Webcam industry problems
Aided by the Internet the adult entertainment industry is thriving. One of the least harmful delivery channels is the webcam sector. The webcam or live content industry was reported to be earning $1 billion annually in 2015 and growing rapidly. It can also cater for every kink and today is a multi billion Dollar market.
The most popular cam sites encourage visitors to register and to buy “tokens” to use as tips for models. Models can offer different performances according to the level of tokens sent as tips. The web cam sector also offers the opportunity to consumers to converse with models and with other viewers.
In the adult industry there are 2 main concerns: privacy and payment issues. First of all, buying of tokens by users and the receiving by models of those tokens exposes each. Webcam sites keep information of both users and models on its database including details of activities and transactions on the site. The second problem is that models can receive just a small share of the tokens bought by the users. They may be charged or fined for disputed penalties and the payments received in Dollars will be influenced by exchange rates when transferred into local currencies. They must also wait to receive payments.
Model-X is a webcam site with its own token payment system based on blockchain technology. We use our own ERC-20 token - MODX - to resolve all the problems mentioned. We provide the opportunity to reinvent the webcam industry...
We develop our own webcam platform with payments via MODX token. MODX is an Etherium based token (ERC-20 standard) used to tip the models for their services. As the Model-X webcam site is not involved in the processing of fiat payments, it is released from requesting users’ personal data necessary to purchase tokens. The MODX tokens will be purchased by users and converted to fiat by models on an exchange that will contract with MODX. This eliminates many of the issues of the payment processors in the existing system.
Due to blockchain technology, payments are open and non corruptible. The system is higly anonymous and increases the trust relationship for all parties. At the same time it ensures models can be paid a fairer share without intermediary issues and without delays.
Transactions will be lower cost than existing arrangements and reduce commissions. The tokens will also provide a hedge against exchange risk for the models. There will also be no minimum or maximum limit to the amount of tokens a user can purchase and tip unlike the existing webcam sites.
The models will still need to be verified on the webcam platform but this information will be encrypted and can be deleted at the model’s request although that model will not be allowed to perform afterwards unless verified again.