Coil was a pioneering platform in the field of web monetization, offering content creators and consumers a new way to support and engage with their favorite creators. Through micropayments and subscription-based access, Coil aimed to revolutionize the content landscape by providing an alternative to the traditional advertising and paywall models.
This platform, which was founded in 2018, was retired in February of 2023, about 5 years later.
Although Coil is no longer active, it is essential to understand its role in the development of web monetization and how it has influenced the current landscape.
How Coil changed the game for content creators and consumers
Supporting creators through subscription-based access
Coil's primary goal was to help content creators earn revenue in a more user-friendly manner. To achieve this, the platform offered a subscription-based model that allowed users to access exclusive content from various creators for a monthly fee. Coil would then distribute the subscription revenue to creators based on the engagement their content received.
Micropayments via the Interledger Protocol
Coil utilized the Interledger Protocol (ILP) to enable the streaming of micropayments from users to creators. As users consumed content, Coil would send micropayments to the creators in real time, providing them with a more direct source of income.
Enhancing user experience by reducing ads and paywalls
By enabling users to support creators directly through subscriptions and micropayments, Coil aimed to reduce the need for ads and paywalls, creating a more enjoyable browsing experience for users.
Coil's impact on the web monetization landscape
Despite Coil's retirement, the platform has played a significant role in shaping the web monetization landscape. Its innovative approach to creator support and user experience has inspired other platforms and services to adopt web monetization and build on the foundation Coil has laid.
Coil's influence can be seen in the growing number of digital wallets, web monetization providers, and content platforms that offer built-in support for web monetization, making it even easier for creators and users to benefit from this revolutionary technology.