Stefan Tomas, Ripple’s previous CTO, has just announced his intention to relaunch a smart contract platform called Codius. The goal of the relaunch is to change the method of content monetization on various websites.
Relaunch of the dormant project
Back in 2014, Ripple has attempted to launch a smart contract platform called Codius. The platform reached its beta version, but that is where the project got stuck – until now.
In May 2018, Ripple’s CTO Stefan Thomas decided to depart from the company and to start a new one called Coil. Coil’s goal is to try and change the way that various websites are using for making a profit off of their content. To do this, the company will be largely supported by a relaunched version of the Codius platform.
He announced the launch of this project on Medium, and at the same time, he introduced the service to its potential future users. The service is described as ‘frictionless’ micropayment service, and it works on the open-source distributed ledger tech provided by Ripple (XRP) itself. The technology is called Interledger and is one of the bigger products made by Ripple. It serves as a method of bypassing the existing profit-making methods like paywalls, ads, or the sale of users’ private data, and so far, it was used by the banks for sending their protocols to each other.
Achieving profits through micropayments
In truth, the use of micropayments is not at all a new concept. However, with proper modifications and good planning, it might be just the refreshment that the website owners needed.
According to Thomas, Codius will allow for easy creation of smart contracts, and in pretty much any programming language. Not only that, but it will also reduce the costs of orders, which will be several times cheaper than what Ethereum has to offer. Entry barriers will also be significantly reduced, which will allow the possibility of creating dApps.
Thomas claims that his greatest ambition is to find a way to allow cryptos to move ‘as frictionlessly as information’. This has been the case ever since he originally joined Ripple in 2012, and is something that he has now brought along to Coil. He claims that the technology created at Ripple, mainly Interledger and XRP itself, allow for trillions of transactions per every single second, while the whole process remains decentralized.
The possible applications can truly be endless, and some of them include the use of revenue disbursement contract. Basically, the websites would be capable of claiming revenue while their users are simply watching a movie. Little by little, the involved parties would be paid small amounts. This can also be applied to various news outlets, which can use the process for managing their readers’ preferences, subscriptions, and alike.
Coil has only been around for a short while, but it still managed to attract the attention of several high-profile developers who are interested in joining the project. Many have already stated that what Codius does might be the perfect solution to scalability and cost issues that Ethereum has been struggling with.
Another interesting thing is that this might even help boost the price of XRP since Interledger was developed on Ripple’s own platform. Still, Codius has a lot of strong competition, and only time can tell how well it is going to perform, and whether it will manage to find and keep its place in the world.
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