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Hello this is Matt on the moon family Sedan Channel and it's certainly with Regret that I share with you this news That one of the most well-known xrp Related projects outside of of course What Ripple is doing with xrp Positioning as a bridge currency that's The most one but one of the most Well-known projects outside of that is Officially dead I'm talking about none Other than coil a platform that was Basically uh streaming money in real Time to content creators I'm sure many Of you are familiar if not I'll do a Quick rundown and you will make sure That you understand but this was a Massive investment in particular from Ripple Ripple ended a backing coil which Is a separate company to the tune of one Billion xrp which at the time was worth 250 million dollars so you know today It's more would be worth more like you Know somewhere in the neighborhood of 400 million dollars Um but look I'll say this at the outset Of the video look most businesses fail Outside of crypto You know I can't remember though I was Thinking about this I should have looked It up before recording kind of curious Now but Um I'm a small business owner myself and I have been for 13 years and we made it But I remember seeing stats and I think
After a decade it's something like maybe 90 of businesses are no longer in Business It's a crazy high percentage of Businesses that after a decade they just Don't even exist and even if to five Years it may have been something like 70 I have to Google to pull up the number So if you're curious you can look it up Yourself and I may be a little bit off But you get the idea and so think about That though You know sure some of those those Businesses may be kind of novel with This and that but you know with so many Novel business ideas being tested You know in in crypto It should be expected that an even Greater percentage of businesses will Ultimately Crash and Burn you know and That's part of the evolution of all this And and that's okay actually but I've Actually said this before many times Over the years most businesses that Start building something out using xrp Or any cryptocurrency they will cease to Exist and this one though I just I think Is such a cool idea Um and so it's sad to see this go but I Was kind of afraid this may be happening Because I hadn't heard anything from the Longest damn time but before going Further I do want to be clear I do not Have a financial background of any kind
I am not offering Financial advice and You definitely should not buy or sell Anything because of anything I say or Right I'm just an Enthusiast who enjoys Making YouTube videos about crypto Related topics but just as a hobby and Just for fun and by the way I happen to Be a subscriber of coil like a current Subscriber of coil because they're Technically still functioning for a Little over another month and I have Been a paying subscriber of coil for I Don't remember exactly when it's Probably two or three years something Like that at this point Um although I will admit you know the Times I'd use it that this anything Relating to it's kind of rare because The adoption just ultimately the organic Growth just happened to be that's Happened to not be there although I'll Let the the founder explain why he Thinks that happened Um it's not that the idea in and of Itself is bad in fact I think it's a Virtual certainly it's going to be Adopted but it's also a thing of right Place right time right approach right Marketing all of that so even if an idea Is good conceptually it's like what's The execution what's the environment Look like right now is it the right time And there's all sorts of other Considerations but let me set the the
Table just a little bit so you guys all Are kind of speeding what coil is and What it's why it was important to xrp Because coil is used in a blend of Interledger protocol and xrp to Facilitate the streaming of money in Real time which wasn't possible until The Advent of all this technology so It's the coolest damn stuff it really is And xrp is perfect for this because it's So blazing fast settles with finality in Three to five seconds so here's a piece From a crypto briefing from August 15 2019 titled Ripple pumps 1 billion xrp Into new content sharing platform Ripple's funding initiative spring has Granted a billion xrp tokens roughly 250 Million dollars at current prices to Coil a new sharing and monetization Platform that rewards content creators With micro payments according to the Announcement Coyle will use the grant to Build out an ecosystem in which creators Companies and developers can share and Reward content some of it will also go Towards marketing raising brand Awareness among content creators as well As other potential business partners A coil which announced a partnership in 20 million dollar investment into imager Earlier this year launched its Monetization platform back in May users Pay a five dollar monthly subscription Which is paid out to content creators on
A streaming basis uh depending on the Amount of content on their site yeah so It's positive basically as you know as You consume content and you just pay as A user like a flat rate but as you Continue to consume content whether it's Scrolling through a blog or you're Watching a video it streams money in Real time uh to the content creator So it and the reason this is important Just to be clear it creates a new form Of web monetization because right now What do you have on the internet well You've got pay walls how many but They're so problematic how how many Services do you want to pay a monthly or Annual subscription to how into each of Those platforms are you and you better Be real into it if you're going to be Paying a monthly or annual subscription And so that's a problem and then the Alternative model is you get just Blitzed with advertisements all over the Damn place now I use Brave browser Almost 100 of the time so I typically Don't have to deal with that but still That's the monetization form for for the Internet but what if there's a third Option and there there is it still Exists technically right now coil which Is streaming money in real time so Instead of having a payment wall and Instead of advertisements what if the The platform in question wherever you're
Visiting they just get streamed money in Real time it's just a little bit because Because I understand like the amount of Money that they're you know any content Creators making from the ads on the Website or video or whatever it is it's Actually really small it's a small Amount so you can actually stream a Small amount but if it's behind just This uh this concept of a you know a Paid model five dollars monthly oh there You go and then some heavy users in Theory coil could lose money but on on Most users they set up the model so that It should be profitable you just need Enough users for it to as a business be Profitable and they obviously didn't Quite get there but when I remember when When coil so the CEO Stefan Thomas When he pitched this idea or he had an Early he had a meeting with some people At Apple uh the people at Apple were Trying to understand it and they go oh Okay so basically it's kind of like the Amazon Prime of the internet which it Effectively is if you pay this five Dollars any website that signed up and The idea was to get every website Possible to sign up you can just go to Anything and then if you reach this Point where had there been enough Adoption you reach escape velocity and Still the idea I think is very good and Having this new form of web monetization
Where it just streams money and you Don't have to you know deal with the Other different I I think it's going to take hold at Some points just a question of how and When and unfortunately it looks like It's not going to happen with the coil And xrp unfortunately Uh anyway peace continues Coyle CEO Stefan Thomas is the former CTO of Ripple Labs since launching the platform In May Coyle has sent more than 10 Million micro payments to content Creators who can withdraw funds in Either US dollars or xrp the company Plans to increase the number of payment Options crypto and Fiat in the near Future quote the low cost and fast Transactions of xrp make it an Ideal Tool for coil to offer an alternative Monetization method and have a positive Impact on creators explained Ethan beard Springs Senior vice president at Spring We build infrastructure and support Projects that enable the internet of Value and increase the utilization of Xrp yeah and I want to pause note also a Spring which is written as xpring which Is I'm sorry I love love Europa but That's stupid everybody's like is it X Spring how do you pronounce it it's Spring though that was actually Ultimately rebranded sometime later to Ripple X and that you kind of changed
The way they function but so if you're Not familiar with spring that's probably Why it's you probably heard Ripple X if You're newer you know the xrp community But anyway peace contagious spring was The only external entity in Coyle's four Million dollar seed round which Concluded earlier this month uh the Total investment came directly from Ripple's own balance sheet according to Beard uh Thomas the CEO also contributed And so then we get this sad news and This is the official coil website here You can say it which reads his files an Open letter to the community coil bids Farewell but not good buy when we Started coil in 2018 enter Ledger was Only an idea I actually need to pause Here just to be clear as far as inter Ledger protocol is concerned it's um It's it's not a blockchain it's not even A ledger itself it's a protocol that Connects ledgers of all types not just Blockchains it connects ledgers of all Types including from the world of Legacy Finance and it's a simple protocol they Kept it as you know the code is succinct As possible to allow for the broadest Interface possible that I mean that was The point of this it's supposed to link Everything together and it's something That was sorely missing at the Advent of The internet in particular back in the 90s there was just like a hole in like
The overall design of the internet where When it comes to monetization it's like Question mark anyway this was created Internet Ledger ended up being created And adopted by I think every major Browser on the planet even Apple's Safari you know uh but anyway the Writing continues over the last five Years we breathed life into the Technology and sparked a vibrant Ecosystem around it now it's time to Pass the torch to a neutral body in the Form of the inter-ledger foundation to Steward the future development of Interledger as part of this Evolution We've decided to Sunset coils products And development efforts on February 2nd 2023 we will no longer accept signups For the coil membership On March 15 2023 we will discontinue our service More detailed information is available In our fact Coyle's approach of Providing memberships was always meant As a stepping stone to establish web Monetization as the first open standard For creators and developers to get paid On the web In the near future there will be full Featured interledger wallets powering Web monetization and many other use Cases personally my work on interledger Will continue and I'll stay involved at The interledger foundation as chair and
Person of the board to the coil and Under Ledger communities I want to say a Huge thank you for your support and Contributions there is much more left to Do and I'm excited to carry on this work With all of you Stefan Thomas founder of Coil it is sad to see that I was really Hoping that it would work out but again I've been saying for years and it is True unfortunately most of the things That people try to build with xrp or any Crypto vast majority are going to fail Especially again when you're operating In this very uh you know Frontier space All sorts of novel ideas you gotta try Everything and then you just kind of see What sticks so I do still think that This is valuable so your this concept It's going to be adopted in some form Somewhere in the future but it just Didn't work here and now unfortunately And xrp community remember Leonidas who Runs a very popular website xrprk.com he Wrote on this topic a huge effort from Ripple and probably its biggest failure A 1 billion xrp investment with very Little to show for it Coyle was an Excellent idea but the business model And timing weren't ideal build it and They will come doesn't apply to Everything no matter how much money you Throw at it And then there was also this from Stefan Thomas on Twitter he wrote this is
Farewell but not goodbye today Coyle is Sun setting I would like to thank the Team that made coil what it is helped Create the interledger foundation and an Ecosystem around it of course I'm sad But the work continues personally I will Remain chairperson of the board at the Interledger foundation and continue to Be fully focused on the project part of That will be building dasi d-a-s-s-i-e And I am excited to have more hours for Coding I've been working on xrp related Projects for more than 10 years now Which is a long time Big things require persistence and I'm Proud to be part of a community that Puts real world Solutions and consistent Progress ahead of Ideal ideology and Hype slow and steady wins the race thank You all for your support and please know That although this is the end of one Chapter it's the start of another yeah By the way I'd also like to mention Um and this must be tough for him after Putting this much work I mean he's been Doing this doing coil for uh you know I Know that article is 2019 but I mean He's been working on this for over half A decade And and even though this didn't work it Doesn't mean that with some sort of Adoption or whatever in the future that Xrp couldn't be a part of it because you The way I'm envisioning it and I think
That Stefan you know he was thinking Along same lines in just this aspect of It anyways that payout would be in as Many forms as possible xrp is just great Because it's so cheap to transact in its Instant so it just makes sense so xrp Seems like a no-brainer for whatever Form of this might ultimately get Adopted xrp could still be used it's Just that there might be a bunch of Other coins too and that's fine I mean I Think that was part of the vision Ultimately anyway obviously as stated in That article from 2019. and I thought That the you know things might have been On the Rocks here when I read this tweet From Stefan Thomas November 1st of last Year you're out I'm coding again new Project Dashie and it's about inner Ledger peer-to-peer micro payments for The network and so as soon as I saw that Back in November I don't remember if I Covered in a video but I read that I was Like because I've been wondering for a While like there's been no news from Coyle what's going on here is this Sustainable uh so what about the you Might be wondering what about the uh you Know 1 billion xrp from Ripple two coil Well somebody named slack wrote to Stefan Thomas and said what happened to The quarter of a billion dollar xrp gift And Stefan Thomas responded and wrote Most of it was in the form of a fund
That we could draw from this money never Left Ripple now that coil is winding Down I assume they'll reallocate those Funds towards other projects the biggest Drawdown against the fund by far was the 100 million dollars to interledge yeah So I don't know much was spent he didn't Share that he doesn't have to doesn't Necessarily matter but it sounds like it Wasn't like the majority of what was you Know allotted anyway so Ripple still had The rest of it the whole time just a fun You could dip into so now they can allot That to other stuff effectively And and that's fine you know if this Wasn't going to work out that part's Good you know at some point you gotta Cut loose and go another route uh Somebody named no rankings or other Stuff on top of Thomas and said can you Talk in real terms about why the product Is discontinued was it due to lack of Demand lack of adoption what do you Think is needed in the future to Revolutionize web monetization what are The hurdles that you weren't able to Overcome and Stefan Thomas wrote we Should not have shut down the community Interledger protocol Network back in 2019. That's when we lost organic growth and Momentum it put inner Ledger behind a Wall where there wasn't any wall that Could both send and receive
Part of the motivation for Desi is to Fix that mistake And then there was this from uh next to Be validator xrp Ledger validator Ripple Itin.nz who wrote where does this leave The coil xrp Ledger validator which is On both The xrp Ledger foundation and Ripple curated list of trusted Validators under whose control will this Now be now if it is being left in Service as Stefan Thomas responded and Wrote it's an opportunity for another Validator to join the unique node list There will have to be some vetting but There's no rush we'll keep our validator Running until both xrp Ledger foundation And ripple have updated their unique Node lists So there you go it's it's a sad story But again there's going to be more of These in the future there will be there They're already there has been the past There will be more in the future but you Know it's I still see a bright future Xrp itself is obviously you know the Best cryptocurrency on the entire planet I I do firmly believe this in terms of Payments and that's due not solely to Its code but also it's adoption it's Real world liquidity because you can't Program liquidity into a coin it has it Or it doesn't and xrp's got it you know Relative and I know it's you know in Terms of the scheme of things you fast
Forward a couple decades this will look Like nothing but today it's it's one of The most liquid coins on the entire Planet and it still could be a couple Decades from now Um but really you know as long as you've Got one use case that solves problems For real people or businesses you know That's enough you just need one for for A cryptocurrency to succeed and xrp is Others that are clearly taking hold have Taken hold and are not going to go away It's just how it works I'm not a Financial Not by yourself anything because of Anything I say right that would be a Very very bad idea until next time to The Moon family sedan
