Do you recall the Vice Token project that went silent? This was a fork of Steem that was done by a couple of the heavy hitters in the porn industry. The situation ended, so I thought, with a company that was paid to develop the platform never delivering and the delivery of lawsuits back and forth.
It appears they went through a rebranding along with some other advancements. Now, we see they are on Steem-Engine.
In an announcement yesterday, the Vision Industry Token is now available for trading on Steem-Engine. This will allow the holders of the VIT to load it onto that platform and swap it for any token on Steem-Engine. The token on there will be the VITP (pegged version) similar to how Steem-Engine handles STEEM.
At the same time, it was announced that the team has plans to develop a Tribe on Steem-Engine. This would add another layer to the Steem ecosystem potentially bringing in more people and activity.
The company already has a couple of sites in operation. They are planning to use the Tribe as a compliment to what is talking going.
Here are the links to what they presently have. BEWARE: These Two Links are NSFW
In reviewing some of the older announcements, it seems this project is tied to some bigger names. It stated that the token was going to be used on the Tube* website while also sponsoring the PornHub Video Awards.
It is hard to tell the exact impact this will have on Steem. Obviously, if they do open up a Tribe, that will be tired directly into Steem potentially bringing in more users while increasing activity.
As for the token, it is now possible to acquire any Steem-Engine token using the VIT. At the same time, another avenue opens up if one wants to convert a SE token to that one.
One of the goals of this project team appears to be the idea of being a payment system for the adult entertainment industry. This is a problem for many companies since there are times it is difficult to get a bank account and other financial services. Using cryptocurrency is a way around this since, by its nature, crypto serves most of the functions of a bank.
The full announcement can be read here:
https://steempeak.com/cryptocurrency/@viceindustry/vision-industry-token-listed-on-steem-engine-dex
Ultimately, this could serve as another feeder system. To operate on Steem-Engine, one needs to have a Steem account. This could grow into some huge numbers depending upon how the Red Light Payment Center develops.
The present token looks like it is an ERC20. Thus it is transacting on the Ethereum network which means fees on each transactions. The Steem blockchain offers the ability to transact for free but this does not apply to a token that is traded elsewhere.
By creating a token on Steem-Engine, it obviously now has the attributes of the other tokens on there, meaning that transfers occur without a cost on each one. This might be something they are looking at implementing across their network. It would be of great value if the numbers get a lot bigger.
This is certainly a different situation as compared to building on top of Steem. That said, open source software means there will be a lot of forks. EOS has a number of decent-sized projects that forked the blockchain.
I see the benefit here as the tentacles of Steem reaching a bit further out. All of it ties together even if not directly. Each wallet that is holding the VIT means another person involved in cryptocurrency. With the trading on Steem-Engine, this means access to other tokens that could be of interest. Adding more Steem accounts means that a certain percentage, will branch out to other Tribes or applications, thus growing the entire system even more.
What is of potential benefit here is the reach that this project could have. If it can assert itself as a central player in the adult industry genre, the numbers could be massive. This could be interacting with sites that have tens of millions monthly users. Tube sites have some of the biggest traffic numbers.
This is also another step in transition of Steem. The users of the VIT are not really concerned about Steem. In fact, most will be unaware that it exists. However, when interacting, they will be part of the Steem ecosystem even without realizing it. Their tokens will be housed on SE meaning each transaction does hit the Steem blockchain.
The anti-establishment sentiment in me loves all of this. It is fun to watch the banking establishment trying to close off an entire industry only to see technology provide it the means going forward. Even if porn is not one's thing, he or she has to enjoy the thumbing of the nose at the bankers and their cronies.
I wrote about this last week. Tokens provide the freedom to store and exchange value without dependence (or interference) on any other currency.
And right now, Jamie Dimon, Donald Trump, and the Federal Reserve can all go jump in a lake.
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