How to Use Coil for Web Monetization
You probably must have had a bad experience with sites that display too many ads at the expense of the user’s privacy in order to benefit the content creator / product builder. It’s really frustrating and discouraging, right?
What if I told you that you can have better experience without having to face ads again? It is not an ad blocker so wait for it!
My name is Victoria Ayodeji and I am a content creator in the first cohort of Web Monetization for the Passion Economy program at AfricaHacks where I am building business models around my passion while leveraging on Web Monetization to monetize my contents.
*Web Monetization Explained*
Web monetization is a open technology that allows micropayments to be streamed to creators of contents you are viewing/watching without worrying about the location, currency or conversion rates.
Payments are automatically sent to the payment pointer while you're on the website.
*How Coil Works*
Coil uses Web Monetization to stream payments to your wallet while Coil Members enjoy your content after they pay a membership fee.
Coil pays $0.36 for every hour a Coil Member spends on your content. It sends micropayments roughly every second for each visiting member.
In other words, the experience on the website is better and less frustrating for the user.
Think of it like this: It’s a win-win for both user and creators since all a user need is one subscription to access exclusive contents.
*Getting Started With Coil*
*1. Set up your wallet*
Choose a wallet that supports Web Monetization and set up an account. The wallet must support the Interledger Protocol (ILP). The available options include Gatehub and Uphold for now. I recommend Uphold
*2. Get your payment pointer.*
Find your payment pointer within your wallet and copy it. It should look like this
*3. Sign Up*
Create your Coil account
*4. Web monetized your contents*
Learn more here.
*5. Get paid.*
I have Web Monetization all setup also both as a creator and a user on several supported websites and browsers.
I will be discussing the setup process in another blog post. Follow this account so you do not miss out on it.
*Still got more questions?*
You can reach me on twitter at ayoyimika6