As reported by Prenewswire and Coil itself on its official Twitter page, the Ripple-supported startup founded by a former Ripple CTO Stefan Thomas has partnered with such major companies as Mozilla and Creative Commons.
Together they are launching a fund that would provide a $100-mln grant to let content makers earn money on what they produce for various platforms on the Web. Users will also be able to support content valuable for them with cash - something which has not been technically possible to be done directly on platforms since the appearance of the Internet.
Heading for the decentralized Internet
The new fund will be dubbed Grant for the Web. It is going to tackle some crucial issues regarding user privacy and their personal data, fake news spreading, etc. The fund will be working as part of the broader Web Monetization initiative.
The grant of $100 mln will enable developers and content makers to introduce new standards and alternative business models that would let benefit both makers and consumers of online content. The fund will encourage independent creators and help increase inclusion.
The money for the grant will be totally provided by Coil with contributors from Creative Commons and Mozilla helping to implement the initiative. The startup also welcomes those who want to join in and assist in this project.
As per reps of the fund, Coil has developed an add-on for Mozilla Firefox and a desktop extension for Google Chrome (since Firefox uses the Google search engine by default). They also mentioned that in the future collaborations will be struck with other web browsers to get them to participate in the Web Monetization.
As reported by U.Today earlier, recently Ripple took part in an investment round of Coil and also supported the startup with a 1-mln XRP grant.
The community’s reaction to the news
Some in the community are curious how long it will take to see the first results, like will it be five years or faster, longer.
Grant for the Web replied that the fund is going to run for more than five years. Numerous grants, rewards and initiatives are planned over that period with results to be shared with the community.