We are happy to say that our ILP integration with the help of Coil has been a success so far. We are serving 90 content creators who are receiving real-time payouts for their content contributions on the web.
Packets of value are streamed over Interledger
Average packet value 0.0002 XRP
A payment pointer receives value in real time
Average claim amount 212 XRP
A claim transaction credits the value to the creator
Average creator payout 388 XRP
Creators earn money for their hard work
How does it work?
Coil wants to design a better business model for the web.
Every time a Coil subscriber visits some web monetized content, a stream of microtransactions to the designated payment pointer is initiated and we keep track of the value that has been streamed. We have had 18M of these microtransactions since the integration went live. The average value of an individual packet is approximately 0.0002 XRP.
When a certain amount accumulates at the creator’s payment pointer, they can make a “claim” transaction. Our claims are limited to 1 XRP. The Interledger Protocol handles microtransactions reliably and securely. 35k XRP was the value of all incoming streams.
We have had 165 claims in the year since the integration went live averaging at about 212 XRP per claim.
When the creator claims their accumulated stream balance, the streamed amount is credited to their wallet and they can withdraw or exchange immediately. The average creator payout this year was about 388 XRP.
We believe that this monetization model shows promise on most content fronts as it is fairer and more unobtrusive to the creator and to the consumer.
How does it help creators?
Creators earn money based on the amount of time a Coil subscriber spends actively enjoying their content. This model rewards the creators with quality content in real time.
Web content monetization is often annoying and may hurt the creator’s creative freedom. Ads in videos and on websites are the most common way of monetization that hurts the overall experience of a consumer.
By receiving payments in real time, creators can gauge how successful their content really is in terms of earnings.
How does it help the consumer?
Subscription fatigue is an actual issue on the modern web, where signing up and subscribing to each platform for its particular content becomes so tiresome, consumers just refuse to do it.
Coil’s solution to this is one subscription that allows access to multiple platforms and outlets. Ideally, the creators get paid directly, paywalls can become a thing of the past and hidden content can be accessed easily without the need for multiple accounts and subscriptions.