Earlier this year, the Chief Technical Officer of Ripple, Stefan Thomas, stepped down from his position to start a new company. The company in question is called Coil and focuses on monetary support of content through micropayments.
Notably, Stefan is known for his work on the InterLedger Protocol. ILP is an open protocol suit that allows for the interoperability of blockchains with other ledger systems. Coil aims to use this to support content creators across payment systems.
Dan Aranda, the Managing Director of Xpring spoke on Coil and its applications. Xpring is Ripple’s incubator for startups in the blockchain and digital assets arena, and Coil is one of them. He started off by talking about Stefan Tomas, and his contributions to the early growth of Bitcoin.
On Coil, he said:
“It is also focused on payments but more on very low value payments, meaning focused on micropayments, specifically as an alternative ad-based models to monetize the web and monetize web content whether that’s articles or streaming video.”
Stefan will be using the XRP Ledger and the ILP to allow for clearances between different blockchains that allow money to move. He will also be using an agnostic smart contract platform known as Codius. Codius can be used to create revenue disbursement contracts to pay content creators for their contributions.
He also spoke about scaling issues on the XRP Ledger, with comparisons to Ethereum’s Plasma protocol. He said:
“I think also you’re beginning to see kind of novel kind of implementations that might scale blockchains. Part of that I think that’s interesting is the concept of sidechain. So in the Ethereum community, you’re seeing that expressed through plasma where you’re still able to kind of leverage the public blockchain for security but actually have your own ledger for a specific application.”
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XRP TipBot comes back online after a tiny downtime; Nothing to be worried about, says Wietse Wind
XRP TipBot’s website and the corresponding application suffered a downtime on June 23, 2019 for a few hours, during which the application wasn’t showing the balance of users. The website and the API for TipBot instead, displayed a “500 Internal Error.”
A Twitter user, @BlueNETGaming, tweeted Wietse Wind, inquiring the same. Wind confirmed that it was just an “infrastructure blip,” and that there was nothing to be worried about.
Oops! Sorry! Infrastructure blip. Really easy fix but I enjoyed an offline afternoon with my girls 😇 So I only found out after some time, when I checked my phone. Monitoring, messages, calls 😇 Social media tips went through during the downtime. Sorry! 😆
— Wietse Wind (@WietseWind) June 23, 2019
XRP TipBot is probably the first and most widely accepted use-case of XRP. It leverages the transaction settling time of XRP Ledger to make tipping easy among peers on Twitter, Reddit, and other platforms, and this was the brainchild of developer Wietse Wind.
After TipBot, a lot of other cryptocurrencies have tried to mimic this idea of facilitating tipping; an example being Bitcoin’s, Tippin.Me which leveraged Lightning Network for tipping users. Although successful, it isn’t as popular as Wind’s TipBot.
The reason behind the same is that XRP Ledger allows transaction settlement in under 5 seconds, which makes tipping fast and efficient, unlike Bitcoin’s transactions which take a few minutes for transactions to be confirmed.
This is same reason why XRP is being used as a liquidity provider for cross-border payments in Ripple’s proprietary product, xRapid.
XRP community is a tightly-knit community with people who are very bullish about XRP’s success. There are equally talented developers in the community who are developing apps that help create more use-cases for XRP.
SchlaubiDev is one such developer known for developing plugins for Gmail and Microsoft Office, plugins that allow a user to send XRP over e-mails.
Ripple has identified Wind and his team’s talent and inducted them into Xpring, which finances them to help develop more community-based apps for increasing XRP use-cases.
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