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The internet was invented in 1989 by Tim Berners-Lee and has since been a pivotal part of the daily lives of humanity. The internet has expanded from users surfing the web with Internet Explorer to browsers evolving to Google Chrome. In web3, common search platforms like Brave and Opera are currently working to provide users with better payment rails. The key sections of the market that these browsers benefit are content creators and businesses. Unfortunately, these verticals have to rely on advertisements to monetize. Many of these ads absolutely stink and don’t add value to the consumer. For example, learning about the specs of the new Ford-150 may be valuable, but do you care if you and Donald Trump eat a banana the same way? The latter is clickbait and ruins the user experience on the internet. One web3 company that is looking to improve this experience while driving monetization is Coil.
Coil has created a technology called web monetization which revamps the business models and user experiences of websites. The technology that Coil is built on is the Interledger Protocol. Interledger Protocol is designed to facilitate open payments that allow for very small amounts of money to be transferred. These payments are known as micropayments. Additionally, the protocol is currency agnostic, making it possible for anyone to transact currencies and ledgers.
Micropayments is a use case that has been an interesting innovation to technology leaders, like Marc Andreessen, for quite some time. In 2014, Mark wrote a highly regarded essay called “Why Bitcoin Matters”. In his essay he wrote, “It is not cost-effective to run small payments (think $1 and below, down to pennies or fractions of a penny) through the existing credit/debit and banking systems. The fee structure of those systems makes that nonviable. [But] all of a sudden, with Bitcoin, that’s trivially easy.”
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