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The new era of money driven by cryptocurrencies is already in play. Mainstream adoption is taking place with advancements shown daily. Banks, national governments, and global merchants are using digital currencies for innovative solutions, and content creators are taking full advantage.. A new platform, built by a former CTO at Ripple, will allow content creators to monetize their creation using RXP.
Coil is a startup that revolutionizes the way internet content creators get paid and has already been integrated into YouTube and Twitch. Currently, in Beta version, Coil allows viewers to make donations in XRP to their favorite channels, as well as make contributions to other open-source projects such as the Internet Archive and the Wikipedia Foundation.
Some beta testers seem to have integrated coil with their blogs and hope to earn XRP in exchange for creating interesting and useful content. Coil uses Interledger, a protocol made at Ripple for cross-network payment solutions, enabling transactions between diverse networks.
Youtube has over 1.9 billion active monthly users with more than 50 million content creators since its establishment. Twitch also has a large user base, with about 9.7 million daily active users and the number of monthly users with around 2 million broadcasting daily. That averages combined monthly visits of approximately 2 billion. This market is ripe for transformation as some content creators feel they are not adequately compensated. This step in the direction of accepting internet money will bootstrap cryptocurrencies into mainstream adoption.
By 2016, the video streaming and sharing industry was already worth $30.39 billion. This market is expected to hit $70+ billion by the end of 2021. Cryptocurrencies and the blockchain combined will provide a level playing field for all creators. Whiles XRP and Coil are building the ecosystem, other cryptocurrencies will surely follow suit, providing more options and new platforms.