Intimate ITM ICO: Decentralized Adult Industry Payment System?
The Intimate ITM token has been designed as a crypto coin for making payments in the adult industry. This token is designed to make payments secure and safe for everyone. The Intimate token (ITM) will provide an open, distributed, trust mechanism for the management of payments across various segments of the industry. This will include areas such as interactive content, services, and content delivery.
A Look at the Adult Industry
The adult industry has historically been used to catalyze demand for new technology and media. In fact, it was the first industry to exploit the internet and VHS, long before anyone else saw how it could be used for moneymaking.
The creators of adult content and their consumers have been a driving force for the development of various means of communication. The industry is now poised to take full advantage of the unparalleled potential that the blockchain and crypto coins hold.
However, the industry is currently facing some major issues. Although digital technology has eliminated issues with access to adult content, it has created others. For instance, innovation in the sector is restricted by limited access to payment options. Most payment gateways will not deal with businesses in this sector. Most gateways claim there is the risk of fraud. However, the real reason is that they fear their reputation will be damaged.
The payment gateways that serve the industry usually face high risks and huge operational costs. This cost is often passed down to businesses in the adult sector. In most cases, these high costs are prohibitive for business.
Another issue the sector faces is being able to balance trust and anonymity. In this sector, the provider’s sense of safety and willingness to pursue new business relies on trusting their clients.
Without trust, providers usually have to take additional security measures before they meet clients. In some cases, they will choose not to meet clients, thus foregoing revenue. On their part, clients are not willing to reveal payment details that could expose them. Thus, trust is almost impossible to establish.
The Adult industry is Highly Fragmented
Hundreds of companies within the ecosystem usually carry out a risk assessment and identity validation. False negatives around payments are quite common, which leads to missed revenues. Besides that, regulation is changing in this industry. For instance, age verification is now a requirement in the UK.
This is only going to increase the cost of services across the board and lead to more reduction in service provision. In the current situation, most entities operate in silos. This means clients must provide information every time they engage a service, which proves to be a barrier for most consumers.
How Intimate Will Resolve These Issues
Intimate has been designed with features specific to the adult sector. To achieve its goals, it will rely on the unique capabilities of blockchain technology. However, it also enables reputation tracking, which is a feature desired by the industry. Even in areas where the adult industry is legally favored, this level of trust has not yet been possible.
After every transaction, a reputation rating is attached to the blockchain. Consumers and providers in the industry can build a reputation.