SpankChain.com: Adult entertainment on the Blockchain
What started out as only a 120 slide powerpoint presentation on Reddit by Spanktoshi Nakabooty a few months ago has turned into a 8 person team, from all over the world, focused on making a better Adult Industry. Through the use of blockchain technologies, we have the capability to solve common pain points endured by both sex workers and consumers of their work (you).
We’ve been hard at work for the last two months and on Monday we released a technical demonstration of the power of our in-browser payment channels platform.
Payment channels are a technique for building scalable decentralized applications. We all know that transactions on the blockchain take time for blocks to be mined, and money, due to gas costs (the fee for using the computational resources of the entire network to process your transactions). Payment channels allow you to move lots of your transactions offchain, where they take place instantly and cost no gas.
Our belief is that payment channels are the key to near-term cryptocurrency adoption, and the adult industry is a perfect testing grounds for creating parallel economies that transcend the inefficiencies of legacy banking institutions.
Our immediate goal is to disrupt the adult cam industry by charging only a 5% fee instead of the 50% industry standard and become the dominant cryptocurrency payment platform for the adult industry.
Why the adult industry?
The porn industry is worth approximately $97 billion, but even with such high revenues it’s difficult to believe that so little of it ends up in the hands of the workers.
For nearly a decade companies like PayPal, JPMorgan Chase, Visa/MasterCard, and Square, have systematically denied service and redlined the adult entertainment industry. They have routinely closed accounts of small businesses, artists and independent contractors whose business happens to be in the sex industry.
Even worse is that the companies who are willing to work with sex workers charge unethically higher fees for their service, often 10–20x more then the rest of the world.
Our technology allows us to remove third party intermediaries, middle men, and unfair payment practices with the use of smart contracts and our advanced payment processing hubs. This in turn, allows performers more control and revenues.
We believe in a sex positive future and maintaining the highest standards of privacy and security for sex workers and their clients.
We’re building the right technology, for the right reasons, and we’re in this for the long haul.
Will the models be paid using your token or will they be paid in ETH? We are agnostic to the transactional currency used between viewers and models. Our token will be used by camsite operators to pay for infrastructure fees (payment channel hubs, video streaming, etc…).
What incentives are there for camsite operators to use your service when they make a lot more money using traditional infrastructures? Existing camsite operators are unlikely to use our video streaming infrastructure since they have already built their own, but we’d be happy to license them our payments platform if they are interested in accepting and/or paying out their models in cryptocurrency.
But really our bet is that there are a lot of models who would start their own camsites if they had a simple solution for payments and video streaming, and that these upstart, community-owned camsites will use our services.
Is the payment channel source code available? Yes. We’re using the Machinomy library for our payment channels which is open source (github). We’ll be open sourcing the Vynos in-browser payment channel after we’ve had a chance to clean it up.
How can I be part of the ICO? Stay tuned for more details released in the next few days about our ICO and the payment channels auction system we’ve been building.