Blockchain Gets Steemy as VIT Prepares for ICO

Blockchain Gets Steemy as VIT Prepares for ICO

Following in the steps of Titcoin, the crypto universe is preparing for the next entry into the world of decentralised pornography as the Vice Industry Token (VIT) venture prepares for its upcoming new-year ICO on January 3.

Steem-based Project

The Vice Industry Token project is the latest ICO to piggy-back on the content-oriented Steem blockchain whose most successful outgrowth to date has been the Steemit website, a blogging network that hosts a strong crypto community.

The Steem blockchain incorporates a series of algorithms that seeks to incentivise the creation of what is subjectively judged to be good content by consumers. Popular content is rewarded with upvotes, the Steem equivalent of a Facebook like.

Content consumers are also rewarded for curation of content.

Whilst some see the Steemit model as representing a serious challenge to traditional content reward models, others have criticised it for its perceived encouragement of consensual behaviour in content consumption. 

Stuart Duncan, CEO of the VIT project, disagrees. 

The Steem model makes for a perfect fit for pornographic content,” he stated in conversation with ICOExaminer. “Providers of good content get paid, and consumers also get paid.

In other words, we have here a proposition that will see viewers getting paid to watch porn.

Steem Rewards Structure

Unlike traditional Blockchain models which generally issue rewards to miners for sustaining the network,
rewards on the Steem network are distributed in a manner that sets out to encourage ‘good‘ content creation.

Successful content creators get paid in the form of Steem, the cryptocurrency which underpins the Steem blockchain.

Holders of Steem Power – Steem that has been vested for at least thirteen weeks – also receive interest payments in the form of Steem Dollars, another Steem-based currency which is theoretically pegged to the US dollar despite a current trading price that is approaching $3 at time of writing. 

It is Duncan’s hope, between the lure of Blockchain-guaranteed anonymity and rewards to both uploaders and consumers of pornographic content, that the Vice Industry Token project will be able to gather enough momentum to ultimately surpass Steemit as the ultimate poster-child for the Steem content model.

Current holders of Steem will be airdropped some VIT as part of the pre-ICO campaign, Duncan added, “as a token(!) of our appreciation towards the Steem community.”