Cinnamon Video has announced a video streaming platform that built on Coil. The idea is to monetize the video content through Coil that uses an open API i.e. Web Monetization to pay the sites in real-time.
“We are proud to announce https://www.cinnamon.video/ which will become a video-streaming platform with exclusive content for Coil members. Huge thanks to Coil, Interledger, and Ripple for making it possible. Stay tuned for more!”
Founded in late September in 2018, Coil is headed by a former Ripple Chief Technology Officer, Stefan Thomas that basically allows companies to accept XRP as a form of payment, that expands the digital asset as more than just a settlement currency to an effective currency to be used on the internet. The goal here is to use micro-payments to support the content creators in order to fix the “broken ad-supported web.”
“Huge news today! CinnamonVideo just announced they are building a new platform for video streaming. This will be the first major content platform built entirely on,” announced Coil on Twitter.
Currently, Coil has an extension that works in Google Chrome and Firefox that allows donating to the creators’ websites, their Twitch streams, and YouTube channels.
As Coil mentioned, this will be “first major content” that will be built completely on Coil that has the community excited as one enthusiast, Dr.T said, “Incredible achievement. None of us expected things to take off SO quickly. It was only last May that Coil was formed. In less than a year, it’s gone from strength to strength in terms of features and usage. Micropayments and Web Monetization is no longer a “theory”.”
This certainly affects XRP positively as it stats on Coil website, “Cryptocurrencies such as XRP are used as a part of this network, because of their speed and low cost.”
XRP TipBot is already a popular and a current widespread method for tipping content creators on Twitter and Reddit. And now as more platforms are built on Coil, the concept of micropayments by using XRP will gain more traction and prove that XRP is not just for banks and financial institutions to move big amounts of money but also to makes small amount with as much efficiency as well.