A comprehensive guide to SpankChain and the SPANK token.
SpankChain aims to build an Ethereum blockchain-based platform offering content distribution and micropayments and other services for the adult entertainment industry. The platform has a staking token SPANK that generates another token, BOOTY, that can be used for transactions on SpankChain.
At the time of writing, you can buy SPANK on cryptocurrency exchanges using US dollars, BTC, Ethereum (ETH) and other ETH-based alt-coins.
Where to buy SPANK
You can buy and trade SPANK on various cryptocurrency exchanges, including the following:
A step-by-step guide to buying SPANK
For an example on how to buy SPANK on an exchange, follow the steps below.
Step 1. Create an account on a cryptocurrency exchange that allows trading with SPANK
Look for a cryptocurrency exchange that allows trading with SPANK, using either fiat currency or various cryptocurrencies. Choose an exchange based on your funding preferences.
An email address and password is usually required to sign up for an account on an exchange. When setting up an account, you might want to add two-factor security to protect your coins. Exchanges often require two-factor authentication.
Some exchanges require account verification for all accounts while others only require verification if you will be using fiat currency for trading. On some exchanges, additional documents such as a photo ID and contact telephone number might be required during the account verification process.
Step 2. Deposit funds into your account
You can skip this step if you already have an Ethereum wallet with available funds, since you can already start buying SPANK with ETH and other Ethereum-based coins immediately.
If you do not have an Ethereum wallet, you’ll require an exchange wallet to buy and sell SPANK. You must first generate a receiving address on the exchange wallet before you can deposit funds into your account.
The steps for depositing funds to your account varies between exchanges. You should look for a link to the exchange’s Deposit feature, where you normally choose your currency preference, and enter the receiving address on the exchange wallet.
Step 3. Buying SPANK
After your deposited amount appears in your account, you are ready to buy SPANK. Although the steps for buying SPANK vary slightly between exchanges, it normally involves going to the exchange’s trading page, selecting an appropriate trading pair (such as SPANK/ETC), specifying the type, size and price of the order and clicking a button to proceed with the transaction.
How to sell SPANK
The procedure for selling SPANK on exchanges is normally the same as when buying it, except that you click a “Sell”, instead of a “Buy”, button.
Which wallets can I use to hold SPANK?
Spank Wallet – formerly Vynos – is SpankChain’s own in-browser Ethereum wallet. Spank Wallet offers anonymity and support for payment channels that allow users to group payments into a single transaction, minimising transaction fees in the process. It will also allow direct payments of BOOTY and other ERC20 coins to performers.
SPANK is an ERC20 token and can be held using other ERC20-compatible wallets, including the following:
- Cipher Browser
- Ethereum Mist
- Ledger Nano S (and other Ledger Wallets)
How SPANK works
Led by a team of adult industry and blockchain veterans, SpankChain came out with the idea of a blockchain-based ecosystem for the adult entertainment industry in late 2017.
SpankChain’s business model envisions a Spankbank where performers and viewers can stake their SPANK holdings and mint BOOTY depending on their share of SPANK. Viewers use BOOTY to pay performers.
Aside from BOOTY, other ERC20 coins can also be used as payments on SpankChain. The amount of BOOTY that can be generated per SPANK is expected to increase as SpankChain becomes more popular.
There are three layers in the SpankChain ecosystem: Apps, Services and Core.
- The Apps layer includes partner sites, a camsite and a content marketplace. The camsite is already operational, although SpankChain aims to continue improving its infrastructure. The marketplace will become operational by Q4 2018.
- The Services layer will include indexing and search, age verification of models, an ad network and an interface builder that key performers can use to customise Platform apps at no cost.
- The Core layer will include a performer’s registry and payment channels that allow viewers to send payments directly to performers. Spank Wallet is also part of this layer.
What to consider if buying SPANK
You should be aware of the risks in cryptocurrency trading before buying SPANK, as cryptocurrencies are speculative and their prices are volatile. Consider the following factors when buying SPANK.
- Supply. Per CoinMarketCap, circulating supply of SPANK as of 14 February 2018 was 300,043,386 while total supply is a fixed 1,000,000,000.
- Use. You will need to lock down your SPANK holdings to mine BOOTY, which you can then use to avail of products and services on SpankChain. There are already performers using the platform as well. Demand for SPANK may increase if SpankChain proves to be popular.
- Performance. Awareness of the factors that led to the rise and fall of SPANK prices is important. For example, the launch of a new video platform in January 2018 led to an increase in the price of SPANK. It’s important to remember that past performance may not be a reliable predictor of future performance.
- New developments. Keep monitoring the news for SpankChain developments. For example, you should know that you can already use SpankChain by requesting an early access account on the platform.
- Future plans. Available for viewing on the SpankChain blog, the platform’s roadmap anticipates a busy 2018 for the development team. SpankChain’s immediate plans include releasing an SDK that will allow partner sites to integrate the platform’s wallet, allowing payment channels to send instant payouts to performers and partner sites, and launching a high-quality live video streaming infrastructure. SpankChain anticipates being fully operational by Q4 2018.
- Market competition. SpankChain seems to be the only blockchain-based platform of its kind, at least as of 14 February 2018. This might contribute to a growth in demand for SPANK.