BOOTY is Officially (air)Dropping Friday, October 5th!
In the words of Bubba Sparxxx, “Booty, booty, booty, booty, rockin’ everywhere!” That’s right, BOOTY, SpankChain’s stable coin is officially dropping on Friday, October 5th. Watch out J.Lo! Move over Kim K! There’s some new BOOTY in town, and it’s ready to get spanked.
What’s BOOTY?
The BOOTY token will now be used to pay the fees associated with all current and future SpankChain services. SpankChain will always credit one BOOTY as one dollar, making BOOTY well-endowed with the necessary stability for people who just want to buy adult content and pay for porn.
What should I expect when the BOOTY drops?
Tomorrow, 10,069 BOOTY will be airdropped on 500+ $SPANK stakers (SPANKers) and put into circulation on SPANK.live, where it will replace ETH as the primary incremental tipping token on the site. ETH will still work on the site, except it will be exchanged for BOOTY at a price of one dollar per BOOTY and have an initial limit of 69 BOOTY per user at a time. BOOTY will be sent to the default staking address unless another address was designated for BOOTY in the SpankBank settings, and all stakes will be locked in for their first staking period.
Why use BOOTY, apart from the fun name?
You’re probably thinking, “Why haven’t you guys been using ETH/DAI/SPANK/BTC as your token this whole time?” Good question. We’re not the hit-it-and-quit-it type. We’ve designed our crypto-economic system for long-term sustainability. SPANK’s staking utility stabilizes token prices by incentivizing holding. This kind of stability relieves performers and businesses from the stress of holding a volatile asset. Speaking of performers, every time a viewer tips a model one BOOTY on SPANK.live, 95% will go to the performer and five percent will go to SpankChain. With BOOTY, we’re offering the lowest fees in the entire cam industry, while other sites are actually RAISING their already bloated cuts from 30 percent to 40 percent.
I don’t get it, how exactly does BOOTY stay stable?
Since SpankChain will be crediting 1 BOOTY as $1, and we’re scaling up our monetary supply with our economic activity, BOOTY can be backed with reserves, and is imbued with stability, relieving performers and businesses from the stress of holding a volatile asset, and eliminating the worry of paying fees in a token that may be worth 100x one day, all while providing the back door into the entire crypto ecosystem.
How does BOOTY compare to other stable coins like DAI?
First of all, DAI usage benefits MKR holders, whereas BOOTY usage benefits SPANK stakers. There’s also the fact that stablecoins are still an experiment. By using BOOTY, we are in control of our own experiment at a smaller scale and with less risk. To put it in perspective, there are currently about 43 million DAI (worth $43 million), whereas the total initial BOOTY supply is $10,069. DAI is also backed by ETH (for now), and so if the price of ETH drops, its holders could end up with nothing. On the other hand, BOOTY is backed by the continued use of SpankChain infrastructure and services, so it is less dependent on the price of ETH. Oh, and our memes are better. “In BOOTY we trust?” I mean… come on.
Some thank yous are in order.
We could not have done this without the support of our community. They are the most hard working, funny, intelligent, brave, giving, passionate people around. Our values of sex positivity, inclusiveness, respect, and freedom begin with the individuals in our community. This is for them. This is for us. We did it! Thank you all!
In BOOTY we trust!
Connect with SpankChain
For more information about the SpankChain project:
- Sign up for our beta camsite
- Check out our white paper
- Watch our introduction video
- Follow us on Twitter
- Join us on Discord
- Subscribe to our subreddit
