SpankChain (SPANK)

SpankChain

Total supply	1.000.000.000 SPANK
Website	https://spankchain.com/

 Basics

• Launched on:
• From the CoinDesk 50:

"In the 1990s, porn was one of the first businesses on the internet to prove itself. And many have wondered if it might play a similar first-mover role in the blockchain era. In truth, that hasn’t quite been the case yet, as porn’s channels for distribution and payment are well established and not subject to legal problems that might be the reason for wholesale crypto adoption. Still, projects like SpankChain, the Ethereum-based adult webcam platform, show what’s possible. It lets performers monetize themselves and get a higher percentage than on fiat-based sites. And its Spank Pay function works as a crypto payment processor for adult performers, offering a useful workaround to new laws limiting the ways adult performers and sex workers can be paid."

Token

 ICO

• From this blog (30-8-2019):

"In November, SpankChain auctioned off 600 million SPANK tokens. 300,043,386 of those were bought by the initial backers of the SpankChain Network."

Token allocation

• From the whitepaper (23-10-2017)

"The SpankChain Genesis Contract will mint 1,000,000,000 SPANK tokens. The minted SPANK will be allocated as follows:

● Up to 600,000,000 SPANK will be distributed during our Oct. 31 token sale. Leftover SPANK tokens will be distributed back into our reserve.

● 160,000,000 SPANK will be distributed to founding team, team members, advisors, and early contributors.

● 240,000,000 SPANK will be reserved for platform subsidies, industry partners, strategic incentives, and additional fundraising.

SPANK tokens minted for allocation to founders, advisors, and early contributors, are subject to a one year time lock. The SpankChain team intends to keep 95% of SPANK tokens held in reserve locked up for a minimum of 6-months following the launch."

Utility

• From their website (24-5-2020):

"SpankChain utilizes a multi-token economic model, beginning with the SPANK token. SPANK is a staking token which can be utilized to mint alternative tokens offering specific payment and governance rights throughout the SpankChain ecosystem. The multi-token model is designed to abstract away ecosystem-wide coordination processes from mechanisms which meter platform usage rights."

• From this blog (30-8-2019):

"SPANK is a utility token. That utility is staking. Staking means locking it up in a safe (the SpankBank) for a designated amount of time. While it can be used as a form of payment, the true power lies in its ability to generate BOOTY. BOOTY 🍑 is the token used to pay the fees associated with using SpankChain services, the SPANK.live camsite being the first. Since SpankChain will always credit 1 BOOTY 🍑 as $1, this imbues BOOTY 🍑 with stability so performers won’t have to worry about paying fees with a token that might be worth 100x more in the future. SPANK will be locked away in the SpankBank for an amount of time you specify, but you never lose ownership. It’s available to transfer after the lock up period. Depending on how long you designate the lockup period, the SpankBank will mint a proportional amount of BOOTY 🍑 for you. Longer stake = more BOOTY 🍑. Larger stake = more BOOTY 🍑. BOOTY 🍑 can then be used to subsidize your fees (or used to tip other performers on SPANK.live)."

Stablecoin

• According (24-5-2020) to their website they also have a stablecoin within their multi-token model.

Tech

• Whitepaper can be found here.
• Code can be viewed [insert here].
• Programming language used:

Transaction Details

• Capacity (TPS):
• Latency:

Other Details

• Uses Connext, according to their website (21-4-2020).

Staking 

• Says they 'will develop a staking contract called the SpankBank'. Update: has been launched (30-8-2019).

 Their Other Projects

SpankPay

• From the announcement (31-7-2019):

"SpankPay, the cryptocurrency payment processor from SpankChain launches with its first two integration partners, SkyPrivate and JustFor.Fans. SpankPay offers a simple, seamless, low-cost way for users to consume adult content online. Users can use a number of different cryptocurrencies — including BTC, ETH, LTC, Zcash, Monero and most other top cryptos, for instant transactions and 1-click purchasing. Merchants can take advantage of SpankPay’s 0.5% transaction fees to lower costs and increase platform revenue."

Roadmap

• Can be found [Insert link here].

Audits

• Bug bounty program can be found [insert here].

Team, investors, Partnerships, etc.

Team

• Full team can be found here (24-5-2020).
• Ameen Soleimani; founder and CEO
• Wills de Vogelaere; founder & design
• Joe Urgo; advisor (District 0x)

Partners 

• From their website (24-5-2020): Machinomy, District0x and Connext.