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August 30, 2018
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The adult entertainment industry has always been at the forefront of new technological developments. Back in the 1970s, it was the adult entertainment industry that brought the VHS tape technology into the mainstream. In the 2000s, it did the same thing with DVDs. A few years after that, the adult entertainment industry was crucial to making streaming a mainstream phenomenon. Today, the industry is looking at tokenizing porn viewing — and this is good news for the cryptocurrency industry.
Tube8 is the website that will lead the way
Tube8 is a subsidiary website of the behemoth PornHub and boasts of 10 million members with 150 million page visits every single month. That is a huge amount of traffic. But rather than seeing this as an opportunity to charge people to watch porn, the Tube8 management is seeing a very different opportunity. Robin Turner of Tube8 is very enthusiastic about these latest developments. He mentions in an interview with Hard Fork that it has always been a dream for many people to get paid to watch porn. Up until recently, everyone had to pay for magazines and videos. The streaming revolution enabled people to watch all the adult entertainment they wanted to for free. Soon, the many online enthusiasts will be able to actually earn money for viewing their favorite pass time.
What is the Vice Industry Token?
The cryptocurrency token that users of Tube8 will be rewarded with is the Vice Industry Token (VIT). The token has recently been involved in some controversy, but it hasn’t stopped Tube8 from deciding to work with the team behind it. There are other blockchain projects out there doing the same thing as VIT, but they are not fully decentralized. The content found on Tube8 will be monetized through the VIT protocol. Although the token isn’t specifically designed for the adult entertainment industry, it is designed to monetize all kinds of streamed content online. Previously, people would log into the Tube8 site, watch a video or two, and then log off. With the introduction of the VIT tokens, they will be incentivized to engage more with the content by liking, commenting, and sharing. The VIT token has also formed a partnership with prominent figures like Stormy Daniels.
Technological hurdles ahead for Tube8
There are a few hurdles the project needs to overcome before the dream of getting paid to watch porn can become a reality. One of these is the scalability issue. There has long been a growing concern that the blockchain network is not fast enough to meet demand.
Networks like Ethereum can at present only handle 15 transactions per second. This is very little compared to credit card companies like Visa and Mastercard, who can handle tens of thousands of transaction each second. Given that Tube8 has 150 million page views every day, tokenizing this traffic will become an issue. Rather, Tube8 is looking t the Steem blockchain, which is able to handle 100,000 transactions per second. If Tube8 is successful in their experiment, it could see the entire PornHub Network becoming tokenized. This includes sites like PornHub itself (2.8 billion visits), as well as YouPorn (360 daily visits) and RedTube (510 million daily visits).
