Connect with us

Market News

Pornhub Partner Site Tube8 Announces Partnership With Vice Industry Token

Published

on

Tube8, a Pornhub subsidiary with over 150 million page visits every month, wants to incentivize consumers’ porn-watching habits with cryptocurrency.

The company revealed it has entered an agreement with Vice Industry Token (VIT) that will see its entire platform tokenized. The collaboration will enable users to earn VIT tokens for streaming and interacting with Tube8 videos.

The token implementation is planned to begin at some point before the end of the year. The announcement makes Tube8 the first major adult platform to adopt token-based rewards and actually pay its users for interacting with the content.

Some context first:

The adult entertainment industry has long been known as pioneers of early technology. This goes back to porn studios first emerging as a legal workaround to enable sex work—as long as there’s a camera.

This announcement is notable for the sheer number of users who actively use the site. It’s the first major test that will actually yield important data about whether this time of crypto business model works in practice.

According to Tube8 spokesperson Robin Turner, “For as long as I can remember, getting paid to watch porn was always a pipedream; one that was always dreamed about, but never fully realized. Now however, with the introduction of VIT, we are marking a paradigm shift in how people consume adult entertainment.

As opposed to having to fork over money to consume content, which some sites require, our users will get paid to consume our free content,” he continued. The more they interact with our videos, the more money they earn.”

Tube8 did not elaborate on how its crypto-rewards will be calculated, but odds are the platform will set certain reward limits to prevent users from gaming the system for profits.

One thing users won’t have to stress about is paying extra fees to use their tokens. Turner emphasized this fact repeatedly when he said, “There are no fees but [Tube8 and Vice Industry Token] will hopefully benefit mutually by expanding their user bases and increasing engagement with their respective products through this collaboration.”

The choice for Tube8 to alter its platform with a fresh user engagement model makes sense, but the rationale for partnering with Vice Industry Token begs some important questions – especially when one considers in the heated controversy the token distributor itself was recently embroiled in with Tube8 parent company pornhub.

Rober Turner spoke on this matter when he said, “VIT offers Tube8 a way to reward their viewers by monetizing content through the VIT protocol. Whereas before, users would log in, watch a few videos and leave, VIT incentivizes them to create an account and interact with the content to generate Vice Tokens.

It is the only cryptocurrency that is designed specifically for tokenizing and rewarding viewers of free content on tube sites,” the Tube8 spokesperson continued. Anyone can earn VIT and anyone can buy VIT.”

Despite Tube8’s insistence that Vice Industry Token is the only solution specifically built for integrating token-based rewards, there are tons of other blockchain startups providing similar services – though not all of them are fully centralized (which nullifies some of the biggest advantages of using blockchain in the first place).

That said, Vice Industry Token has managed to strike deals with a number of adult industry household names, including a collaboration with Donald Trump whistleblower Stormy Daniels. So there is clearly something that is making the offering attractive to industry insiders (and hopefully that is not Vice Industry Token’s sales team).

Although this is mere speculation, one theory is that since VIT originated from the executives behind adult industry behemoth Hustler, it is possible that they have connections with alot of industry figures that eased the transition to a blockchain based business model. If you’ve done business with someone before, it’s easier to take a leap of faith.

There’s also the fact that cryptocurrency and blockchain technology in general is so “in” right now.

According to Turner, “Tube8 has over 10 million registered users who frequent the platform regularly Considering the popularity of cryptocurrency right now, it only made sense to pay them for watching, and interacting with, our videos. We value their attention and want to keep them coming back for more!”

There’s no doubt that rewarding users for their kinks is an offering likely to arouse the interest of many consumers across the globe. But given their ambitious goals and user base, Tube8 and Vice Industry Token have got some equally hefty technological hurdles ahead of themselves if they want to succeed.

The first of these undoubtedly is scalability.

While tokenizing a platform with a 10 million-strong user base and 150 million monthly visits sounds good, it is by no means an easy task. In fact, this would be nearly impossible on common blockchain networks like Ethereum, and this is according to co-founder Vitalik Buterin himself.

At present, Ethereum can handle roughly 15 transactions per second – far less than Tube8 would need to keep its millions of horny users properly rewarded consistently.

While Vice Industry Token has announced plans to migrate to a forked version of the Steem blockchain (which is more commonly known as Graphene) that purportedly can handle a throughput of 100,000 transactions per second, its VIT token is still based on Ethereum. The company ran an initial coin offering (ICO) on the Ethereum network, offering VIT as an ERC20 token.

Given that (as an ERC20 token) VIT suffers from the same problems that Ethereum does, the only way to fully tokenize Tube8 without clogging the entire blockchain would be by giving up decentralization – and running the VIT reward-based integration on Tube8 through a centralized server. This would completely defeat the point of moving the platform to a blockchain in the first place.

That said, these workarounds have arguably served as experiments in blockchain technology; and some companies may find this worth the risk if it means they will be on the bleeding edge of technological progress.

When asked about its plans to deal with the Ethereum-specific technological obstacles of its Vice Token integration, Tube8 suggested VIT has successfully transitioned to Graphene, and is no longer running on Ethereum.

Robert Turner further elaborated upon this as well, saying, “VIT’s blockchain, based on Graphene, can indeed handle the number of transactions required with no fee unlike Ethereum. VIT uses DPoS [Delegated Proof-of-Stake] and is fully decentralized. It is the only true working fork of Steem in existence.”

But according to Vice Industry Token reps on Telegram, VIT still operates on the ERC20 protocol. Even VICE CEO Stuart Duncan seems to agree on this point. “Everyone needs to understand there are a lot of moving parts to get Graphene as a software fork of Steem to run our platforms”, Duncan told VIT holders back in July.

Among other things, Duncan admitted on Telegram that one of the main roadblocks ahead of the Graphene migration is making sure the VIT-powered fork of Steem is completely bug-free. He also added the company is working hard on fixing so called “minor” bugs in a blog post from last month.

It goes without saying that this job might need more then a well-endowed pizza man knocking at the front door.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
2 votes, average: 3.00 out of 52 votes, average: 3.00 out of 52 votes, average: 3.00 out of 52 votes, average: 3.00 out of 52 votes, average: 3.00 out of 5 (2 votes, average: 3.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.6 stars on average, based on 17 rated posts




Feedback or Requests?

Click to comment

You must be logged in to post a comment Login

Leave a Reply

Market News

Japanese Cryptocurrency Exchange Zaif Suffers $59 Million Hack

Published

on

The Japanese cryptocurrency exchange Zaif was reportedly hacked for almost $59,000,000. This is not the first time the exchange has struggled with vulnerabilities or technical flaws in its system.

The most notable example of this history occurred back in February when a system glitch enabled customers to buy cryptocurrency for free. At the time, users of the exchange complained about the sites poor backend performance and a general lack of support throughout the whole ordeal.

Unlike this former glitch, this hack could prove to be a much larger issue for Zaif and could potentially lead to its shutdown. This is mainly due to the fact that Japanese regulators have significantly heightened their overall scrutiny of domestic exchanges since Coincheck was hacked for $530,000,000 yen.

The Zaif hack occurred on Sept. 14 but was apparently not discovered until Sept. 17. The hackers managed to steal various amounts of Bitcoin, Bitcoin Cash, and Monacoin from the exchange’s hot wallet, which was collectively worth about 6.7 billion yen (or just under $60 million).

Zaif has stated however that the efforts to re-enable deposits and withdrawals by are already well underway. The exchange has also reported the hack to the Japanese Treasury Department (who are ostensibly already investigating the incident)

Zaif also claims to have already made damages declaration to the relevant authorities. An official statement put out by the exchange said, “Currently, we are checking and strengthening security and rebuilding the server in order to restart the system.”

Zaif has additionally notified Japan’s Financial Services Agency, as well as invited a third-party investigation firm known as the Kaichi Corporation to review possible causes of the hack and to trace the steps the hackers took to carry it out.

The most concrete step that they have taken so far is to announce that the managing team that oversaw the exchange during the hack. This is seen in the following official statement:

“All of our management team takes seriously that our valuable deposit assets have disappeared due to this hacking damage. As a result, even if the virtual currency equivalent to customer’s assets can be prepared by the above-mentioned funding etc., the concerns and inconveniences given to customers are tremendous.

As a result, our current management team has responded with full power to this matter, and we are fully committed to preserving the customer’s assets and fulfilling our obligation to hand over control to the management team of the Fiscal Group, which acquires a majority of control. We will retire our officers as a management responsibility.”

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.6 stars on average, based on 17 rated posts




Feedback or Requests?

Continue Reading

Market News

Market Update: Dow Jones Hits Record High; Cryptocurrencies Hold Their Ground

Published

on

The Dow Jones Industrial Average notched record highs on Wednesday, as global bond yields continued to rise amid heightened trade tensions between the United States and China. Meanwhile, cryptoassets were little changed amid news that Fidelity Investments was preparing to unveil new crypto offerings this year.

Stocks Settle Mostly Higher

Strong gains in financials and materials stocks propelled the Dow to record highs on Wednesday. The blue-chip index climbed 158.80 points, or 0.6%, to close at 26,405.76. Financial blue-chips JPMorgan Chase & Co (JPM) and Goldman Sachs Group Inc. (GS) were the Dow’s top performers.

The broader S&P 500 Index edged up 0.1% to 2,907.94. The S&P’s financials index rose 2%.

Meanwhile, the Nasdaq Composite Index fell 0.1% to close at 7,950.04.

Bond yields rose across the board Wednesday as markets fully priced in a Federal Reserve interest rate hike next week. The yield on the 10-year U.S. Treasury rose back above 3% en route to fresh four-month highs. Germany’s 10-year Bund jumped to 0.5% for the first time in three months.

Oil Prices Rise on Supply Concerns

Crude oil was back on the offensive Wednesday, with U.S. futures prices surpassing $71 a barrel after government data showed a fifth weekly drawdown in commercial inventories. The U.S. Energy Information Administration (EIA) said commercial crude stocks fell by 2.057 million barrels in the week ended Sept. 14. Stockpiles fell nearly 5.3 million barrels the week before.

Gasoline demand, which normally falls in autumn, was estimated at 9.5 million barrels in the latest week as consumption continues to hold near summer levels.

The West Texas Intermediate (WTI) benchmark for U.S. crude reached a high of $71.63 a barrel on the New York Mercantile Exchange. It would later settle at $71.19 a barrel for a gain of $1.34, or 1.9%. Brent crude, the international futures contract, rose 16 cents, or 0.2%, to $79.19 a barrel.

Cryptocurrencies Hold Steady

The cryptocurrency market hovered around $200 billion on Wednesday as bitcoin and the major altcoins traded within a relatively narrow range. Trade volumes were down 17% compared with Tuesday.

The CEO of Fidelity Investments, the world’s sixth-largest asset manager, has confirmed plans to unveil a suite of crypto- and blockchain-based products later this year.

“We’ve got a few things underway, a few things that are partially done but also kind of on the shelf because it’s not really the right time,” Abigail Johnson, Fidelity’s CEO, told Boston Fintech Week on Friday. “We hope to have some things to announce by the end of the year.”

Fidelity has been active behind the scenes researching cryptocurrency and mining bitcoin and Ethereum. While Fidelity’s mining operation turned out to be highly profitable during the bull market, the practice was intended to yield a better understanding of cryptocurrency networks and consensus.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.6 stars on average, based on 604 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




Feedback or Requests?

Continue Reading

Market News

Fidelity Investments Entering Crypto as Debate Over ‘Institutionalization’ Grows  

Published

on

One of the world’s biggest asset managers is planning to launch new cryptocurrency offerings by the end of the year, the latest evidence of a broad institutional push to bring digital assets mainstream.

Fidelity to Enter Crypto

Fidelity Investments, the world’s sixth-largest asset manager, is developing a new suite of crypto- and blockchain-focused products, according to CEO Abigail Johnson.

“We’ve got a few things underway, a few things that are partially done but also kind of on the shelf because it’s not really the right time. We hope to have some things to announce by the end of the year,” Johnson told the Boston Fintech Week conference on Friday.

While details remain scant, Johnson said Fidelity’s forthcoming offerings aren’t what she expected when her firm first began researching the space.

As CCN quotes:

“What we started with was building a long list of use cases for either bitcoin, Ethereum, other cryptocurrencies, or potentially just raw blockchain technology. Most of them have been scrapped by now or at least put on the shelf. The things that actually survived were not the things I think necessarily we expected. We were trying to listen to the marketplace and anticipate what would make sense.”

As Hacked reported last October, Fidelity appears to have been one of the first major institutions to mine cryptocurrency. At the time, Johnson acknowledged that her company’s U.S.-based mining operation is “making a lot of money” but the real motivation was to learn how networks and consensus operate.

Crypto Adoption Grows but Questions Remain

With $2.5 trillion in assets under management, Fidelity is one of the biggest players in global finance and its entry into cryptocurrency will provide an instant legitimacy boost to the sector. Despite the recent market downturn, large institutions ranging from Goldman Sachs to Intercontinental Exchange have announced new crypto ventures all designed to bring digital assets to mainstream circles. Although the pace and timing of these initiatives varies, the underlying trend remains overwhelmingly in favor of greater adoption, not less.

Some analysts have warned that the institutionalization of cryptocurrencies such as bitcoin undermines the core mandate of peer-to-peer money. This view was recently conveyed by Andreas Antonopoulos, who argued that the inevitable rise of the bitcoin exchange-traded fund could do more harm than good.

“ETFs fundamentally violates the underlying principle of peer-to-peer money, where each user is not operating through a custodian but has direct control of their money because they have direct control of their keys,” Antonopoulos said.

At this stage in the game, evaluating the impact of institutional money on cryptocurrency isn’t an exact science. Several analysts have noted correlations between, say, the launch of bitcoin futures and the meteoric drop in prices, but establishing causality is less credible given the small size of the futures market relative to trading over-the-counter and on digital exchanges. It has also been relatively easy to show the positive impact of bitcoin futures on volatility. As Diar points out, bitcoin’s volatility has declined sharply since December.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.6 stars on average, based on 604 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




Feedback or Requests?

Continue Reading

Recent Comments

Recent Posts

A part of CCN

Hacked.com is Neutral and Unbiased

Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

Trending