The blockchain is all the rage these days, and everyone wants in on it. It wasn’t that long ago that it seemed like every business had to get on the web. Then they needed an app. Now, it’s the blockchain, and as is the case with the internet, at some point, every advance will somehow or another be used in the online adult film business. It only makes sense. Like it or not, the adult film industry choosing to use VHS over Betamax was a game changer for both technologies. Now, they are poised to try their luck with the blockchain according to Blockonomi.
The blockchain has already been a part of the industry. Sites such as PornHub have allowed for payments to be made using cryptocurrency already. There are plenty of people that don’t want those charges showing up on their credit card statement or being routed through PayPal so it was a perfectly logical symbiotic relationship. That was as far as the two intertwined. Now things have changed, and with change comes growing pains. The Verge coin is evidence of that for those who recall that attempt.
The newly launched Vice Industry Token (VIT) has partnered with online adult entertainment entity Tube8 to launch a cooperative agreement that goes beyond anything that has been tried in conjunction with the blockchain and online adult films before. The idea is that they will not just offer a coin or token to pay for videos, but rather pay people to watch, comment, and interact with the adult films they consume. If it sounds too good to be true, it’s because it might be.
Tube8, which is a subsidiary of PornHub, has put together a plan which offers incentives for watching videos on the site. The more a person watches, comments and rates, the more they can earn. The catch is to “tokenize” this activity, the videos that have been watched, commented and/or rated, have to be transferred to the blockchain. In that sense, it is a transaction that the user is paid for. This transaction will be Proof of Brain (PoB) and Proof of Viewing (PoV). This will all happen on the Steem blockchain, or a branch of it, which processes at a rate of 100,000 transactions per second.
This creates an incentive program in that the more popular content is, the more it is rewarded. For users who VCR (View, Comment, Rate) regularly, the rewards will be the best. This formula is supposed to reward the best content and provide viewers with more quality content to choose from.
The problem is, a person would have to VCR a lot of videos to make anything, and if the value of the VIC tanks, all that “hard work” is for nothing. This is a real possibility and has happened before. When Verge partnered with PornHub, their value actually went down rather than increasing. There is also the risk that the VIT partners up with other “vice” industries such as cannabis and gambling, as advertised on the VIT website, so legal issues could always potentially arise as well if anything was seen as out of order in that part of the business.
So far no one has really commented on whether the program works well or not but by checking the value of the VIT at Coin Market Cap, it is currently at $0.006691 which is down 31.21 percent. With 230,749,949 VIT in circulation of the 4 billion VIT in total supply, the odds of a major increase don’t appear good according to their analysts. While it is possible to make money watching adult entertainment, it’s really not worth the time. At least not right now.
Source: Read Full Article