Proof of Smut - Blockchain Porn

Proof of Smut – How the Blockchain May Redefine Porn

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We discussed in an earlier article how the blockchain has firmly laid classical economics to rest.

In that article we referred to the profound implications that arose from the success of the Steemit experiment – a website which pays both bloggers and their readers by means of the Steem cryptocurrency which is essentially created from thin air as a function of the volume of content created and the number of users using the platform.

The implication is that it is the content itself which gives value to the underlying cryptocurrency. Something which, as it happens, appears to lend some weight to Marx’s Labour Theory of Value.

So it wasn’t long before someone deduced that, if Steemit proves that people can be paid to read articles, they undoubtedly can be paid to watch porn.

The fact that this can all be done without it costing anyone a penny is something which runs against our intuition. If a website’s business model is to pay its viewers to watch its pornographic content, you would be forgiven for expecting that it might go out of business very quickly.

But, as the implications of blockchain technology continues in its obliteration of some of our some basic assumptions, it really is now simply a case of waiting for someone to put the idea into practice.

That someone is a man who goes by the name of Stuart Duncan who concluded a successful ICO sale of his VIT token in the first half of 2018, raising around $15 million USD in the process.

Steem Fork

The capital from the VIT ICO is now being used to finance a fork of the Steem blockchain in order to adapt the underlying technology to the specific requirements of porn consumption model. The plan, as Duncan conceives it, is to put in place a series of partnerships with existing pornography sites which, it is hoped, will integrate the VIT token – not as a method for which those sites will receive payment from its viewers, but rather as a method in which viewers will be paid.

The VIT token will need to be integrated not as a method for which those sites will receive payment from its viewers, but rather as a method in which viewers will be paid

The irony of the situation is that Duncan’s biggest challenge here will likely be in the work required to convince these platforms of the legitimacy of the business model he is proposing.

Approaching a pornography site and offering them a partnership where you pay their viewers on their behalf will likely seem like such a pie-in-the-sky proposition, you may not even get in through the door. It is one of the many fascinating fall-outs of blockchain technology.

It is, furthermore, a second paradigm shift in how blockchain technology will apply to the monetisation of pornographic content. It wasn’t too long ago that cryptocurrencies were being embraced as a novel method of paying for porn largely because of their ability to offer up an entirely anonymous payment method.

That, however, has now changed – thanks to Steemit. And, as Duncan’s VIT venture announces its first partnership with porn-star Steemy Daniels, along with another twenty or so websites that form part of the Darkreach Communications porn network, the future looks promising indeed for the blockchain porn start-up.

There are, however, some sceptics – the Steemit website thrives in part from its collaborative nature. It has built up a community of contributors, curators and oracles (wiser heads whose judgement is handed more weight by the blockchain’s algorithms in determining what makes for good or bad content). And it is this community aspect which is arguably the most critical aspect in the success of the Steemit model. Consequently, it is likely that VIT may need to ensure that it incorporates something similar for its new proof-of-smut model.

Whether VIT will be pushing its model in the direction of amateur porn remains to be seen. But if it is indeed a success, there may yet be wider implications again. According to one estimate, as many as one in six male adults may have some kind of unhealthy addiction to pornographic content, a phenomenon that will likely only be compounded in a context of paid-to-view porn.