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CTO of Ripple steps down, announces a new company ‘Coil’

Anirudh VK

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CTO of Ripple steps down, announces a new company 'Coil'
Source: Unsplash

Stefan Thomas, the inventor of the Interledger Protocol, announced today that he will be stepping down as the CTO of Ripple and starting a new company known as Coil. Coil is aimed at enabling monetary support of content through micropayments. Coil works with the Interledger Protocol and the XRP token to enable these transactions.

He tweeted:

“One reason I chose this timing for @Coil is because @Ripple is in a great position. We recently filled several key engineering roles with fantastic people. @Interledger (ILPv4) is done. Q1 2018 has been our best sales quarter ever. I have max confidence in the @Ripple team.”

Other significant names on the company board include Chris Larsen, co-founder of Ripple and ‘the richest person in cryptocurrency’, and Evan Schwartz, co-inventor of the ILP.

Coil is squarely aimed at providing a solution to supporting digital content. Stefan Thomas said in a blog post:

“…[It’s] the fact that on the web there isn’t an obvious way to make money outside of workarounds like advertising, paywalls, or selling user data.”

He goes on to elaborate on how it is impossible to ignore the consequences of these workarounds, such as foreign influence in democratic elections ala Facebook, or how our browsers cannot load websites due to the number of ads in them. He cites the reason for micropayments’ failing as being built on a closed system. This fails to capture the variety of content on the web.

This leads to his vision for an open marketplace on the web, citing experience from Ripple as an ambition to ‘build a world where currency moves as frictionlessly as information’. He states that building the basics is not enough and that the application of these tools could enable new industries.

The inability of modern payments technology lay in the multi-step authorization and authentication operations, leading to a friction in online payments. He then brings up the solutions that exist, namely Interledger and XRP, pointing out their transaction speed and its utilization through the ILP. He also said that Coil will be the first company to utilize Web Monetization, which is new standard enacted through the Interledger Protocol. He said:

”Coil will use Interledger to make the web a more vibrant market for apps and content, where everyone’s contributions are rewarded.”

He then added that Coil’s first commercially available product will be a flat rate subscription-based service, where users will be able to support creators, bypass paywalls, reduce ads, and ‘unlock additional features’.

He then stated that a launch date was not available yet but that ‘[we’ll] see something soon’, saying that he has ‘strong financial and technical backing from Ripple’, who are lead investors in the new venture.

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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

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Technology

China wants it fast and now – Orders to speed up Blockchain development

Sarah Rodrigues

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China wants it fast and now- Orders to speed Blockchain development.
Image Source: Pxhere

The largest country in the world has a positive outlook towards Blockchain technology.

The State Council of China has demanded that authorities need to speed up the development of Blockchain technology. The country’s central administrative branch of government first issued this order on 4th May 2018. It addressed various strategies that required continued reformation of the Guangdong Pilot Free Trade Zone.

The Guangdong Pilot Free Trade Zone is a free-trade zone is in the province of Guangdong, China sandwiched between Hong Kong and Macau to build a vast international free-trading market. It was authorized by the State Council in 2014 and officially launched on April 2015.

An official document stated:

“To build a regional equity market in Guangdong, according to the opening up of the capital market, timely introduction of Hong Kong, Macao and international investment institutions to participate in transactions. We will vigorously develop financial technology and accelerate the research and application of blockchain and big data technologies under the premise of legal compliance.”

However, the document does not reveal or contain any details on the extent of blockchain technology that will be used in the Free-Trade zone.

According to China’s Ministry of Information and Technology, the Guangdong division has 71 blockchain startups. In 2016, the concept of cryptocurrency and blockchain technology was introduced as a part of their 13th five-year economic development plan from 2016 -2020.

The Bank of China [BoC] recently announced the initiative to irradiate poverty through Blockchain technology in the region of Tibet, an autonomous region in China.

supreme-n00b, a Reddit user commented:

“China has done this many times before. It’s not that they’re scared of new technology. It’s that they have the population to turn their own copy technology into the status quo. Why open yourself to Twitter when you can create a billion-dollar brand by forcing everyone to use Weibo. Crypto is no different. The Chinese are going to choose and run with a coin and put it on WeChat – instant use by hundreds of millions of people. Yet another billion – perhaps trillion in this case -dollar tech. The biggest mistake the Russians and Indians ever made was allowing western internet access to their people.”

colivingclub said:

“This seems pretty familiar. China bans Google service and creates their own search engine Baidu. China bans Facebook and creates their own social network Qzone. Next step – own internal cryptocurrency? And this won’t even cause any surprise”

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Altcoins

‘The U.S SEC must regulate the cryptocurrency market to eliminate the bad actors’ – says Ran Neu Ner

Laira Rebecca

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‘The U.S SEC must regulate the cryptocurrency market to eliminate the bad actors’ - says Ran Neu Ner, the CNBC host
Source: Max Pixel

CNBC Fast Money, hosted by Melissa Lee, had Ran Neu Ner as the guest this time. Ran Neu Ner is a famous host of CNBC Africa’s Crypto Trader show and is the Founder of OnChain Capital.

The main topic of discussion was about “Is cryptocurrency market being manipulated?”

According to Ran, in the past, it was easier to manipulate the cryptocurrency market because there were a very few exchanges, a few on-ramps, and off-ramps. However, today with an overall market cap of $330 billion, it is a bit more difficult, because there are many exchanges and the volume of the digital currencies are much higher.

He also mentioned about the recent tweets that exposed a group, who is manipulating small penny tokens and how they got exposed for manipulating small e-liquid tokens.

Melissa further raised a doubt about how the market manipulation is occurring in deepest markets like London Interbank Offered Rate [LIBOR] and compared it with the U.S cryptocurrency market.

Ran mentioned that he is not sure about it, because the U.S. Securities and Exchange Commission [SEC] has not regulated Bitcoin and other cryptocurrencies.

Therefore, there are no regulated acts, under which the illegal terms can be questioned.

He says:

“what is the problem of driving the prices up? It is illegal in terms of what act? We are not a currency, not a commodity, we don’t know what we are.”

Further, they discussed, due to the uncertain market values of BTC and other coins, should the traders be cautious about what the SEC, U.S. Commodity Futures Trading Commission [CFTC] or the U.S Department of Justice [DOJ] is going to look at.

Ran says, when the SEC and other organizations come up with regulations, it is going to open the floodgates for new money to come in. He thinks that regulations are eminent and he expects SEC to quote new regulations for cryptocurrency and hopes that everyone will follow it.

Also, he mentioned that he would encourage crackdowns because they can catch the bad actors who create a lack of trust. To obtain a real asset class with real people, eliminating bad actors is very important.

Ran believes that people across the U.S are waiting for the guidance of SEC and they have a huge part to play in regulating cryptocurrencies, while other countries are already looking into various aspects of cryptocurrency and have started accepting them.

A cryptocurrency enthusiast says:

Always an interesting conversation when it comes to manipulation. The #Silver market has had a conspiracy theory about being manipulated for more than 10 years.”

Anthony Matthew, a business analyst says:

“BTCUSD barely broke lower than 7500 all day, despite well-known news of cryptotrade manipulation and DOJ + CFTC investigation.  I feel like I am trading in the stock market again, so I am buying Bitcoin at 7500.”

A cryptocurrency miner named Chad commented:

“Maybe the DOJ and @CFTC will crack down on manipulative paid Roger Ver shilling appearances too”

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