What are SPANK and BOOTY?
So you’ve signed up for SPANK.live, have an exchange account, maybe started a show, received some tips in something called FIN (which is really ETH), but there’s also something called SPANK, and it’s just all so new and confusing..
All that matters is that you’re here now, gaining experience in this new form of money that will be just as prevalent in the future as email is today.
You’re a pioneer. Even if all you do is take the money earned on SPANK.live, and cash it out to USD on Gemini, you’re still leading the way towards a better future; one with an open financial system, free of discrimination and predatory practices.
SpankChain is ushering in the new digital economy.
We’ve leveled up. The SpankBank is here.
The SpankBank is an unstoppable Ethereum-based program that powers the two-token SpankChain ecosystem. In November, SpankChain auctioned off 600 million SPANK tokens. 300,043,386 of those were bought by the initial backers of the SpankChain Network. Today, SPANK can be bought and sold on the open market with Ether (ETH), the cryptocurrency that powers Ethereum, on exchanges like Radar Relay and AirSwap, among others.
Ok, so what is SPANK?
SPANK is a utility token. That utility is staking. Staking means locking it up in a safe (the SpankBank) for a designated amount of time. While it can be used as a form of payment, the true power lies in its ability to generate BOOTY.
Yep, by holding your SPANK in the SpankBank, you will receive BOOTY in return. BOOTY is the token used to pay the fees associated with using SpankChain services, the SPANK.live camsite being the first. Since SpankChain will always credit 1 BOOTY as $1, this imbues BOOTY with stability so performers won’t have to worry about paying fees with a token that might be worth 100x more in the future. SPANK will be locked away in the SpankBank for an amount of time you specify, but you never lose ownership. It’s available to transfer after the lock up period. Depending on how long you designate the lockup period, the SpankBank will mint a proportional amount of BOOTY for you. Longer stake = more BOOTY. Larger stake = more BOOTY. BOOTY can then be used to subsidize your 5% fee (or used to tip other performers on SPANK.live).
To learn how to buy SPANK (and subsequently level up your crypto game), follow this guide on how to buy on Radar Relay.
If you don’t want to dive into the deep end just yet, don’t worry! SPANK.live will soon switch the tipping currency from FIN/ETH to BOOTY. This will ensure your 5% fee for using the camsite will always be covered. When you need to cash out to pay some bills, BOOTY can be seamlessly exchanged to ETH directly within SpankPay! From there, just send your ETH to your exchange, sell for USD, and withdraw to your bank account. No need to worry about selling BOOTY on a decentralized exchange yourself.. unless you want to!
If you have any more questions about SPANK, BOOTY, Ethereum, or anything else there are hundreds of knowledgeable people ready to answer your questions on Discord or you can search SpankChain’s Knowledge Base.
Thank you all for being the first brave pioneers in this new digital economy!
In BOOTY We Trust.
Connect with SpankChain
For more information about the SpankChain project: