Tag: cryto

Crypto for Sex: Blockchain Takes Off in the Adult Entertainment Industry

Cryptocurrencies have become increasingly popular in the adult entertainment industry, as it can guarantee a high level of anonymity to its users, especially for pornography-related businesses.   

Anonymity and Privacy  

Many adult entertainment websites have created new ways users will be able to protect their identity details through crypto payment systems. In a research conducted by the studio VogoV last year, 470 adult video sites, 50 webcam platforms, and 35 sex shops worldwide now accept cryptos as a form of payment. Dash, Monero, and Zcash are considered to be the best coins for private transactions for adult content sites.  

Cryptocurrency transactions are recorded anonymously on a decentralized public ledger, making it challenging to track a person’s pornography habits. For the adult webcam industry, transparency and privacy are the most valued features of crypto, as provides authenticity and parties are known only by online handles and payment addresses.   

There is a fear that people in banks or homes will be able to tell which kinds of adult materials a user consumes through their credit card bills. Getting caught viewing or purchasing adult content may cause significant legal and social risks, especially in certain jurisdictions.  

The increasing interest in cryptocurrencies being used in the adult entertainment industry is a signal that cryptos are here to stay. 

SpankChain  

SpankChain is an Ethereum based cryptocurrency payments processor and is focusing on building blockchain-based economic and technical infrastructures for the adult entertainment industry.   

SpankChain recently partnered with the adult entertainment industry fan platform, JustFor.Fans and an anonymity service that connects models with clients via Skype, SkyPrivate. The partnership allowed for a new service, SpankPay, which will enable users to pay with instant transactions with different cryptocurrencies, including Bitcoin, Ether, Litecoin, ZCash, and Monero. The merchants will receive a 0.5% processing fee when users use the service.  

JustFor.Fans creator, Dominic Ford, said: “Using SpankChain, we don’t have to worry about being shut down due to the fact we are an adult company. We’d much rather support our fellow adult solution providers than use outside solutions that are potentially not adult-friendly.” CEO of SkyPrivate also stated that this partnership ensures individuals are accorded equal rights and payments for their services, mostly focused on sexting services and adult models service e-commerce platforms.   

Pornhub  

Appealing to the privacy concerns of its users, the leading adult entertainment website Pornhub also started accepting crypto payments and began a partnership with Verge, as well as adding TRON and Zcash as payment options.   

“Here at Pornhub, it’s important that we cater to our users’ ever-changing payment preferences and, as such, that means accepting cryptocurrencies as a payment method, which provide users with anonymity and security,” Corey Price, vice president of Pornhub, said at the time. 

Pornhub also partnered with PumaPay to enable recurring cryptocurrency payments for its subscription service.  

CamSoda  

Known as one of the world’s most popular adult entertainment websites, ranking in the top 4000 websites, CamSoda started to accept cryptocurrency payments for various features on its platform.   

Users on the platform can purchase tokens on the website using a variety of cryptocurrencies including Bitcoin, Litecoin, Bitcoin Cash, Ether, TRON, Monero, and Zcash. Data shows that 1% of CamSoda users already use cryptos as a payment solution, which was more than initially expected.   

Bitcast, one of the platforms developed by CamSoda in December 2018, allows users to combine interactive sex toys with the performance of the best cryptos. CokcBlockchain, which was launched in March 2018 by CamSoda, is a platform that allows users to earn cryptos in exchange for their nude photos.   

Strippers & Bitcoin  

The Legends Room, a strip club in Las Vegas made the first move allowing clients to be able to pay secretly with cryptocurrencies. The strippers have temporary tattoos of QR codes where clients can scan and pay electronically by using cryptocurrencies, mostly Bitcoin. The Legends Room also launched their own ICO, the token known as LGD.  

Images via Shutterstock

Ethereum Miner Addresses Hits 4-year High Ahead of the Merge

Ethereum miner addresses have continued to grow and are now at a 4-year high according to on-chain data.

As pointed out by independent crypto reporter, Colin Wu citing data from OKLink, “the balance of Ethereum miner addresses exceeded 260,000, with a total of 261,848, which has risen to the level of the same period in April 2018, a record high in four years, and is about 415 million US dollars at current prices.”

Source: OKlink

According to the charts above, the number of addresses is moving upward, and in an opposite direction to the current price of Ethereum which is on the decline. The rising number of Ethereum addresses has showcased the last attempts on the parts of Proof-of-Work (PoW) miners to accrue as many Ether as they can before the forthcoming The Merge.

With the Merge that is slated for September 15, a ‘Difficulty Bomb’ will be ushered in that will largely make mining more difficult and largely impractical.

With the difficulty bomb, mining will become largely unprofitable as miners will be expected to shift their roles in order to become validators in the newly ushered-in Proof-of-Stake (PoS) consensus mechanism. 

The miners have nothing to lose for getting involved with Ethereum mining at this time. In fact, some may consider the mining endeavours to be an avenue to accumulate Ethereum at a time when the odds are in the favour of the miners. As the date for the Merge draws nearer, there is a likelihood that we will see increased traction in the number of miner addresses that will be recorded on-chain as an attempt to put their mining resources to good use will be heightened.

The Ethereum network is setting very unique precedence for the PoW protocols at a time when the clamour for environmental sustainability is growing by the day.

Exit mobile version