The use-case for cryptocurrencies as methods of payment and money was one of the primary reasons it was invented.
Coil, a company started by the co-creator of the InterLedger Protocol and former CTO of Ripple, Stefan Thomas, has successfully implemented streaming XRP micropayments to prominent sites such as YouTube and Twitch. This means that the content creators on the website will be able to receive payments for just as long as the users are on the page.
This represents a move forward in payments, as actual value is being transacted to the handlers of the website in real time. To understand what this truly means, it is important to focus on what streaming payments are.
STREAM is a protocol on the ILP for the Streaming Transport for the Realtime Exchange of Assets and Messages, and is similar to the TCP seen on the Internet today. Money can be sent over the protocol, whether it be a small series of quick payments or one large payment. It will be sent using a constant ‘stream’ of micropayments.
Coil functions on the ILP and utilizes STREAM to provide content creators with the opportunity to integrate the service into their website for payments. Once the software is integrated, users who pay Coil’s flat $5 fee a month can stream payments in XRP directly to the contributor.
As David Schwartz, the CTO of Ripple stated:
“Content providers don’t need any agreement with Coil. If they provide value in exchange for funds, coil (and others) will pay them to get that value. If not, not. Universal and painless for creators.”
If Coil does reach prominence as a main method of payment, the Internet of the future will be a more organic place to produce content. For every second a user is on an article, a small amount of XRP will be sent to them. As soon as the user stops, the stream of payments also ends.
This can be extrapolated to include other services such as streaming music, video or generally contributing to content. For example, a user could watch a YouTube video for 30 seconds and be charged only for those 30 seconds.
Other uses for streaming payments include being able to pay for a certain measure of a good. For example, users of ILP could pay for just how much beer down to the milliliter they consume in a bar, as opposed to buying an established amount.
Enthusiasts who are familiar with Ripple’s vision for the Internet of Value will recognize that this effectively marks the next step in the pursuit of that future. Value is now moving as quickly as the data that websites harvest from their users, thus allowing a general movement of the economy away from data-mining for targeted advertising to a cheap, unseen alternative that works in the background for a fair economy.
For the XRP enthusiasts, this not only represents a movement in the way value is transacted but also more bullish news. This is the beginning of the movement of the XRP Ledger away from only Ripple developing applications for it, as Coil was created by Thomas after he left the company.
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Ripple: SCB Thailand asks crypto-enthusiasts to wait for announcement regarding XRP adoption
The nascent field of cryptocurrencies has been seeking major mainstream adoption, especially from financial institutions. Ripple, the native company of the third largest cryptocurrency, managed to promote its services and would provide payment services to the oldest Thai bank, Siam Commercial Bank [SCB].
The bank however, has not confirmed whether it would be making use of XRP. The Bank had informed its approach towards blockchain technology in various industries and the XRP community rejoiced after rumours of XRP adoption surfaced. However, when a Twitter user asked about the bank using XRP, SCB replied,
“We will be using Blockchain Technology for ripple but as for XRP, you may have to wait for further announcement.”
However, another Twitter user, @_bjb, jumped the gun when he saw the following on SCB,
SCB transfers via Ripple. And with that we have mainstream adoption in Thailand. pic.twitter.com/n9QRt5Uq7X
— ₿ryan (@_bjb) May 18, 2019
The user then shared that when he went to use the service, he was informed that the service will be available soon. SCB Thailand apologized for the inconvenience through a tweet and informed all users,
“The information about ripple transfer will be announced soon, we are sorry for the inconvenience.”
The bank also stated that at the moment, it was using Ria Ripple transfer for banks in Japan and that users and crypto-enthusiasts will have to wait for an official announcement.
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