Adult Website Tube8 to Reward Users With Crypto for Watching Its Content

Omar Faridi
  • Porn website Tube8 is planning to reward users with cryptocurrency for watching videos on its platform.
  • Vice Industry Token (VIT), an adult entertainment cryptocurrency, will be used to reward its users.

Adult entertainment website Tube8, owned Pornhub’s parent company MindGeek, recently moved to to start rewarding adult content viewers with cryptocurrency.

Currently, Tube8 attracts over 150 million visitors to its webpages each month. It has over 10 million registered users, and is planning to place its porn streaming platform onto a blockchain-based network.

In a message sent to Hard Fork, Tube8’s management stated it had partnered with Vice Industry Token (VIT), an adult entertainment crypto and blockchain provider, in order to completely tokenize its platform.

Offering Crypto Rewards

Reportedly, this partnership aims to let Tube8’s users receive VIT tokens for simply watching videos on its website. According to the adult website’s announcement, the crypto token implementation phase is scheduled to start towards the end of this year.

Notably, with this initiative, Tube8 is set to become the first major pornography website to offer crypto rewards to its users for merely watching its content. Compared to other online service providers, the adult entertainment industry has historically been a lot faster at adopting new technologies.

In fact, the popular “Girls Gone Wild” series led to the mainstream introduction and adoption of cable TV. Additionally, in the early 90s, peer-to-peer (P2P) file sharing programs became popular because a lot of people were using them to distribute pornographic films and images.

A "Paradigm Shift"

With this recent development, MindGeek’s Tube8 subsidiary could see its 150 million monthly users help pave the way for an increasing number of people adopting cryptocurrencies, not only in the porn industry, but possibly in others as well.

Robin Turner, a Tube8 representative stated, 

“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.”

Robin Turner

Turner added, 

“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. The more they interact with our videos, the more money they earn.”

Although Tube8 did not comment on the way its tokenized rewards system would calculate rewards, it is likely there will be some limit to what users can earn. The limit may be placed in order to make it difficult for users to exploit Tube8’s platform for large profits.

According to Turner, there will be no extra charge or fees associated with using VIT’s crypto tokens, but both Vice Industry Token and Tube8 aim “to [expand] their user bases and [increase] engagement with their respective products through [this] collaboration.”

While this initiative may seem promising for Tube8 and MindGeek, which also partnered with the Verge (XVG) platform earlier to allow users to pay for porn with XVG, there are some red flags.

Playboy Lawsuit

On August 13, reports revealing Playboy Enterprises, the company that introduced the popular softcore porn magazine Playboy, had filed a lawsuit against Global Blockchain Technologies (BLOC) for not following through on its commitment to incorporate Vice Industry Token’s VIT cryptocurrency into Playboy’s online website emerged.

Despite all the controversy, a Tube8 representative said that the company believes “[VIT] is the only cryptocurrency that is designed specifically for tokenizing and rewarding viewers of free content on tube sites.” Notably, Vice Industry Token has also partnered with pornstar Stormy Daniels who made headlines after claiming that she had an affair with US president Donald Trump.

Weekly Newsletter

Trans-Fee Mining Crypto Exchange 'FCoin' Insolvent After Mistakenly Being Too Generous

One of the first cryptocurrency exchanges to adopt the controversial trans-fee mining (TFM) model, which has been called a “disguised ICO” has paused trading and withdrawals over a shortage of crypto worth up to $130 million.

According to a statement published by FCoin’s founder Zhang Jian, a former Huobi CTO, the exchange is now unable to process withdrawals as its reserves are down by between 7,000 to 13,000 bitcoin, worth over $130 million at press time, over an issue that’s “a little too complicated to be explained in a single sentence.”

Zhang’s statement details the cryptocurrency exchange wasn’t hacked, nor is it pulling an exit scam on its users. He detailed that an internal system error gave users more mining rewards than they should have received, noting the error wasn’t detected for a long period of time.

The transaction-fee mining model, which saw FCoin’s trading volume surpass $5 billion per 24 hours numerous times, sees the cryptocurrency exchange incentivize trading via its own token, FT. FCoin reimbursed users for transaction fees paid in BTC or ETH with FTs until 51% of the coin’s supply was distributed, and redistributed 80% of the BTC and ETH it collected to those holding FT tokens.

The controversial model drew criticism and saw Zhang defend it, claiming it was a misunderstood invention. At the time, he said:

If you look back at history, all new things were not recognized at the beginning. Many were believed to be fraud. Jack Ma was recognized as a fraud when he first promoted the internet in China.

Various cryptocurrency exchanges started adopting the TFM model shortly after, with research showing these platforms had unusually thin order books and low traffic taking into account the trading volumes they had.

According to Zhang, the errors in FCoin’s system gave away too many tokens in mining rewards from mid-2018 to mid-2019, when a complete back-end auditing system was implemented. As throughout 2019 the price of FT kept on dropping, Zhang and his team reportedly used their own funds to buy back tokens and drive up demand, a decision he claims was an error.

This, as it gave users a chance to sell their FT tokens and withdraw as much as possible from their accounts, while FCoin bought up tokens that kept on losing value. Zhang’s announcement came shortly after FCoin suspended its platform over a risk-control issue.

Zhang is now reportedly manually processing users’ withdrawal requests sent via email. The founder of the exchange claimed he will “switch tracks” to start again, and noted he hopes he can use the profits made from new ventures to “compensate everyone for their losses.”

Featured image via Unsplash.