Cryptocurrency-takes-off-within-the-porn-industry-as-Spankchain-pays-out-70000

Since the beginning of 2017, though, the porn industry has switched gears entirely. Last year, leading adult sites such as xHamster finally began accepting Bitcoin as part of the new wave with cryptocurrency.

Simultaneously, and rather ambitiously SpankChain, a porn startup, raised $6 million in an ICO token-sale that was set to deliver a platform with thousands of users.

Fast forward and SpankChain now boasts of 6,136 active users with CoinDesk recording over $72,422 paid out to the firm's 31 webcam models. Mind you; the profit is only since April with SpankChain performers recording enthusiasm over SpankChain.

River Sunshine, a performer on SpankChain, has been camming for five years explains to CoinDesk

“I crunched the numbers I was making on three sites combined and 6 percent of what I made in the same 30-day period on SpankChain.”

Another veteran, Mae Meow, adds on how the introduction of cryptocurrency on SpankChain sees them earn more and get charged only 5 percent as administration fees.

“I think a lot of members appreciate that I am getting almost the whole amount of it. I was a little skeptical about all of it at first. But now I love cryptocurrency.”

Equitable Tokens

SpankChain tokens are introducing an alternative option of “staking” the virtual currencies on the platform, locking them up or earn rewards by letting the tokens fuel the network. Alternatively, this gives models a new level of essential control over the token's price, making it comparable to equity.

Still, there is the thorny question as to whether SPANK is a registered security under the law or if it faces regulatory risk. There is also the question of the SpankChain webcam platform not being the startup’s long-term option as a revenue strategy. Instead, the site acts as a proof-of-concept for SpankChain's crypto payment processor.

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