This is our 69th review!
What better than to review a project that has to do with all things NSFW ;)
Knowing the crypto community, especially with this bear market, adult entertainment has certainly been a huge source of….relief. YOU SICK BASTARDS.
Today’s review is Spankchain!
Let’s dig in…
Spankchain (ticker: SPANK)
Sexy-Tier Shitcoin (actually low-tier)
Wtf is this shit?
Spankchain is a blockchain project aiming to disrupt the adult entertainment industry. We believe it was originally posted on Reddit as a 120 slide presentation, then quickly grew into a serious project with a larger team. They have a focus on camgirls (or guys?) or whatever gender you identify with...
Anyways, Spankchain is an Ethereum based project that has a multi-token economy. For example, SPANK is the main token which users can trade with on public exchanges as well as stake. They developed a staking contract called SpankBank (lol) which allows Spank token holders to stake their coins and get rewarded in BOOTY. BOOTY is redeemable/usable for $1 worth of SpankChain fees.
Viewers can pay models in ETH or any ERC-20 token they wish, but the models and business partners can pay SpankChain fees with BOOTY. Seems like the goal with this token model is for people to purchase SPANK, hold it, and then generate and use BOOTY to interact with the platform and pay for fees.
Now...SpankChain has three main layers: the top layer (SpankChain apps), the middle layer (SpankChain Services), and the bottom layer (SpankChain Core).
The top layer is where you can access the cam sites, content marketplace, partner sites, and other fun. It’s what viewers will use and pay fees for if required.
The middle layer is where age verification is handled, ad networks, and contains other middleware….fees at this level are paid in BOOTY.
Lastly, there is the core layer, which has no fees and is all lower level stuff. This is where the Performer Registry, Payment Channel Contract, and Vynos functionality lies.
The Performer Registry smart contract is what handles all of the identity, performer profiles, and other verification information...pretty self-explanatory.
The Payment Channel smart contract is what handles off-chain transactions through their payment channel for fast and secure transactions.
Lastly, they have integrated with Vynos, an Ethereum wallet that can integrate with different payment channels.
Next up..Proof of Spank (oh baby). Proof of Spank is a method they thought of to avoid ‘swapping’ where a verified model swaps with an underage performer. What they do to help avoid this is: every 10 minutes a performer is selected at random (i.e. using a block hash), the performer is presented with 4 numbers 1-20. They then recite the 4 numbers, pick one, and spank themselves that many times. Meanwhile, anyone staking SPANK on the SpankBank contract can participate in a token vote on whether or not they think the performer matches the profile. NOTE: this is from the whitepaper and we have no clue why they do the number 1-20 spankings thing...but whatever.
They have other fun features such as the ‘red light district’ where performers can upload and sell content directly to their fans.
OH! One more thing. Recently, on October 6, 2018, at 6 PM there was an attack where ~$30,000 worth of ETH was drained from their payment channel contract...in addition to a bunch of BOOTY. In their words, THEY GOT SPANKED!
All in all, this should be an efficient enough summary lol. It is a platform where you can view adult entertainment while paying for fees and memberships with your crypto!
Who tf is behind this shit?
They have four co-founders: Ameen Soleimani, Wills de Vogelaere, Janic Griffith, and Sergey Ukustov. Ameen is the CEO and has serious experience in the crypto space, working with ICOs that have raised $30M+. Another one of the four worth mentioning is Janice Griffith...maybe you have heard of her (sicko!), she is a pornographic actress and is part of the team, doing PR.
All in all, low-tier shitcoin for now. Not sure they have gained the traction they desired at first, but they are trucking along.
Hope you learned some shit.
- Mike and Aaron