When investing in virtual currency, you need to do your research. We provide you with reviews of each world top cryptocurrency out there, so that you can find the best crypto coins to invest in for you. This is a review of SpankChain.
Spankchain is a blockchain-based adult entertainment payment processing service. Their main goal is to prevent the unfair payment practices that exist in the adult entertainment industry today. So, this will be made possible by the usage of smart contracts, which in turn will remove third party intermediaries completely. The adult industry currently has a lot of issues with trust, security and transparency. Like any other industry which handles a lot of ad-hoc payments, the adult industry has a lot of issues with chargebacks due to fraudulent activities. Thus, cryptocurrency is a great way to solve this complex of problems as it prevents middlemen from meddling with payment flows.
The company has created SPANK, a token based on Ethereum’s ERC-20 protocol. This token will work as a staking token that can be used to mint alternative tokens and offer specific payment and governing rights within the SpankChain ecosystem. Apart from the actual cryptocurrency the technology ecosystem has three main functionalities. First off, the SpankChain Core is comprised of smart contracts and tooling. This provides the baseline functionality necessary to provide a streaming or content distribution application. It is in this layer that the user creates a profile and also handles the payment tools.
The SpankChain Services layer contains a package of auxiliary functions, who in turn adds amplified functionality to applications built upon SpankChain Core. Most importantly, these services would be payment channel hubs, age verification to ad network, affiliate network and as far as indexing/search function. Hence, this would be one of the most disruptive aspects of this project.
SpankChain Applications exist upon the SpankChain Core, utilizing different SpankChain Services. Thus, it will be the SpankChain Team that develops the ecosystem’s first application, namely a livecam service called just SpankChain.
We at CryptoWisser, believe that this project is one of the few fully operating full-scale blockchain services. It is disruptive enough to disrupt the somewhat static adult industry. But of course, as with any cryptocurrency project, one should exercise the utmost caution and believe that the team behind it will deliver according to their promises. Therefore, we would recommend reading a bit more in to their White Paper and keeping track of the team’s deliverables.
If you have concluded that this is the coin for you, congratulations! Buy SpankChain here.