The Future of Crypto-Economics in the Adult Industry with Ameen Soleimani TPP171

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In this episode episode I’m joined by one of my most favorite innovators in the crypto space, Ameen Soleimani of SpankChain. This Ethereum powered adult entertainment platform is helping to provide a more safe and secure environment for producers and consumers of adult content to build online community and transact value using state of the art technology. Much of the discrimination suffered by those involved in the adult industry will be relieved as this platform grows and begins to retrofit if not replace the legacy payment and content delivery rails.

(Please note, this episode was recorded several weeks before it’s release so some of the future updates that are discussed are now current).

We discuss:

  • Ameen’s background in crypto
  • His time working at Consensys
  • How Consensys is a radical experiment in decentralized organizational management
  • How he transitioned into this own projects
  • The origin story of SpankChain
  • His vision to create an on-demand micropayment enabled educational video platform
  • Revelations he’s had about the adult industry use case of crypto
  • His philosophies on a more liberated future for human sexuality
  • The SpankChain roadmap
  • How the Spank and Booty tokens will work to provide a stable token economy with incentives within and beyond the SpankChain platform ecosystem
  • How this unique technology will integrate with and provide services to other adult sites and platforms, resulting in more crypto adoption within the existing industry
  • How SpankChain has been received by the orthodox Ethereum development community
  • and much more!

Please visit SpankChain here:
https://spankchain.com/

Follow Ameen at:
https://twitter.com/ameensol

About Ameen:
Ameen is a decentralization lazer gun and likes to wield the blockchain like a weapon to destroy the legacy trusted institutions. Throughout his crypto career Ameen has played a role in over $30M+ in token sales – including the fastest ICO in history. In his free time, he likes playing Super Smash Brothers (64), Settlers of Catan, and PUBG.

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Tantra Punk your guide to sexual Liberation healing and empowerment as a certified Tantra counselor and certified permaculture designer I’m here to help you grow spiritually sexually and ecologically my online and in-person counseling sessions and training programs are price to fit any budget I’m looking forward to helping you design and ever more Divine Life Path please send me an email to Ben at Tantra Punk. Com and our journey together will begin hello dear beloved’s welcome to Township on podcast episode number 171 I am super delighted for this episode because I have is a guest I mean saw the money and he’s going to tell us all about the spankchain it’s not just webcamming it’s also it’s going to be and it said developing multiple solutions to be an opportunity to replace a lot of the payment rails and content delivery rails of the adult entertainment industry which is a hundred billion dollar a year industry and it’s filled with choke points and discrimination and all kinds of other nasties that were connect solver and it really live out satoshi’s Vision in a lot of interesting ways so with that said we got a bit of an outline to go through but just the start and ask you a meatloaf first thank you again for joining me and asked you to tell us really about your your personal life story or development how you got into Tech and everything before the devising spankchain yes so thanks for having me on your podcast excited to be here my let’s see if we can start about sort of like my entry into cryptocurrency which is a fun place to start which was in college of the first time I really heard of Bitcoin was when we were using it to buy drugs on mushrooms on the Silk Road College friends graduated college started learning software engineering worked on some Arbitrage bot Smith’s money off Arbitrage lost all my money. Cox I was also pretty fun and then really started in 2016 getting serious about ethereum smart contract development I joined consensus in the summer of 2016 while I was there I worked on pure energy project at the time it was called Coke TriCity but sort of event evolved into Grad Plus and then also did a lot of State channels research and then left on Chad chain handle and then left to start sanction awesome so there is a lot of good stuff in there that the delay person we can zoom into a bit to get a little more context I’m familiar cuz I listen to numerous episode podcast episodes interviews that you’ve done before and I’ll say that know my get my skin in the game full disclosure is said I’m a bag holder of spank and a proud bag holder that I’m also a spank live performer and so I am really a raving fan of this technology for a lot of reasons and so I’ve been following your work pretty pretty religiously and I will consider myself the the opposite of a troll it’s kind of like a benevolent roll if you will I’m trying not to be a CEO either but being a benevolent Troll and just kind of trying to bring love to to the project however our possible at through the stages of development and so I was really interested in that to interview you did with Arthur falls on the third web you got into some very interesting material and what I find fascinating in the crypto space that a lot of people seem to I don’t think he gets enough credit and zoom into it is just if you could explain to us what consensus is and how it represents our total radical paradigm shift in governance and in the hierarchy of more of a flattened hierarchy for corporate level a business development and technology and research and all that stuff that is if you could just give us a total download of What consensus is that would be fabulous fantastic yesu consensus is a venture Production Studio started by Joseph Lubin who is one of the original co-founders of ethereum news on the operation said she’s a technologist by training he was a former VP of engineering at Goldman Sachs C understand how all this money stuff works she was previously Robotics and stuff to you but consensus is is really different than any other company really like have ever encountered but a little work that so it is not really run through a top-down command-and-control structure like a traditional hierarchy it is it is a radical experiment trying to run a company in a very decentralized fashion the overarching goal of consensus is to further the mission of aetherium Joe described it and its Inception as you know a theorem is like launching an Xbox with no games so I can sense us needs to build games except in this case. Just games applications that range anywhere you know from Supply Chain management to energy to while some games like virtue poker to music for music licensing and Ferb saddlestring direct relationships with musicians and basically comes from this understanding that like the things that command and control structures are good at are making decisions quickly especially in with high amounts of uncertainty but the thing that a sort of decentralized company can accomplish where are the members are more or less free to pursue their goals so long as you know that they’re still accountable on and aligned with the interests of the company in pursuing mission of of furthering aetherium it ends up that consensus can establish relationships with people in all sorts of different Industries and work on projects that you know any other company that does not have the breadth of the types of projects that consensus works on and that that comes from the I love the freedom that you have within the organization to try new things and I thought that was really powerful of a decision to make early on and so far it seems to be working that’s this is growing a lot and you’re constantly hearing about all the all of the things that it’s doing its I remember so I was like the hundredth employee of aetherium and in the early days of aetherium it was challenging to stay on top of all of the aetherium project but quickly as consent to started growing and it is grown about 10 times as much now I think they’re almost had about a thousand people is its own challenge to just stay on top of the things that consensus-building awesome thank you for sharing that that background and I’ll say that when I I was listening to do I was just about to ring every podcast I could find in the space for the most part and I I Came Upon a state change I believe is what it was called was a series that Arthur Falls did too kind of profile a lot of the different consensus projects and I was just blown away I mean for all of the different Progressive movements that I’ve been in the streets protesting for this the solutions that are being created with this technology just are the answer to so many prayers of so many so many down-to-earth people’s movements for Liberation and empowerment I just I was so excited and also it just felt like this futuristic kind of Starfleet Star Trek kind of very techno-utopian but very practical organization and and I’m just like totally thrilled and impressed I’m curious if you could talk about how the the sort of Human Resources protocols work are you guys receiving or were you receiving or do they receive payment in crypto or do they have Smart contracts that are there actual descriptions of jobs and is there a sort of token economy within how the organization rates it’s it is decentralized in global so you’re going to get from me is going to be outdated by about a year and a couple months so I can I can only really talk to my experience while I was there when consensus was 102 about but yes so people had job descriptions you were more or less free to create your own title but you you couldn’t just do anything but you know if you could justify to the company that you know what you were the what you were working on was in the interest of a company then they would allow you to continue doing it and so there the company organization was heavily inspired by the Slick idea phallocracy and the valve employee handbook so valve is another company where you know it’s famous for having desks with wheels and so the idea behind valve is that without their ideas that like the best games come from people who really want to work on it together and are inspired to join forces and do so and so did you know there’s like you can go you to move your desk to wherever whatever cluster in a like-minded people and whatever game you think is interesting and you know that they’re there is evidence to point to this working pretty well because for a while he’ll steam was a project that was led by one person involved and everyone else at the company thought he was kind of crazy but because they are down the side of x duration they allowed this person to continue working and then eventually it built up steam no pun intended and started getting other people to move their desks next to their desk and start working together and so consensus is sort of inspired by that answer that the HR question yes we while I was there we were being paid in Bitcoin as independent contractors which was pretty cool and then as I was transitioning out of the company was transitioning towards a more corporate payment structure on payroll system is probably a bit of a early days Nostalgia Wild West and then just facing inevitable regulation and oversight from whatever forces they probably had to tighten up a little bit was that did that have anything to do with your decision except I like to get into next ocean and I’m just say that I was thrilled when when Joe Lubin at the consensus gathering this year cited spankchain and he see what he said you were brilliant technologist in that you spun off to do your own thing and I sort of had to take your dark fantasies into a into another realm and that was a very interesting and exciting to get to hear about so if you could tell us about hey if there was anything what was it like for you to transition in and Branch out and do your own thing that’s you know how to sort of High Council which was called the resource allocation committee the rack and I gave a rack presentation in April of 2017 pitching consensus on starting a San francisco-based well basically another consensus that I would run and that would focus on scalable using State channels as well as helping launch tokens because I thought that was going to be all the rage and so they said no and they denied my request for 2 million dollars in for $500,000 and something and I dunno said thank you very much and then realize that you know I’m it’s it’s it’s it’s really hard to like justify or maybe like you know I think I’m capable of something but like when you go to somebody and you ask for 2 million dollars and they asked to see proof it’s hard to just like you know like explain to somebody why they should give you the money in advance of having seen a demonstration of ability that matches the ask and so you know I realize that it was going to be a little too hard to convince rack and also that the thing that I thought was the most compelling opportunity was spankchain and it was sort of outside of the realm of acceptable consensus project especially when consensus is working on it with like Sheiks and by who may not be as friendly to this type of thing so you know that that’s the point where I I said the you know I think I’m going to leave and start my own thing and you know I have pretty good relationships with everybody still at consensus and I was sad to leave and people are sad to see me go but at the same time I’m still sort of like an extended family like everybody at consensus they’re all they all recognize that sanction is still working for further the goals and in the mission of aetherium and so we all get along and it’s an honor when Joe recognizes our work on stage and I know that you know my team is really excited about getting that kind of recognition and validation because for a while stationed existed in the sort of taboo nobody knew what the thing that there’s a lot of people who were waiting to hear what other people thought in order to come around to having an opinion about it and now that is sort of flipped and people are starting to recognize that you know we’re doing really work in the technology and we’re also bringing a new community into crypto that like we’re specifically it makes sense and for this community in it and it actually benefits them in and helps helps their lives abscess absofuckinglutly and I’m excited we’re going to get into that the juicy aspects of this very soon little bit more on the 3rd of backstory and thank you for sharing that is well I was trying to explain it to some friends recently and I said specifically about you and the fact that you have this resume CV piece of coming from consensus and you know I made the analogy in like if you’re going to hire a bodyguard do you want somebody who used to work for the special forces or do you want the that the guy at the local bar the bouncer at the hookah bar you know and I said that is a hat tip and about down to you and the work you’ve done there and certainly for me and made it easy I need an easy decision to to Nowhere to Nowhere where to put some skin in the game knowing that you had that experience and that level and I’ve just you I respect the way that you transition and the and the mission that you have and I would really love to get into a bit what was the actual can you remember where you were and what you were doing the moment that you hadn’t you you had the aha moment to be a real first-mover in crypto for adult when what was that moment if you can if you can remember that maybe when the idea came to you and then when the name came to you give us the real deep the real deep juice there you got shirts so the so the first time I remember the first time somebody told me I should do this and it was a keel Fernandez who worked on safe Market at consensus and it was before I even join trying to get a job at consensus consensus 2016 hackathon met and so This Is Us 26 event put on by Queen. Video streaming real-time payment platform I know that might sound familiar but for Education Institute has any idea was like you notes raising your hand for the internet you get stock you need somebody to help you you know Google isn’t serving you but you need and you just need a human and so I need a design the system and I thought it’d be really cool because you could solve the micropayments problem allowing people to pay as you go intuitive decentralised way so that anybody could build you as an applications on top and I thought that was really powerful and I tried to convince people to work on it at the just wanted to because nobody really cares about education and that was sad so I worked on it by myself then afterwards after the conference I was at the bar census like the company meet up and that’s what you should do you should do this for cam models know I don’t know that seems like maybe 30 or something like that was the mindset that I had at the time and I had my lecture vision for herb for education but it’s sort of it it started to grow on me a couple people that I was talking to you about you know the payment channels Knology started mentioning that you know it could be a good use case in terms of the came out and started to think about it more and it wasn’t until I was back home visiting one of my friends fathers are just passed away and so a bunch of us were sitting together and we were talking about this and started to really you know get serious about you know what was asking the question of like where is this actually going to happen first into into Parts like where is the payment Channel technology going to find its home first and second one was like where is blockchain consumer adoption going to happen first like who who are the people that I actually need this and that’s when you know the answer a question like that and you can’t limit yourself to the things that you might want to hear or the things that you’re biased already towards hearing and see you want to make sure that you’re open to what the answer is and in all honesty and it was you no adult and is definitely the industry in we’re going on a blunt ride with a bunch of my friends and started thinking about names and that’s that’s how spankchain emerges I should will die as soon as one of those the person Play It’s fiction and then it sort of snowballed from there and we came up with a bunch of other fun jokes and include them in the sort of founding story of spankchain you know gave birth to the sphincter she knocked the booty meme and so forth once once the projects you know that the first thing I was thinking was like okay we have payment channel is we have campsite how do we combine the two but once I started doing a lot more research into the adult industry I started realizing like how much bigger the problem actually is it wasn’t just that like you know this is where it would don’t tries everything and then you have that sort self-fulfilling prophecy of you know this relationship ends the banks and financial institutions and so you you have as we’ve outlined in their paper and and talks about shutting down the performers in 2014 and businesses Visa Mastercard refusing to process transactions for adult performers in business has a lot of pot I’m sticking them off you know your your Facebook’s your Instagrams and so it became obvious that like decentralization actually matters here and thatford all performers in businesses the thing like if the room is actually the killer app because it gives them a place to securely store and transact without fear of having their funds seized or Frozen like PayPal froze a performer that we are in contact with her account with $70,000 inside last Christmas that we were able to help her and get it out and about two months since I had friends with PayPal and I was able to touch the right people but that doesn’t always happen and in the cases were doesn’t like the funds are frozen for 6 months without any sort of repercussions nor any ability for the performer to do anything about it and so like for us you know an inn for the washing community in general we just have to be like not complete douchebags and it’s already a much better service and so and it’s not even that like we have the option of being douchebags because like if your money’s on ethereum there’s literally nothing anyone can do to take it from you and so I think that that is super compelling in this space beyond just you know the payment channels in the cams and that’s what the focus of sanction is its to build the infrastructure to be able to accelerate the adoption of the core I3 and Technology by this community so that we can create a parallel Financial system that allows them to have stopped over their money thing that just came to my mind now is it thinking about the way you just described that that douche proofing of the ethereum blockchain and I really understand that myself and appreciate that as the sex worker adult performer been to various scenarios in the industry that are very compromising and unsavory and certainly a lot of price gouging and manipulation and exploitation so you know this was all music to my ears hearing about how you were structuring this and just made me think right now that it’s it’s like in a more enlightened world where the labor that’s provided and offered by Artisan sex workers who many of which have training as sort of healers as well energetic healers and counselors and some other thing you know I was mentioned in your podcast other Falls is about how it’s a form of therapy and it’s so beautiful to see what happens in a community of really liberated folks online who can just open up and really crowdsource mental health and Sexual Health that it’s a beautiful thing and I just feel like it’s a division that came out the way we think about how public resource is like a beach but you might have to pay a token to use the bathroom at the beach or something so it’s like imagine instead of pimps and brothels and sleazy corrupt Hotel operations you had sex public sex facilities that were you know you had her access to a room but then you just you pay a v r us a very very small fee that is not it’s almost like a non-profit at that point it’s almost just like a as a service or used to be and not someone’s parasitic business model to be a pimp so you’re pretty much potentially eliminating a lot of the digital pimping that was Kenny Stiles way of centralized digital temps so I appreciate that it’s it it touches my heart and I’m already experiencing the abundance of it myself you know how my wallet it’s really am it’s a beautiful thing for me so yeah with that said I love to talk a bit about what a state channel is and if you can correct me with my understanding but it seems like sort of a way to do on aetherium what the Bitcoin lightning network is attempting to do where there’s sort of off chain balances that are being bounced around and then you really will be anchoring into the main public chain at a relative like a fraction of the number of transaction points or whatever you call it so that you’re not convincing the network in your not really held hostage by gas prices and stuff could you help us understand that a bit earlier also so I’m going to come back to the payment Channel stuff for peace but like one of the interesting ideas so this is working like I’m I’m a normie I haven’t been involved in this community for very long and in a lot of this is like a learning experience for me just wrapping my head around you know the Norms of these communities and it’s starting to make me think that there might be you know a parallel Revolution going on we’re on one hand like we have the cryptocurrency revolution where everyone gets a little woke and we come out and we’re like you know what this whole money thing it’s like whatever we say it is challenging the Serta fundamental assumptions that we’ve had growing up we say Okay money is issued by the government and that’s you know that’s it and if you pay taxes in the money in the government says it’s valuable and that’s why I’m seeing I’m not doing this but observing and starting to like what is it mean to be in a relationship like why is sex taboo like is you know what is the world look like if people treated sex or blow jobs or whatever like with the same sort of indifference as they do like a massage right what if you know we come back 10 years later and sex is just the you know what it’s like oh well do you know this reduces your stress reduces cortisol and prolongs your life isn’t that the case and it’s like that there’s a lot of hesitancy in resistance to this that’s that’s been brought in but a lot of that’s just because of some sort of like the traditional household of you note to parents with kids and nothing really changes on a year-to-year basis but every year that we have you know whether accelerating technology and growing information like that the next generation is going to learn way faster and from far more mistakes of the previous generations and it could be that we reach like radically new a clivia like I don’t think it’s that crazy if you know sex parties become like a normal thing that that people go to because it’s fun not just like one of those you have to be like a super courageous you know how it going type of person to go there it’s it it’s you know not seeing anything particularly weird that’s why I think the perfect textbook definition of is my one of my favorite new words it is this the word the swing eulerity have you heard that one before yassir facilitating at me all say that one of the most healing moments in all of my life was when I started to to be on the on the the Chaturbate platform and I started to really study at anthropological e and look in pure into all these different Windows into different countries and different cultures and languages and and it was just so abused for me to see all genders just really groups of friends just friends that would otherwise just be hanging out and playing video games but now they’re financially incentivized and and some would say there’s a creepiness factor to some of this but what I was witnessing was like wow if you just shut off the sound and put new start jotting down look how many how wide and how frequently smile Hazard on these people and their groups of friends hanging out playing with each other in ways that they may not have had the courage to explore but then you have people who are willing to give them tips and tokens to do it and then I’m seeing the most elaborate configurations that yoginis and country has the people who are my sort of calling so you know in the space of wanting to configure really elaborate architecture of group sexuality and social sexuality and and it’s happening in the most Unthinkable of places the most unlikely places in this in Venezuela and Columbia and Michael is Aldi’s little mini webcamming kind of Studios that are set up and he’s depressed economies where were the value of their money is just collapsing in crypto it which could be the end of this could be the future spankchain a big part of it is like the economies of friends of people they call them teams you know they like building teams and they’re figuring out ways to do all these things that would just blow your mind as far as how they’re covering each other’s erogenous tissues with with you know as many different miles in hands and genitals is required to create this mandala of pleasure and happiness and I just I just got it you know say that this is there so much more at stake here and the attitude you have towards sex positivity and just the ability to to Foster Liberation and inclusion this is so big and so I just want to just put that out there as it is a PSA and a real honoring to what you’re doing and say you know if you have any anything to rip off of that by all means and if not after that to Tiffany go go back into the state channels personally I’m an aspiring rationalists so I read a lot of Caskey less wrong stuff like that and you want to take the whole point is is to try and make sure that your calibrated with the external reality so that like the things you think are accurate a lot of the ways that humans tend to be wrong about things is that we’re trapped by our own the narratives that were comfortable with and our internal biases and so what are the Seas just like keeping an open mind right it’s like encountering a new group of people that do things differently and being like Oh that’s interesting not like oh that’s so strange and then in going from that to being like you know I wonder what my life would be like if I you know participated or like like why do I think this is strange right and asking yourself that question isn’t trying to actually reason about it from there and it’s been growing experience for me and you know I’m looking forward to to continue a beautiful part part of this is a cultural you no effort and where you know it’s not our fault in general were just trying to participate in the other part is in the same way that there’s like a technological movement we’re also trying to push that envelope and help out where we can and so when I join a consensus I was live the payment Channel expert there for a while and the big idea behind payment channels is that you are exactly right it’s like the lightning Network on it. And so the simplest analogy is it’s like a bar tab so everybody knows that on cryptocurrency the transactions are slow and expensive and the reason is because every transaction needs to be seen and validated by every single node in the network and what payment channels do is that they allow you to lock up some money in advance and then make payments off chain so like a bar tab where you go to the bar and you know you don’t pay for a drink every single time you like without your card and then go to the terminal and they swipe your card and give you their Seaside imagine if you did that every single drink it would be really annoyed so what you do instead is they just keep a tab maybe keep track of all the drinks you ordered and they take your card you can think of that as escrow and then afterwards you say you pay for all of it all at once and it’s the exact same thing with right now you load up money in your wallet and then you send you you load up your strength card which is our metaphor for the payment Channel and so once you’ve loaded up your stank card you said signed commitments the payment off chain and so it’s infinitely scalable because it’s the same as you know it just a normal HTTP internet message so like a you-know-what Facebook like would be except that it has a digital signature on it which means that the network and validate that it came from you and then you make these payment commitments and you know maybe after you spent like a bunch of money than you want to settle and then you would withdraw from The Sting card back to your wallet and that would be closing up your payment Channel and then you know the cardinality works really well because people understand how cars work you know all of the microtransactions into 2 into 2 actual introduction so one to open the channel and then next one when you want to close it that was beautiful yet I when I saw that I really it it’s it took me aback when I first signed up logged on and gotten and saw the first image I had of a spank card I thought oh my God this is so genius this is such a perfect way to simplify and in take the friction out of the user experience with a theory and which if you’re using metamask are my crypto or myethereumwallet it’s going to be daunting to say the least and I appreciate the thought that goes into you know the list of steps being there but almost it requires almost Sometimes they come in line I will have coding experience to get a few things done so if you can bury that under the hood and what better solution than the conceptual framework that people are familiar with like you just said if having to load up onto a prepaid card with so that you have there are multiple steps there are multiple like almost like skase transitions of a cryptocurrency through transactions and if you can piggyback onto the framework that were already comfortable with that is priceless so I just want to Plaid you for that and that was that really helped that really helps people and I’m sure as things move forward we can get into this now sort of the the spankchain roadmap and then like what’s at dmytryk said on the first podcast where I was first introduced to spank which was when he said what can I do with my Spanx so that’s where we can get into the token economics and your what you had planned to achieve with creating a stable yeah value for that believe it’s going to be booty that’s sort of support supported by spank but you can get into all that I will right now station is a campsite and worked really hard on it there’s a lot of improvements that we’re working on Research need a lot of the features that other other campsites heard of just have like we’re still building like private shows no more options are on profiles were options on the user side to extend your profile stuff like that in addition we are working on a couple things the most immediate upgrade to the campsite will be that we are building a non-custodial payment hubs or actually upgrading our payment Channel infrastructure and the wallet so currently the payment Hub is custodial on behalf of the performers which means that the user’s open up a payment Channel spring training them pay in that channel but then the performers don’t have a channel open the section which means that spankchain is actually holding money on behalf of the performers in the next version of sanctioned by the end of the month we will have upgraded it so that performers are actually getting paid immediately in their spank hard as well and so that reduces a lot of liability for us has has important legal benefits from there we’re going to actually been be extended that to you allow for tokens to be transacted in the payment channel so right now our payment channels only have either but after I think about month-and-a-half you’ll be able to have transacted on the payment channels as well and so that’ll be helpful because then performers will be able to receive booty which is stable and I’ll come to that in a second so booty is so just make sure you go system has two tokens back and booty stank is our steak and took in the booty is is the stable token which means that it’s it’s price is supported in and their mechanisms to keep it stable so that’s that’s a part of this what our ambition is to develop this Bank pay platform which is in progress and from there it’s like okay we know we’ve tested all of this we have a lot of great feedback and and been able to use this wallet system in the wild and then we want to be able to integrated on a number of partner sites and so for their you know if you run a an adult website or platform you’re selling content or or whatever you would be able to integrate spank pay on your site and take her to payments in real time which I think would be pretty compelling and it’s it’s sort of also acted like a single sign-on experience so if you have his bank card as a user when you go to another site that’s integrated the user experience will be that you just like having your password and that’s it and then you can pay for anything on that site without having enter in your username password email address credit card so I think that’ll be pretty compelling we’re building an SDK to allow that to be integrated with besides nuts about 2 to 3 months away so from there are also building a website to manage showcase the technology in a different medium and by the end of this month or or very close to it I expect that we will have launched the stank bank and so the spankbank is what allows you to stake your stank and so staking means that you deposit it and lock it up for some. Of time before you can withdraw so the spank bank is a smart contract and you would send your spank to it and lock it in for any number of months between 1 and 12 and earned the booty that is generated at the State Bank so we have a whole sort of like algorithmic central bank system where we generate Hootie and the amount of Duty that is generated is correlated to the amount of fees that are paid on the platform so for example if we process $50,000 worth of transactions in the first month then we are taking 5% cut on the campsite those 5% fees will be paid in booty to the spankbang so we will collect the booty Sundance State Bank the booty will be counted in burned and reduced from Total Supply and so what what that means is the amount of booty that the bank Target’s is as I said 20 times the fees in the previous. And so if there is $50,000 in fees and we take a 5% cut that’s $2,500 and then if Target a total supply of 20 times that that’s again and so there would be $50,000 a month and then if you know it in at equilibrium if there is $2,500 worth of Duty hidden fees overtime then the keep in mind these are produced in total Supply then the total Supply would go from 50,000 to 4750 right and then it would still Target 50,000 and then another new 2500 would be generated and that 2500 that’s generated is distributed fortunately it’s you all the stank stickers I liked it to sort of you know explain this in analogy staking spank in the same bank is a way for you to participate in the value creation sort of like a co-op and soak for us you you want to stake your spank because you if you want to help grow the network and the booty that you earn act as a fee credits on the platform and so if you are a performer or business and you will be no regularly paying attention and cheese you can look in your stank and generate the booty that will cover your feet and that that can be and then the fortunate thing is that if the network and you know more people start to use it then you you might find yourself in a position where the amount of booty that your spanked is generating actually exceeds the amount of booty that you’re using to spend on and then you can sell it to other people who are also using the network and if he’s okay I’m having this my mind is is being blown in in several different directions all at once right now so the first thing I want to say is that a lot of this stuff is mathematically over my head and from a financial technology perspective over my head but what I’m what I’m struggling to make sense of and I’m sure it will become more clear as you guys do animations and more in a more assertive intro instructional stuff to help it be more accessible to lay folks what I’m actually hearing simply in my mind is that you were of course the word spankbank is so compelling and so well established as a mean that that you would have to choose it above a less glorious turn but what I’m hearing is that the sexy more like a a crypto Credit Union in a way where it’s there’s way more things going on it sounds like than a typical Credit Union would be doing to to to have stakeholders in people with no skin in the game but you’re not necessarily if you join a credit union you may get Kickbacks but you’re not buying a security in that sense there’s some some sort of it’s almost like what I’m hearing you say is that there may be a future value from buying the token that has it at a speculative speculative sort of edge to it but it’s still a utility token because you would only get those benefits if you participate in the ecosystem and those benefits are sort of a byproduct of the actual functional use of the system by multiple different types of players and niches with an ecosystem is that does that help or does that seem like I’m a Computing any of this stuff accurately be a lot more helpful guides and understanding like in a couple weeks when we launched this thing in advance of that will probably put up with a lot of the designs are already done and so you know what sort of intuitive around the interface when you can see you know how much people are staking and how much booty is being collected and fees and how is being distributed and stuff like that and I want it back up for a second and talk about like part of why we’re trying to do this and it’s like because what’s the weather what is the rationale behind lights trying to make in in another stable coin in why did we do it like this so did you don’t mind making a stablecoin is like you know I want one of these two transactions into participating in this economy is that the like the cryptocurrencies volatile right you might not want to hold either because if you healthy 1300 verse last like couple weeks you got racks and lost you know maybe something like 20 or 25% of the value and you know we all did and so but you know if you’re trying to send act like you don’t want to go to Chuck E Cheese’s buy a bunch of tokens and then like oh to the machine in the machines like hey you need more tokens cuz your tokens lost value between when you bought them in there like that so far this is coming with the understanding that don’t people actually might prefer these the stable medium of exchange and so it in that light it’s like well actually if you participate in booty and it works then like we’ve created the stable start a meeting with a completely outside of the existing Financial system so it’s like not you know it doesn’t depend on or or you need to integrate with banks at all at that point if you know the risk if if sanction is able to sustain itself and grow and reduce the perception of a lot of the risks associated with being an early-stage startup then I think that people might find that booty is like a fairly compelling story value because they know it but it can be redeemed then. I know people are or tend to be using it and so like I think I think that’s really powerful because right now like most people don’t have very secure most adult performers in business is at least some uncertainty with the bank accounts that they use in you sure about young performers like in front of Sparta Christmas tree and got a couple months ago that like Rebecca, shut down and stuff like that and in some sense like you know if you’re holding that might not be an issue so that’s part of why we’re doing it on the financial side on the math side like it’s actually not that complicated sounds complicated when I say it like this some of the stability preserving mechanisms are more complicated like we so close to spank Banks really being developed right now there’s like the version that we’re just going to launch in it about a month which you allow you to stick your spanked and we’re not really going to add any sort of stability and forcing mechanisms to that because the supply will be so small like I said we start out with $50,000 worth of Beauty in like you know well station has several million dollars like we can collateralize that over ten thousand percent right so there’s very little risk you on the worst case scenario we buy it all back okay if you mind can I pause you here just for a second so just took for it to it to ya to to represent the the lay person who bought spank on an exchange in Oregon the Ico and so the the pivotal moment for for holders of spank will be too if they want to participate in this economy rather than just dump it or whatever sell it or speculate rated they traded or swing trade it you’re going to actually have the utility function of of putting it into a smart contract the same way that will be like a token swap with an e r c to a in Maine that of a new like the way the EOS did it but instead of instead of going to a new chain you’re actually going to another ethereum smart contract is there right now it’s actually a Perfect Analogy it’s like you know is if suspected a lot of the times when I talk about snatching people are like Oaks pension like what kind of blockchain is that I’m like it’s not it’s just it’s just a cool name it’s all on aetherium right but like you know if it was some like it would be exactly analogous to like doing a token swap on to the new chain except in this case now you got to stake it and you know the rights of a stapler to the beauty that steam generator and then one more question so since you’re not proposing the sort of masternode opportunity there’s I’m assuming is not a limit or is there a minimum staking or could it be any amount and then you get participate in at no minimum you could have a very small amount of snow in practice like you know you’re probably not going to know that much because like you’re still going to have to transact on the three and bossy until I collect the booty for each account that used to steak and so it’ll be bounded by you know how much the Gatsby is are as a proportion of the booty that you earn for staking that much thing right so another way to bring this down back down to earth when you said Co-op it’s like what do they call it a profit-sharing amongst employees so if you are a spankchain live performer and you choose to rather than cash out to pay your bills you keep a percentage of your paycheck basically in the spank bank then you have the opportunity to to have that sort of the same thing that’s that’s the way Credit Union works you know if you give people put their money from their from their jobs into a credit union then that gives leverage to that bank 2 enough support projects under their their bylaws are there whatever Charter Mission however that works so this is if that if I if I’m clear on that then that’s another reason for people to another argument for the the really this utility aspect of it that there can be ongoing value but you can also you know you have a utility for it so anyway. I thought that’s on your end I don’t know if I’m still you know you’re putting your paycheck in there and it gives lover to the bank it’s a little bit different because you know you’re getting paid or or in booty or another crypto and stuff you’re not just like depositing it in the spank bank in earning interest on that you you would have to convert it into spanking and steak that and then you would have that participatory so it’s like one extra okay so what’s up then if let’s say a performer is once you have this sort of what do you call a 12 would it be to see at a double-sided or a direct I guess you would be cutting yourself out of the the the the state channel that connects the their guests are the Tipper the visitor with the performer so that that that transaction is going to be from their spank card it’s going to be booty on on their spank card going to the performers booty on their spank card and then they would still have to they would still be converting that right to eat on their way out of their wallet or they could just keep it in there or they could stay skit as spank I’m sorry I will be able to look at these schematics and so used to all of this will become very very clear very soon perfect audio podcast it will basically our plan is for users to be able to hold Ethan booty at first and then you know an increasing number of tokens and then have that convert in real-time through situational Base Exchange mechanism and then into Beauty in the performers channel so that they don’t have to take on the risk and then when the performer wants to us to eat to you no send it to coinbase or something call Gemini to to put in the bank in the future we’re hoping that you know we can integrate directly with like a debit card provider and so then you can just send booty instantly in your channel just as easily as you would spend anything else at that point like why do you yeah exactly will I will say that I stabbed a knife through my Bank of America card when my shift payments card arrived and it’s been a balancing act you know since then but but I’ll say this is the future for sure and so anybody who says if you missed out on the early days of Bitcoin or the ethereum token sale than you have an opportunity to not miss out on spankchain economy which is really yeah it’s really it’s really starting to move forward fast so are you good with for another few minutes can we talk about it another few things of a cool so yeah thank you so much I mean we really covered a lot in the shower and and I I feel like I will never want to keep abreast and future episodes to to study this phenomenon and I guess I just want to say another another question maybe I got one or two more is that what I think is so invigorating and breathtaking about what’s happening is that not only are you and your team innovating with a decentralized technology in a way that really it really brings out the best and and it helps to sort of worksheet it’s this taboo so there’s been so much so many scams and so much larceny and all kinds of cysts only thing that have given this is technology a bad name and and it will be such a beautiful irony if the most one of the most successful and fast-moving actual use cases where people are not just buying tokens instead of actually using a network legitimately is going to be another Vice I can others another yeah I mean it’s like once a toaster win Satoshi dice launch Terry Voorhees and now look what the stuff that they’re doing its you can’t you cannot make moral ethical argument for how powerful the projects that they’re doing are now so I just think it’s a beautiful thing that you’re doing and I can I guess I want to ask you a little I’ve noticed but stay on your on the YouTube channel for spankchain you’re seeing very straight-laced folks attending conferences about ethereum blockchain and you were able to articulate this really Advanced out-of-the-box thinking that you’re doing applying the payment channels in the state channels and it’s really for the people who get this technology in her immersed in it your outstanding with the Innovations are doing in that in that crowd so my question for you is who in your sphere really get this and I really are you really going to be a raving fans in and real seller have the kids from the understanding of how powerful is we know what you’re designing here and how it can be applied in other cases so this just become sort of the high people say silkroad bootstrapped Bitcoin usage who knows what what your framework is going to end up being adapted to and what systems it’s going to continue to disintermediate so I’m just curious you know are people really getting getting you the way you’re coming from or are they still scratching their heads or what’s up with all that yeah so in response like that I see a fart fart you know about us the irony around and being like seeing is in a negative light but then like actually you know where the team of really Township engineer’s and we’re trying to do really cool things we we are the most legit project pretending to be a shitcoin where the most projects or should coins pretending to be legit product we made ourselves a joke because we think it’s funny and because we think that like Schumer is actually the best way to help normalize some some of these couple Eno strange concept that we’re bringing up in these conversations that were forcing me to go to these conferences and we’re finding that a lot of times it’s women that come for sinners like you know this is amazing this this is like you know on the right path and unlike feminists two schools of feminism there’s like some like bored with sex workers are coming forward in and really supporting us finding us like speaking opportunities and and connections because they realize that like this form has has the opportunity to help our community to securely manage their own financing without fear of if you had your money then like this there’s no like 10 p.m. standing in your way to to receiving your paycheck or something there is to basically expand the envelope of like who’s in on the joke of spanking thing in fairlea polarizing on purpose right like we there yet. Like that’s crazy like you guys like my my current understanding reality like prevents me from accepting that this is a legit project and then we get you know I’m the other side people are like this is the best thing I’ve ever heard about like how do I help like I want in you know and I think that’s that’s what we need right now because we’re not as interested in people who were like oh this is kind of cool you know that that’s not very helpful I don’t think that’s like how movements make progress I think you know that are staged it’s it’s people who like don’t take themselves too seriously end and when they see something they sort of her curse in their own mind and I like you know something tells me that like there’s something we’re going on here and I want to I want to find out what and the people that do are tend to be pleasantly surprised that was saying there’s a lot of work going on in unity in building legitimate products and platform they they then you know we are in their support and it’s really validating thing we’ve had a lot of people come forward and and start to help us in that regard people from crypto communities like pretty diverse communities awesome and awesome well is his next next level Wizardry and I salute you and plug you so much and I actually I thought came to me today, leading up to this is it a did you ever see the movie better off dead by any chance with the John Cusack in the same generation issue or not but it’s a classic and there is for anybody who has seen this I would love to really invoke the archetype of there was there was a younger brother I mean I guess I’ll just give a little back on it and just a little bit not going to spoil it but it is appropriate for this the kind of anchor this is this archetype I really empowerment and it said there was this the whole movie is about the psychodrama of John Cusack being in love and having this hyper monogamous monogamous like obsession with this this girlfriend then he has to go through all of this sort of fighting the jocks and being like competing in the social hierarchy and social pyramid eventually he gets to be in love with the more down-to-earth foreign exchange student the French foreign exchange student I thought was more desirable from the beginning but there’s interesting this is very interesting tiny little micro subplot which is that his younger brother is sort of totally immune to all of the psychodrama of the family and all of The Madness of relationships and he’s just in his room just hacking before computers were even really that that much fun to play with with the the form of hacking that you was doing what she was cutting out the little coupon offerings on cereal boxes and saving up and ordering all these different Novelties and he got like a laser gun in the mail and he got the psych how to build a rocket ship thing and one of the things he got was how to pick up Trashy Women they open this door and one seeing and there’s a bunch of like they’d start a strip club hang out with them and that Jimmy that just epitomizes the opportunities for those of us who drop out of the mainstream sort of sexual Rat Race and really get creative and Innovative with how we can have more fun and do more work and Innovative thing so if you ever do I mean watch that movie you can know that there’s a place in my heart for you because I see you is like the grown up version of that hacker who is this you know working make turning the system upside down and everyone else is just sort of so sucked into their reality tunnel they couldn’t even imagine thinking out of the box so I’ll definitely watch it now it’s a classic too so I hope you guys enjoy that and that reference and I think that was yeah really good rap for everything I was curious about getting caught up on and I would say that I’ve been just I’ve been telling my friends to become involved with spinning chain and to get on the platform because you don’t have to be over sex if I report a fight on it you can actually just build community and make friends across the world and I think maybe what you might what you all might do is have like a safe for work not safe for work kind of toggling notification where people want to just hang out on spankchain then they can choose what level of how risky it gets or whatever but I know people who are on their doing yoga there’s people on there doing puzzles is people on their taking a nap you know and I’m taking people say figure out how to have passive income make money while you sleep well hey there a fetishist out there who will give you a cryptocurrency spank life to make money while you sleep so everybody wins nobody loses except for the parasitic and come and on that note I like to say a mean if you want to close this out with some Last Words maybe some you know what what if you had a pitch to the people listening what should they do to get involved with why should they get involved and then if you have any website URLs or any Twitter handles you want to share then by all means I just wanted to say thanks for having me if you’re listening to this and you’re interested in getting more involved go to the bank shein.com website find the link to our Discord and come join the community we hang out there we share announcements updates on the campsite future plans and you know just me and the picture is you know whatever sort of our hang out spot so come join us if you’re new to cryptocurrency if you’ve been exposed cryptocurrency there’s a Vibrant Community will help help you understand if you are new to adult you know people will sort of show you the ropes so yeah stay tuned for updates on spankchain all right thank you so much you mean depreciate it I’ve been looking forward to this for a long time and I’m excited to see what happens next and hopefully we will continue to have you and other folks from spank chain back on to keep us updated any important Milestones by all means you know this is this would be an outlet and yeah thank you again so much you’ve changed my life and I’m very very happy to be here in this moment of opportunity in the world with with people like you really stepping up so yeah we’ll talk again soon and I want you to have a great day and a great rest of your week one last one is like we couldn’t do it without you and we do it for people like you awesome broadcast please go to www.crunch.com and cook on the Donate button to help support the show in addition to sustaining and improving the podcast your donations will help establish permaculture goddess Temple at provide ecological employment for single mothers Please Subscribe and share your favorite episodes if you have questions or comments feel free to leave a voicemail at 818-275-1593 or email event at Archer Park. 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