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Coil, a key entity in the XRP ecosystem and a multi-million dollar company backed by Ripple has surprisingly announced it will be ceasing operations. The company, which is led by CEO Stefan Thomas, typically provides one of three Unique Node Lists (UNLs) for XRPL, alongside Ripple and the XRP Ledger Foundation.
Therefore, it is no exaggeration to say that Coil has become one of the most important entities in the XRP ecosystem and has contributed significantly to its growth.
Additionally, in August 2019, the company received one billion XRP from Ripple’s investment unit Xpring, equivalent to around $260 million at the time, to create and promote use cases involving the monetization of digital content on the XRP Ledger.
Ripple Supported Coil Stop Operation
In a series of tweets, Thomas stated that “it’s goodbye but not goodbye” for him and referring to a post on Coil’s website. It states that Coil is now handing over responsibility for the growth of the Interleger Protocol (ILP) to a neutral body in the form of the Interledger Foundation:
When we started Coil in 2018, Interledger was just an idea. Over the past five years we’ve brought technology to life and fueled the ecosystem that lives around it. Now it’s time to pass the torch to a neutral body […].
As part of this decision, Coil has decided to discontinue all Coil product and development efforts on March 15, 2023. According to the company, Coil was always intended to be an early-phase accelerator for Interlegder Protocol:
Coil’s approach to providing membership was always intended as a stepping stone to establishing Web Monetization as the first open standard for creators and developers to get paid on the Web.
In the near future there will be a full featured Interledger wallet supporting Web Monetization and many other use cases.
CEO Coil went on to state on Twitter that the “work continues.” Thomas will personally remain chair of the Interledger Foundation board and will continue to focus on the project. “Part of that will be building on Dassie, and I hope to have more time for programming,” said Thomas, saying further:
I’ve been working on XRP related projects for over ten years now, which is a long time. Great things take persistence, and I’m proud to be part of a community that values real solutions and consistent progress above ideology and hype. Slow and steady wins the race.
The Dassie project mentioned by Thomas is an open source effort that combines ILP and peer-to-peer technologies to make it easy for developers to experiment and build on Interledger. As Coil’s post states, ILP has been used very effectively in recent years by “a small group of early adopters”.
To address this challenge, Thomas is working on Dassie, which allows developers to create nodes and send micropayments using ILP.
At press time, XRP price stands at $0.4120 and was once again rejected at yesterday’s 200 EMA.
Featured image from iStock, Chart from TradingView.com
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