With the Bitcoin now a greatly coveted currency (but looking dangerously closer to popping its economic bubble), many people are trying to create a new electronic currency to match it. Stuart Duncan is one of those people.
Stuart Duncan is the CEO of a new tech company called Vice Industry Token. They are presenting the Vice Token as a new electronic currency, and they are trying it out with porn viewers.
The idea is that people will go to their new porn site, and will get paid Vice Tokens to watch porn on the site. Then, they will be able to use the currency to get discounts (or to pay fully if they have enough coins) on sex toys, magazines, and other sites's porn.
On top of that, Duncan hopes that the coin will eventually be used by enough people to be acknowledged by banks and such. If that happens, people with Vice Tokens will then be able to trade the VITs for physical cash.
Duncan spoke to GayStarNews to discuss the system for the currency (which starts tomorrow, February 20) and its possible future.
“Using blockchain technology, our new model ensures content producers get a reward for creating content. Then curators get a reward for identifying relevant content. But most significantly, viewers get a reward for watching porn.”
“You earn VIT tokens through the act of liking content. But eventually, you’ll be able to buy and sell VIT from and to each other.”
Again, this currency is brand new, so there’s no guarantees it’ll work out. Plus, the company is still trying to raise itself up on little funds.
It looks like Vice Token will get paid by having porn companies become partners. Then, their porn will legally show up on the site and not be illegally uploaded like on Pornhub or XHamster.
That said, Vice Token only has one partner at the moment creating gay porn (Playmen). While Duncan is sure the site will eventually have “all kinds of porn,” this doesn’t bode well for them developing a gay audience.
But, Duncan remains hopeful.
“People are always going to watch porn – it’s a booming global business. The current advertising-driven model is hugely flawed. In contrast, the Attention Economy model lifts the bar for everyone involved.”
He even goes further to say Vice Industry Token will make porn better:
“It rewards viewers for authentic attention, and incentivizes producers and curators to develop high quality, engaging content for which viewers will be willing to pay real attention.”
The site officially releases info on how the system will start tomorrow, but we still have our doubts.
With where the site and company are now, people will be paid an unestablished electronic currency, and there’s only one type of gay porn available.
Ultimately, Vice Industry Token is a time/financial risk whose worth will have to be decided on by porn producers and viewers. Then, time will tell if they were right.