Random Coin of the Week #2 - SpankChain (SPANK)

Want to know what this post is about? Click Here


Market trading start date

November 23, 2017

Coinmarketcap

What is it and what is the proposal

Extracted from the official SpankChain page:

A cryptoeconomic powered adult entertainment ecosystem built on the Ethereum network.

That's right, guys... A pr0n blockchain... After all, isn't the main reason for the existence of the internet to share photos of cats and sex videos?

The Spankchain promises to offer to its users:

  • Very low fees through micropayments system in a proprietary browser
  • No Chargebacks
  • Completely anonymous profiles and payments (no longer needs that secret folder hidden from the windos directory)
  • Security due to the impossibility of blocking accounts in blockchain

And who was the great idealizer of that name?

** Spanktoshi Nakabooty **
(Sorry, it took me a few minutes for me to stop laughing.)

Also, if you are a critpokitties fan, and you like to see some little tits, they have also released Criptotitties (you can only access if you are over 18), where you can give a tip on ETH for boobs.

As I understand it, the network will work with two currencies: SPANK and BOOTY. The Spank would be the main currency, which must be locked to participate in the network through a proof-of-stake protocol, generating the two currencies, and BOOTY would be the currency used for the transaction fees performed in that blockchain.

SpankChain's ICO was able to raise 19,840 ETH (approximately 6 million dollars at the time)

The team

The SpankChain page features the entire team with their twitters, apparently all active, but without links to personal pages, or profiles on other social networks.

In the main team there is from developers to professionals and activists linked to adult entertainment.

Code Type

SpankChain is an ERC20 token in the Ethereum network, and will have the Open-Source code (Github)

Available products

In addition to Criptotitties that I mentioned above, there is no full release product yet.

On the project's Medium.com page, there is a beta test announcement of the webcam / camgirls platform that started on the day April 2nd.

If this entertainment is of interest to you, the instructions for accessing this beta are in Spankchain Discord.

I entered the beta, (for research porpouse, of course ...) and from what I saw, this platform is already in full operation, with good quality streaming quality, and where users can tip girls who are performing in FIN (1000 FIN = 1 ETH).

As I understand it, camgirl's show access settings, chatting ability and any other settings are determined by the person submitting the broadcast.

They can also put "goal" tips, for example, if the value reaches a certain point, they do something like be topless.

Full platform launch forecast

Q4 of 2019

Transaction Processing

The token / platform works over the Ethereum network, so all transactions are performed on it.

But there is a promise of a proof-of-stake that I believe has not yet been implemented.

Whitepaper Highlights

Data about the adult entertainment industry

The​ ​$100B adult​ ​entertainment​ ​industry​ ​has​ ​faced​ ​routine​ ​discrimination​ ​at​ ​the​ ​hands​ ​of banks,​ ​payment​ ​processors,​ ​and​ ​financial​ ​institutions.​ ​I These service providers simply refuse to offer services to those involved in adult entertainment.

Most adult​ ​camsites​ ​take​ ​between​ ​a​ ​30-50%​ ​cut​ ​of​ ​performer​ ​earnings,​ ​and​ ​adult​ ​content
marketplaces​ ​such​ ​as​ ​ManyVids​ ​take​ ​a​ ​40%​ ​cut​ ​or​ ​more

SpankChain Ecosystem

The ecosystem will consist of 3 layers:

2018-04-28 (3) .png

  • Core

It will be the foundation layer of smart contracts, and the ecosystem infrastructure, which will be the registration systems, the contract of payment channels, and the Vynos portfolio (similar to metamask, but with the promise of being the first wallet where it will be possible make off-chain payments)

  • Services

In this layer will work central payment system, age verification, video transmission, ads network , affiliate programs, search system, interface builder.

  • Applications

Here are the apps, like the webcam site I mentioned above that is in beta test.

Token Model

Spankchain uses an economical multi-token model, starting as the SPANK token. SPANK is a "stacking" token that can be used to forge alternative currencies by offering specific payment entitlements and governance through the SpankChain ecosystem.

SpankChain will forge a limited offer of 1,000,000,000 SPANKs

Proof-of-stake model

When locking a quantity of SPANK in a specific contract (SpankBank), a quantity of BOOTY, a token that will be used to pay the transactions, will be generated for the owner of the SPANKs.

The amount of BOOTY generated will depend on the amount of BOOTY used in a given period, with the algorithm being adjusted to generate a total of 20 times the monthly average BOOTY used.

Proof-of-Spank

A problem that hits the webcam sites are models that have the age verified "swapping" with underage artists

To tackle this problem, SpankChain will have a "game" called Proof-of-Spank: every 10 minutes, an performer will be randomly selected, and will be presented with four numbers between 1-20, choose one and spank themselves that amount of times.

Anyone with a stack in SpankBank will have the opportunity to vote to see if the artist performing is the same as her profile. If it is verified as an impostor, the account will be revoked.

In order for SPANK holders in SpankBank to receive their BOOTY, they will have to participate in this voting a minimum amount of times to be determined.

My conclusions

Like it or not, the adult entertainment industry moves billions of dollars around the world. After all, the wise man already said "sex is what moves the world around".

Like every large industry, when there is a very large volume of money involved, the natural greed of the human being ends up generating not very good consequences for those involved.

In the case of the adult entertainment industry, there are plenty of stories of big companies using their power to abuse (sexually or not) those who work and provide services in this area.

In doing my research on this project, I realized how the existence of blockchains can, in addition to providing solutions to financial transaction issues, allow for independence of some lines of work, such as SpankChain.

As the project whitepaper describes, for these adult entertainment professionals, reducing a commission cost of 40-50% to something like 5% is a big gain for them.

Not to mention the independence that technology allows, and the professional can work whenever he/she wants, any way he/she wants.

While writing this post, I was contacted in the discord by a girl who performs on SpankChain, called MelissaSweet1. I talked a little with her about how this industry works, and she was very nice, she told me that she is a camgirl for 5 years, and how she manages to be independent and have a great quality of life working in this industry.

The most interesting part of this conversation was to see how excited she was with the advantages and possibilities that the blockchains are giving to her work. Is adult entertainment the big "killer app" of blockchains?

If you're curious to know more about this girl, check out her interview on Medium, or visit her twitters: melissasweet1 and cryptosweet1

As for SpankChain itself, it seems to me that it is a project that is in full development, as can be seen in the beta release.

Opposing Points

There seems to be little controversy on the Internet about this token, and since ecosystem development is happening, there is some potential.

The only thing I could think of as opposing this project is with regard to the proof-of-stake process.

From what I've read in the whitepaper, it bothers me only that in order to participate in the "proof-of-stake" the participant has to participate the of proof-of-spank "test" a few times. Thinking like an investor, this is not something very interesting ... to be able to generate income with my invested money, I have to go there to see if the girls will spank themselves or not. I believe that such a system will only attract people who are interested in actively participating in the project activities.

Another point that deserves more discussion is with regard to the control of child pornography. Could the proof-of-spank system be easily circumvented? And when there are video publishing platforms? How would control occur to prevent the publication of videos related to child pornography?

Next week's random currency: 1416

2018-04-28 (4) .png