With the growing number of Internet users over the last decade, the adult entertainment industry has registered an unprecedented growth. The emerging blockchain technology is slowly making inroads in this industry due to its decentralized nature that cuts cost across the board. The aptly named “SpankChain” leads the way.
SpankChain to Bring Disruption in Adult Entertainment
One such blockchain project, SpankChain, aims to bring a massive disruption to the $97B USD adult entertainment industry. The new blockchain specialist will leverage blockchain’s decentralized nature to massive cost-cutting in streaming online cam videos.
Additionally, it will ensure that the majority of payments goes directly to individual cam performers which are otherwise pocketed by dominant and centralized online websites. The team behind the project emphasized that they will charge “only a 5% fee instead of the 50% industry standard.”
Blockchain’s key features, like data security, privacy, micropayments, and live video streaming, makes it an ideal use-case for the adult entertainment industry.
SpankChain Ecosystem and Vynos Wallet
The novel ecosystem works completely on the blockchain infrastructure provided by Ethereum. It also offers an indigenous peer-to-peer micropayment-processing wallet called Vynos.
The Vynos wallet charges very minimal fees and stores zero personal information, or any credit card information. Considering its business model, SpankChain doesn’t compromise on providing high-end infrastructure for live broadcasting of high-quality videos.
The Vynos wallet embeds directly into the video player. This facilitates peer-to-peer connections and payments over WebRTC.
“Vynos is a critical infrastructure component because it fundamentally changes the user experience of interacting with adult sites. In place of the status quo of usernames, passwords, email addresses, and credit cards for each website, users with Vynos wallets will be able to immediately start using and making payments on the SpankChain platform without any setup. The user’s Ethereum address is their identity, and Vynos acts as a passport to the entire SpankChain ecosystem,” explains SpankChain in its official whitepaper.
Its SPANK token is listed on CoinMarketCap and currently trades at a price of $0.069 USD.
SpankChain Services and Applications
The new adult-oriented blockchain plans to deploy additional paid services and decentralized applications on top of SpankChain Core. It includes payment channel hubs, age verification, live video streaming, an ad network, and much more. Moreover, all these services will be modular and interoperable. Hence, one will pay only for the service they want.
Its infrastructure also comprises of smart contracts and advanced payment processing hubs. It helps them to eliminate middlemen, third-party intermediaries, and unfair payment practices.
The SpankChain’s applications layer caters to a wide audience in the adult entertainment industry, as performers can customize it according to their needs. Additionally, it can also be language-specific, interest-based (e.g. fetish), or device specific (e.g. Virtual Reality).
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