The project, called the "Web Grant", will provide about $20 million annually over five years to content websites, open source infrastructure developers and others working around Web monetization, a proposed micropayment browser standard.
Stephen Thomas (Stefan Thomas), the company's founder and chief executive, said Coil was basically the first online monetization provider when they founded Coil. Coil users pay a fixed monthly fee, which is allocated among the sites they visit, depending on the time they visit the site.
Organizations behind the Network Grant scheme are setting up an advisory committee to determine exactly how grants will be paid. The project can help create a network economy that provides more space for small businesses and publishers. The grant was funded mainly by Coil itself from Ripple, an encrypted currency and remittance company that used to be Ripple's chief technology officer. Thomas says their goal is to provide at least 50% of the funding to organizations that use open licenses such as knowledge sharing licenses.