. This can be obtained through setting up an XRP Tip Bot account.
While logged in to your XRP Tip Bot account, click on the Deposit tab then choose the option for ILP.
Your payment pointer will be displayed. Copy the payment pointer address (the information within the red box below)
Step 3: Enter your payment pointer in Coil
Go to Coil.com and login, then click Monetize Content. Under Content creator click Payment Pointer and paste the information copied in the previous step. Click Save.
Step 4: Enter Coil code into websites
Within Coil.com under the “Monetize Content” section, copy and paste the displayed meta tag into the head section of all the webpages you wish to make Coil enabled (Example below).
Once this script has been added, the content creator will begin to earn micro-payments when Coil enabled contributors visit their Coil enabled websites. You can see the amount of Coil deposits you have received by visiting the account page of your XRP Tip Bot account.
Step 5: Setup Easy Coil on WordPress (optional)
Note: This section applies only to creators using WordPress to run their website or blog. WordPress users can automate implementing Coil on their website by using the Easy Coil WordPress extension.
Within the WordPress wp-admin page select “Plugins” then “Add New” within the Search Plugins search bar type Easy Coil. Select “Install Now”.
Once the plugin has been installed click “Activate.” Within your WordPress Admin console select “Settings” then “Easy Coil.” Paste in the Coil monetization code which can be found as described in step 4. Click “Save Changes.”
Step 6: Install Chrome/Firefox Extension (optional)
Those Coil contributors that are subscribed to the $5 per month service will need to install the browser plugin for their chosen web browser (Chrome or Firefox). Once the plugin has been installed and configured, micro-payments will begin to be streamed to a creator whenever the contributor browses content that has been Coil enabled.
After installing the Coil extension for your browser of choice, you will see an exclamation mark on the Coil browser icon. You will need to login in order to start contributing to creators. Click the Coil icon within your browser and enter your credentials to login to your Coil account.
After successful login the exclamation mark should now be removed from the Coil web browser icon. The icon will remain greyed out while visiting non-Coil enabled websites. When you visit a Coil enabled website the Coil web browser icon will appear filled in and you will get a message that coil is donating to the visited website.
Scripts can be used to enable the ability to show content only to Coil enabled users: https://github.com/interledgerjs/web-monetization-scripts#conditionals
The React App can be used to display hidden YouTube videos only to Coil enabled users: https://youtube-wm.sharafian.com/
The following YouTube video is displayed for Coil enabled users only:
Note: DigitalAssetInfo.net is not a financial advisor. All information is for entertainment purposes only and does not constitute financial advice.