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Ripple-Backed Coil Startup and Mozilla Launch $100 Mln Fund to Let Content Makers Earn

  • 📰 News

    Coil startup founded by a former Ripple CTO joins forces with Mozilla and Creative Commons to launch a $100-mln fund that would let content makers earn

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Contents

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.

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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.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency

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    Former US Congressman Ron Paul shares his thoughts on the possible creation of Fed’s own cryptocurrency

Cover image via www.123rf.com

Former US Congressman Ron Paul spoke on Fox Business and said that the Fed should not think about creating its own cryptocurrency.

Fed’s Crypto: To Be or Not To Be?

Rumors have been circulating for the past few months about the Fed possibly creating own cryptocurrency. It is expected that a digital coin would become a competitor to its counterparts on the market, and may even replace fiat money. President Patrick Harker, President of the Federal Reserve Bank of Philadelphia, commented on such rumors at a recent conference:

“It is inevitable. I think it is better for us to start getting our hands around it.”

However, there has not been no official follow-up by the Fed towards a crypto exchange. While proponents of this idea believe such innovation is necessary, it is expected that the exchange could stop the current delays involving US bank transfers.

What do the opponents think about the Fed's own cryptocurrency?

The idea of ​​creating the Fed's cryptocurrency has its opponents. This includes Ron Paul, who believes that the Fed is in a better position to stay away from digital coins and allow the private blockchain sector and payment platforms to resolve this discussion in real-time. What the Fed plans to do next is unclear, but the central bank may still enter the game.

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About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

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