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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'
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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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XRP

Has XRP decoupled from Bitcoin? Is it due to immense pressure from manipulators?

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Hash XRP decoupled from Bitcoin? Is it due to immense pressure from manipulators?
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Opinion: Bitcoin, the first cryptocurrency, has had over ten years to grow. However, other altcoins did not have the liberty, due to which Bitcoin exerts its dominance over almost all altcoins in the ecosystem, be it Ethereum, XRP, or Cardano. The price of altcoins generally tends to rise if Bitcoin’s price surges rapidly. The same can be said about the downtrend as well, which is why altcoins are said to be coupled with Bitcoin.

However, the recent buzz on crypto-twitter is that XRP is on the verge of decoupling from Bitcoin. A Twitter user @XRPMOONSHINE tweeted:

“DO ME A FAVOR OPEN UP A BTC/USD CHART AND AN XRP/USD CHART. THEY HAVE DECOUPLED AND ARE MOVING DIFFERENTLY.”

In a very general sense, the comparison of the price change of XRP and BTC gives a crude understanding of whether the prices have actually decoupled or not. Hence, the daily chart attached below shows the price of BTC and XRP against the US Dollar and extends from August 2018 to April 2019. The price of XRP seems to be following a lag from the price of BTC and do not necessarily mean that it has decoupled.

However, there are timeframes where the price of XRP has moved completely unrelated to that of Bitcoin. For example, the meteoric rise of XRP from September 18 to 22 was far higher than the price pump of BTC over the similar timeframe; but the drop of XRP from November 18 to December 16 was exactly the same as that of BTC’s.

Furthermore, XRPMOONSHINE suggested that XRP price was being manipulated. He tweeted:

“It is being manipulated to keep it from rising. For example look at XRP/BTC pair. Keeping it under the down sloping resistance from .80 in September. Thats what I mean by Suppressed, Although im expecting a fairly large move to the upside before 4/24/19.”

The “idea” of the price of XRP being manipulated is not unpopular within the XRP ecosystem as Peter Brandt, a famed trader, suggested the same in one of his tweets.

Brandt tweeted:



Conclusion

XRP may have started to decouple from Bitcoin, but it surely hasn’t decoupled completely. The notion that XRP is being manipulated to keep its price below certain levels can also not be confirmed without proof.





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