Crypto’s WankCoin Seeks To Solve Adult Entertainment Market Transaction Problemsbr>
Adult entertainment has long been known as a venue for emerging technology. Now, technology company Foshan, which spearheaded projects in online dating, webcam streaming and virtual reality in the multi-billion dollar sector, has dipped into the cryptocurrency market with the cheeky WankCoin, now used on more than 100 adult entertainment websites.
WankCoin is a virtual currency that runs on the ethereum blockchain, eliminating some of the biggest concerns for those enjoying adult entertainment, including the sale of personally identifiable information, data breaches, explicit names and terms appearing on statements, charges for products not purchased, billing after cancellations, and blind one click agreements. WankCoin allows consumers to enjoy content from hundreds of categories all while preserving anonymity.
“Foshan has a history of recognizing consumer pain points and leading the charge to offer cutting edge ways to improve user experiences,” said Bradley Phillips, managing director of Wankcoin. “When it comes to enjoying adult content, keeping your identity private and information secure is a continuing consumer concern, which is where WankCoin originated. Because a customer’s data will never be shared with a merchant, users do not have to worry about a potential data breach, blackmail, or secret fetishes being revealed. Innovation is in Foshan’s DNA and early on we recognized the benefits utilizing cutting edge technology like blockchain would provide the adult industry and we were the first business to apply it to make purchasing adult content anonymous and untraceable.”
Phillips talked with BlockTribune about the cryptocurrency.
BLOCK TRIBUNE: Where did the idea originate?
BRADLEY PHILLIPS: The discussion about creating a payments solution for the Adult Entertainment Industry began here late in 2010 when Epassport, the main player in the adult affiliate payouts game, had their relationship with Visa terminated. The story is pretty infamous, tens of thousands of affiliates had their accounts frozen and millions of dollars were lost. We had no intentions of becoming a bank, but felt that there was a solution out there somewhere that we could use to help solve the situation. At the time bitcoin was fairly new and there was very little adoption, the power of blockchain technology simply was unknown.
As time passed, and bitcoin started to gain steam, it became a discussion point with our team, with some of us mining coins and some of us exploring the viability of it as an investment. Pretty soon, our research led us to learn exactly how blockchain technology works, how it provides a level of anonymity, a level of security, and a mechanism for holdings to continue to grow over time.
At first we thought of a coin backed by blockchain technology, as a way for professionals in the industry to transact business and hold balances without the crutch of a payment system limiting what they could spend, or what they could withdraw, and without the risk that someone like Visa could simply squash the program at an instant. As the idea grew, we realized that the potential of the technology was far bigger than that and that the entire process of how business was transacted in the industry could be serviced by one solution that did not require intermediaries.
Our team explored the entire flow of payments, from a customer purchasing a product or service, to the merchant payout to affiliates, ordering content, paying models and actors, paying for advertising, etc. We realized that the industry had been grossly underrepresented by the world of financial transactions, that the services in this area charged way more to work with adult related companies and workers than other industries, and that many of the players that serviced the industry were short lived and caused more problems then they solved.
BLOCK TRIBUNE: Where do you go to buy it?
BRADLEY PHILLIPS: WankCoin is a simple and effective payment solution that allows money to flow within the Adult Entertainment Industry without the normal high transaction cost merchants are used to, without the risk that your significant other will spot the name of an explicit site on your credit card statement and without the risk that you account will be closed down due to the industry you interact with.
Anyone who is of legal age and eligible to purchase or own cryptocurrency can go to wankcoin.com, create an account, and purchase WankCoin. The coins can then be used by consumers to make purchases on more than 100 top adult brands, merchants can use coins to transact business with each other simply by transferring WankCoin from one wallet to another, without the delays checks and wires cost and without the fees that traditional credit card payments carry.
For more information on buying WankCoin, interested parties are encouraged to visit wankcoin.com/buy to read about the various bonus levels included in the token sale.
BLOCK TRIBUNE: How big a problem in the industry are (were) data breaches?
BRADLEY PHILLIPS: So, I think it is fair to say that data breaches are a big problem in any industry. We have seen over the years, just how much damage a loss of customers personal data can be to a company, or even an industry. Now, when we look at Adult Entertainment, I think it is fair to say you have to multiply the size of the issue ten fold! The reasons for this are pretty easy to see and to understand.
First off, a large part of the population has always and will always frown upon anything to do with adult entertainment. People are certainly open to having their own opinions, but it puts the industry in a permanent negative light with respect to how any industry news is perceived by the general public. Secondly, the adult industry has garnered a very negative image with respect to consumer confidence. Even amongst consumers who openly embrace adult entertainment, there is always the assumption that they are likely transacting with shady individuals and a hesitation to provide any personal information at all. Additionally, while a data breach in the adult space is likely to supply the perpetrator with little information other than a screen name, email address and password, the ramifications on a personal level are profound. The scary part is not that someone can access your membership on site A or site B, it is that the person who now holds your information could expose the fact that you are a member of site A or B; a profound fear of having your tastes or desires exposed to the world, or simply to your significant other.
BLOCK TRIBUNE: Have sales gone up for sites that are using it?
BRADLEY PHILLIPS: For the sites that we control, I can tell you that the adoption of cryptocurrencies in general as a payment option has been a positive experience. Our data and feedback show us that cryptocurrencies including WANKCOIN have resulted in us capturing customers who would otherwise not have become members. So, yes they have. The main reasons cited are the lack of the purchases being traceable to a specific individual, and the assurance that the merchant can not overcharge, upsell, or rebill the customer without them affirmatively taking action to send payment.
BLOCK TRIBUNE: Is this available for any kind of adult site? Are there any restrictions?
BRADLEY PHILLIPS: Like any responsible business, we understand that just because WankCoin allows for fast, cheap, secure and anonymous payments, that doesn’t absolve us from any responsibility to comply with certain standards of practice, regulations and even our own moral standards. WankCoin is available for any adult entertainment site that operates in a legal manner, targets an audience in a jurisdiction where adult material is legal, restricts access to content from minors and provides adequate service to their customers.
BLOCK TRIBUNE: Are the coins exchange traded? If not, any plans?
BRADLEY PHILLIPS: The coins are currently not listed on exchanges. Over the next few months, 75% of all WankCoin will go into circulation through both the swap of old SHA256 coins to the new tokens, and the token sale. When the token sale is nearing completion, the WankCoin team will work diligently on the process of ensuring the coin can be traded on trusted and popular exchanges.
BLOCK TRIBUNE: How many coins are in circulation?
BRADLEY PHILLIPS: Currently there are just shy of 100 million WankCoin in circulation, the completion of the exchange of old WankCoin to new ERC20 WankCoin will bring that number to over to over 500 million.
BLOCK TRIBUNE: Who controls WankCoins? Any plans for them beyond facilitating adult site access?
BRADLEY PHILLIPS: WankCoin are controlled by the holders of the coin, their use will guide future development, but the WankCoin team is a large group of very experienced programmers, developer and business people who have vast ambitions with goals that go far beyond just the adult space. Already, the WankCoin team is a leading force in pushing the boundaries of Virtual Reality content production. For the last 18 months we have been developing processes that use machine learning to automate tedious tasks and can generate far superior results that human input. We are beginning to work on Augmented Reality, which we feel is the next step in enhancing the interaction between individuals, and soon we will bring all the projects together to create an environment where social interaction, whether intimate or not, includes not only VR and AR, but artificial intelligence and robotics as well.