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Get paid to watch porn: the porn industry launches its cryptocurrency

Watching porn for free has always been a wonderful idea. Getting paid to watch porn? That would be heaven on earth. And no, I’m not kidding. Blockchain Company Vice Industry Token Inc. Said in an announcement on Tuesday that it had raised $22 million in Ethereum barely 24 hours after launching the crowdsale of its cryptographic Vice Industry Token (VIT).

There are two ways in which this works; first, it is a platform for you to watch your favorite porn videos and second, it is a cryptocurrency that rewards you for doing just that. Anyone who participates in viewing, adding, or curating content will get paid through VIT’s proprietary cryptocurrency.

Viewers can redeem tokens for discounts on premium content and “other services from leading websites.” Vice Industry partners with major industry brands that include Penthouse and Exxxtasy.

Traditionally in the porn industry, people have always paid to watch content, either through subscription and or pay per views. The popularity of ‘tube’ sites saw a paradigm shift towards free viewing. It gets even better now that you are the one getting paid to jerk it off as much as you please.

Porn is a multi-billion dollar industry. Vice Industry Token is your chance to get a bite of the apple, and all you only need to do is watch porn. Simple. As they say, the revolution will not be televised.

How does it work?

To begin with, the blockchain-based solution rewards content creators when they get views on their content without connection to advertising revenue, or an arbitrary set of rules. It is built on Steem blockchain which uses a “proof of brain” algorithm to foster viewer engagement. Because the whole idea is to get the user’s attention, video content creators will earn more depending on the quality of their videos.

For viewers, you (apparently) need to watch x-rated content, then redeem tokens for discounts on premium content and other services from leading websites like Penthouse. Because it is a form of digital currency, it uses encryption to ensure transactions are secure as well as control the creation of new units. Viewers will be able to generate the Bitcoin-like crypto cash for VIT and their use as they watch ‘dirty’ porn videos.

VIT founder Stuart Duncan said that they are ‘excited to see the positive response to our groundbreaking platform through our token sale,’ he said. “The support of our community is key to our success, and this is just the beginning.”

The digital currency uses cryptography, which is a secret coding- to ensure a secure transaction process. To accumulate VIT, users will be asked by producers to perform specific actions that have been outlined by the site curator on all participating platforms.

Challenges at hand

The industry has been using the same model for over a century, where the viewer pays to watch to watch a piece of quality porn video. However, people became less inclined to pay to watch content, and the focus shifted to working with advertisers. This meant that users no longer needed to pay for content, but were instead bombarded with ads and spam emails. The challenges include:

Too many hands in the pot

It is not as simple as an advertiser paying a content producer. Most of the times, the advertiser pays an advertising company, who then payS the agent of the content’s producer. Eventually, the revenue trickles down to the content producer. Throughout the whole chain, each player gets a piece of the cookie. Since the content producer doesn’t own or control the distribution network, they end up getting a tiny cut. If you are a content creator, this model will not offer you an incentive to produce high-quality content when you are getting so little of the share.

It’s not all about the viewer

With the viewer not paying for the content, it means that the advertisers are the ones in control. That includes calling the shots on what content gets sponsored. The advertisers decide which content will be put up for free. Granted, the viewer doesn’t need to pay anything to watch the videos, but that doesn’t mean they will be watching what they would like to watch. At best, viewer concerns are secondary.

Limited user engagement

Most porn platforms bombard the viewers with ads. That doesn’t necessarily mean that viewers watch those ads. If anything, viewers mostly install blocking software’s to escape the ads in the first place. That begs the question, do the advertisers get the value for their advertising dollar? With the ad-supported free viewing model as a porn industry standard, advertisers are forced to show lengthier ads in a bid to capitalize.

Conclusion

It is after considering all the above challenges that Vice’s team is offering a cryptocurrency token for the Vice Industry that rewards all aspects of engagement in the newly emerging Attention Economy. Vice tokens are generated as a direct result of user engagement on a “proof of brain” basis. It is a win-win situation for everyone.  The viewer gets paid for watching content, and the content creation gets incentives for creating high-quality content.

There will never be a better time to watch porn!

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