Monthly Archives: September 2018

Monetizing the Web is About to Change with Blockchain Tech and Coil

I’ve been playing around with Javascript miners (particularly for Monero) for a while now. When the first well known miner called Coinhive came out, the fees were a ridiculous 30%. Recently I’ve found one called CoinImp that charges an acceptable 1%.

If you don’t know what a Javascript miner is, it’s essentially a program that runs in a webpage and uses your CPU power to secure a digital ledger, and generate cryptocurrency which is paid out to the owner of the website.

Javascript miners have gotten a bad rep, because as with the early days of Bitcoin, they were used in malicious ways such as being completely hidden on webpages, or bundled into malware. They don’t have to be used maliciously though, they can actually be used transparently, and throttled so that it does not alter a users experience but still generates a small amount of revenue for the site owner.

At the moment, the miner on my site uses 30% of the users CPU power, and there is a disclaimer at the footer of every page. If you close the website, the miner stops. There are no attempts to stop you from closing the page, nothing hidden in the background that follows you around in your browser…nothing. It just stops. This is a completely consensual agreement. If you don’t want to mine, you just don’t use the site. However, traditional advertising does not use consensual means since cookies generally follow you everywhere until you clear your browser.

Another promising means of utilizing blockchain tech to monetize the web is a startup called Coil. If you don’t know what Coil is, it’s one of the incubation projects from Ripple. People sign up with a credit card for a $5 monthly subscription, and then every website they visit that has Coil enabled (free to do) gets paid out 1/30millionth of a dollar per second.

Doesn’t sound like a lot, but it can add up with a lot of users. The cool thing is the user only pays $5, no matter how much they use. Coil covers the difference, so if they actually legit use more than $5 worth of browsing time Coil pays out the extra, but if they use less Coil keeps it. So they essentially found a way to make it profitable on their end, while all parties are satisfied.

Coil utilizes XRP in the background for the payment streaming, so XRP investors are also happy because this will pump some new money into the asset. Content creators can use Interledger Protocol to get paid out in whatever currency they want (assuming they don’t want to just keep the XRP).

The world is about to change, and small bloggers and content creators will benefit the most from these changes. No longer will there be gate keepers to monetizing the web via advertising platforms. Soon, any regular person can monetize their work, no matter the format. Youtube, Twitch and Wikipedia are already beginning to integrate Coil into their platforms, so their content creators can receive an alternative source of revenue and thus continue creating content there, rather than going to another Coil enabled platform.

The possibilities for the uses of Coil are endless. For example, similar to Patreon (with WAY less fees on small amounts), a content creator can offer various perks on their websites, videos, or other content for being Coil enabled. A website that used a traditional subscription paywall can open up their site for users who are Coil enabled. You could even use a Javascript miner in unison with Coil, or code your website so that users who are not Coil enabled run a miner and see ads, but Coil users are ad/miner free.

I am very excited for what is about to happen to the world. People who offer true value to the world can finally be directly compensated for it. No longer will they have leeches sucking out a majority of their earnings before they get their hands on it. I truly believe this technology has the potential to alleviate human suffering on a somewhat large scale.

Stay tuned for more blog posts like this. I understand that it is outside of the usual theme of this blog, but if what I believe is about to happen is indeed happening, this is the opportunity of a lifetime to get involved and generate some wealth, which can be used to fund whatever homestead related endeavors you may pursue.