Blockchain is poised to revolutionize a number of industries including the adult entertainment industry. The adult industry has always been ahead of the rest when it comes to technology. They were among the first to implement the use of VHS and Blu-Ray and now they want to make the most out of cryptocurrencies as well.
Transparency and Privacy at The Same Time
The sex industry is perfect for the use of cryptocurrencies in many ways. They offer discretion which is important to both suppliers and customers who would rather keep the details about their sex lives private while maintaining a good reputation among the people that they work with. Escorts, for example, want to be able to verify the authenticity of potential clients without the clients having to give up any personal information. Cryptocurrency projects allow this to happen because potential clients are known only by their online handles and payment addresses.
Privacy-centered cryptocurrencies are a great way for people to make anonymous payments. Dash, Monero and Zcash are considered to the best coins for private transactions and Pornhub, the largest pornographic-video provider in the industry, recently announced that they will be accepting Verge cryptocurrency as a form of payment on their site.
The adult industry is not the kind of business that people boast about working with. Many businesses which operate in the sex industry find it difficult to acquire financial backing because banks and venture capitalists claim that they would rather not be associated with businesses that sell sex toys or pornography. Workers in the adult industry pay taxes and provide quality services just like any other successful business but that doesn't seem to matter.
ICO projects offer a way around this. Any entrepreneur who wishes to launch a project related to the adult industry can now bypass traditional funding processes by launching an ICO. By offering tokens related to their projects, the startups in the adult industry can get funding from all over the world.
Adult Industry Coins and Tokens
The ICO craze of 2017 brought with it a cryptocurrency project that's related to anything that can be done online. Porn is one of the largest online industries therefore it is no surprise that so many porn-related ICOs have emerged. Most of the existing cryptocurrencies were designed for general use however the coins and tokens on these projects are designed to cater specifically to the adult industry. A few popular examples are:
• Vice Industry Token (VIT): Provided as a token on the Ethereum Blockchain, VIT has partnerships with Red Hot and Penthouse and pays people to watch porn on their platform.
• The Legends Room (LGD): This is actually a strip club in Las Vegas where dancers have QR tattoos which allow the dancers to accept payments in cryptocurrency. The club has its own nomadic token which can be used to pay for VIP access.
• TittieCoin (TTC): TittieCoin aims to be the officially currency of Tittie Island which is a luxury resort and holiday destination currently in development.
These are just of few of the many adult-industry related Blockchain projects and more are in the works. The platform that you choose to use will depend on which one best suits your needs as a sex worker or a consumer.