There has always been a particular association between cryptocurrency, blockchain, and the adult entertainment industry. Various adult sites accept Bitcoin payments these days, only because it creates a whole lot of sense. SpankChain is looking to combine this business with a blockchain-based infrastructure. Now's a good time to take a closer look at what the future may hold for this specific project.
There is not any particular industry which won't gain from blockchain technology later on. Most of these efforts focus on the financial industry right now, even though there are other business models worth exploring too. SpankChain demonstrates the way the grownup entertainment industry is in desperate need of a technological update. Bringing the blockchain for this specific business will not be straightforward by any means. In the end, there'll be a lot of folks who'll laugh at this thought, even though it leaves a great deal of sense to the people actively considering such a change.
The most important intention of SpankChain would be to reevaluate the adult industry utilizing blockchain technology. More specifically, the team aims to build a blockchain-based economical and technological infrastructure built on top of Ethereum. They will do so using smart contracts, taking away the need for third party intermediaries altogether. Furthermore, there will be a strong focus on removing unfair payment methods while still providing security and privacy options.
Impact of SpankChain
With SpankChain, the entire adult entertainment industry can benefit from lower prices, anonymity, zero chargeback risk, and secure solutions. The danger of chargebacks has been especially worrisome in this industry, although it's something which is debatable in virtually any sector which deals with frequent payments. Cryptocurrency and blockchain technology are great solutions in this respect, as they do not allow for chargeback methods which may be abused by consumers or criminals.
Furthermore, this brand new blockchain will allow for the development of dedicated decentralized software. It will become a lot simpler to create content delivery networks in this manner. There's also a decentralized market option to explore, and many payment hubs to benefit from. It sounds like a significant job that might actually work out in the long run, assuming there are enough players at the adult entertainment industry keen to experiment with this technology.
Layers of the SpankChain System
Under the hood, you will find 3 different layers that together make up SpankChain. The top layer is the application layer, which sits along with their services layer comprising payment hubs, among other items. Last but not least, there is the SpankChain Core, which incorporates P2P micropayments, performer profiles, and a whole lot more. All things considered, this makes for a fairly interesting project which will surely benefit the adult entertainment industry moving ahead.
It is not the first time we've seen jobs undertake the adult entertainment industry either. Typically, previous attempts have fallen short, mainly because they only tried to make a new payment tool for the adult sector. With a blockchain-based ecosystem setup, however, SpankChain should become a lot more popular. Only time will tell how this endeavor plays out in the long term, as there's not any assurance of success whatsoever.