This post was published on the now-closed HuffPost Contributor platform. Contributors control their own work and posted freely to our site. If you need to flag this entry as abusive, send us an email.
Often cited as the most fundamental invention in the recent era of computer science, blockchain paves a bright future for the world economy. I’ve previously written about these unparalleled disruptions in credit, banking, finance and governance and I believe a true revolution is underway.
Meanwhile, one of the hottest -- and most polarizing -- multibillion dollar industries has remained stagnant. It’s been left behind from virtually every financial advancement since the 1990’s.
Normally, a space like this would leave startups clawing for disruption as opportunistic entrepreneurs seek to capitalize on every tiny inefficiency that exists, yet, these development have not occurred.
Advertisement
I’m talking, of course, about the adult industry.
The space accounts for more than 30% of overall web traffic, exceeds $100 billion in global economic activity, and more than 75% of men and women partake monthly.
Researchers, writers, and entrepreneurs are quick to paint the adult sector as sort of “rogue” industry, rather than consider the serious financial and economic scale that it actually has. This has lead to flagrant abuses of rights for those in the industry.
The shocking reality is that an entire $100B entertainment industry has faced direct discrimination from banks, payment processors, and financial institutions. In 2014, JPMorgan Chase closed the bank accounts of several high profile stars and their families without clear justification. To avoid getting caught up in grey areas, Visa and Mastercard rarely process payments for the industry. And even Paypal frequently closes accounts and seizes funds of performers.
This level of financial discrimination and censorship would generally be flagged by human interest watch groups. Yet, these abuses have persisted despite the FDIC declaring it unconstitutional and in violation of the First Amendment.
Advertisement
Middlemen have entered the space, extracting exorbitant fees due to a lack of competition. Adult sites take between a 30-50% cut of performer earnings, and content marketplaces take a 40% cut or more. The problem isn’t getting better, it’s getting worse.
The Solution the Space Needs
After careful consideration, I’ve found only one viable project tackling these issues, SpankChain.
With a comedic appeal on the outside, SpankChain brings much needed technology to the adult industry. Privacy, security, self-sovereign identity, and economic efficiency are core pillars of the SpankChain infrastructure.
It’s more than just another adult site, the technology provides an underlying infrastructure layer that removes sizable barriers and inefficiencies in the space today.
If you look past the tongue-in-cheek messaging, there lies a powerful application layer that offers a suite of protocol level developments for the industry to overcome the artificial barriers imposed over the last decade. Payment channel hubs allow users to process payments for a fraction of the cost of traditional payment processors. Age verification systems allow sites to comply with all age verification laws in their respective jurisdictions. The company is developing a revolutionary video streaming infrastructure supporting a range of mobile devices.
Advertisement
Businesses built on their infrastructure can leverage their SDK to seamlessly create revolutionary products.
The team and product is strong and the community is taking notice. The founder, Ameen Soleimani, worked as a software engineer at ConsenSys for almost a year before leaving to start SpankChain. Joe Urgo, Co-founder at district0x, is advising the product on their marketplace activities through his firm, Sourcerers. Steven McKie, a crypto veteran of 5 years, and previous Head of Growth and Product Content at Purse serves as an advisor. Janice Griffith, a model, adult performer, and sex positivity activist serves as their head of PR.
Despite the flagrant abuse, lack of financial innovation, and years of being viewed as a rogue industry, developments are finally on the horizon. SpankChain may be the first project to create a global scale adoption of Blockchain technology where it’s critically needed.
Our 2024 Coverage Needs You
It's Another Trump-Biden Showdown — And We Need Your Help
The Future Of Democracy Is At Stake
Our 2024 Coverage Needs You
Your Loyalty Means The World To Us
As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.
Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we'll bring you hard-hitting investigations, well-researched analysis and timely takes you can't find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.
The 2024 election is heating up, and women's rights, health care, voting rights, and the very future of democracy are all at stake. Donald Trump will face Joe Biden in the most consequential vote of our time. And HuffPost will be there, covering every twist and turn. America's future hangs in the balance. Would you consider contributing to support our journalism and keep it free for all during this critical season?
HuffPost believes news should be accessible to everyone, regardless of their ability to pay for it. We rely on readers like you to help fund our work. Any contribution you can make — even as little as $2 — goes directly toward supporting the impactful journalism that we will continue to produce this year. Thank you for being part of our story.
It's official: Donald Trump will face Joe Biden this fall in the presidential election. As we face the most consequential presidential election of our time, HuffPost is committed to bringing you up-to-date, accurate news about the 2024 race. While other outlets have retreated behind paywalls, you can trust our news will stay free.
But we can't do it without your help. Reader funding is one of the key ways we support our newsroom. Would you consider making a donation to help fund our news during this critical time? Your contributions are vital to supporting a free press.
As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.
Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we'll bring you hard-hitting investigations, well-researched analysis and timely takes you can't find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.
Thank you for your past contribution to HuffPost. We are sincerely grateful for readers like you who help us ensure that we can keep our journalism free for everyone.
The stakes are high this year, and our 2024 coverage could use continued support. Would you consider becoming a regular HuffPost contributor?
Dear HuffPost Reader
Thank you for your past contribution to HuffPost. We are sincerely grateful for readers like you who help us ensure that we can keep our journalism free for everyone.
The stakes are high this year, and our 2024 coverage could use continued support. If circumstances have changed since you last contributed, we hope you'll consider contributing to HuffPost once more.