Regular readers of this blog will know that there is virtually nothing that cannot be associated with the blockchain. ICOs have proposed cryptocurrency projects involving real estate, item evaluation, social media, foreign exchange, music, virtual reality, and the list goes on. If it is being traded in, it can be added to the blockchain. It was inevitable that porn would become one of the commodities being traded using cryptocurrencies. Whilst this project does not create a specific community per se, they are providing something of value to the adult content communities.
What is WankCoin?
As the name implies, WankCoin is a cryptocurrency you can use to purchase pornography online. Whilst there is plenty of free pornography online, on sites such as PornHub, there are those who prefer paying for premium content. This is where WankCoin comes into the picture. With this cryptocurrency, you can actually purchase pornographic content online, instead of using your credit card. This is perhaps particularly interesting, as countries such as the UK are now creating policies that require adults to purchase “porn passes” in local corner shops. When faced with either having to use your credit card online or buying a porn pass in a corner shop, a third solution would probably be preferable.
Why not just use your credit card?
There are several advantages to using cryptocurrency in the porn industry. From the consumer’s point of view, there are the privacy and security aspects. As with all blockchain projects, the beauty of WankCoin is that all data storage is completely decentralized, which means that the risk of your data being leaked is very slim. Because it operates using blockchain technology, all users can also rest assured that their anonymity remains intact. Finally, it is not always desirable to use your credit card when purchasing adult content. Many sites are full of spam and spyware designed to use your card details for nefarious purposes. With WankCoin you avoid getting scammed.
What about the content providers?
If you are a content creator in the adult industry, you also have a lot to benefit from when it concerns WankCoin. The porn industry is classified by financial institutions as being ‘high risk’. This means that while your average merchant will pay around 2-3% in transaction fees every time a customer uses their credit card, a porn site will pay 5-7% for the same transaction. There are, of course, other ways customers can pay for content. But carrier billing, which is paying for subscriptions via your cell phone bill, comes out to 25% per transaction. If the customers use PayPal, the figure climbs up to 35%.
Is all this real?
Yes, all this is very real. So real, in fact, that WankCoin is one of the more successful ICOs. They are already an established company and have multiple partnerships with prominent adult websites. Moreover, they have published a white paper (which is aptly titled ‘wank paper’) that very clearly and succinctly expains the rationale behind their project. Who would’ve thought porn could be so professional?