Debit Order Alternatives Come To Blockchain & PornHub Jumps On It
Hey Steemians
Like many of you, i'm a big advocate of cryptocurrency and its adoption and while we are still in the early stages and it can be painful with the state of the tech and functionality it's still kinda awesome to watch it develop before your very eyes. The concept and use of peer to peer transactions have really made us think differently about the way we handle money and slowly but surely traditional banking systems could be rendered obsolete.
One of the major advantages centralised systems had over blockchain based finances was the ability to verify debt orders since Peer to Peer transactions need sign off a user would have to submit each time a payment needed to be made which is kind of a pain. This stumbling block has kept options like IOT payments and subscription services hamstrung when it comes to blockchain applications, well until now that is.
PullContracts
PumaPay, a cryptocurrency and payment provider has looked into the issue and created its own version of a debit order which it calls PullContracts
PullContracts are smart contracts that represent a payment relationship between Accounts and facilitate the transfer of tokens between them. PullContracts are designed with flexibility and can be implemented to allow many different payment mechanisms and features. These contracts allow businesses to develop their own billing methodologies through the Contract, present it to the user, authenticate the transaction before execution, and transmit it for execution on the blockchain.
The PullContract supports an advanced “pull” payment mechanism, which allows users to not only “push” their transferred cryptocurrency to other wallets, but also initiate a ‘pull-transaction’ from another Account after prior authorization has been given.
Pretty cool way to circumvent the debit order system. From my understanding, you would load up this Smart Contract with funds and it would execute each time a subscription payment request is triggered
How did PumaPay announce this cool piece of tech? By selling PornHub subscriptions no less
Canadian adult entertainment streaming website Pornhub has announced a partnership with cryptocurrency payment and billing startup PumaPay to enable its users payments in cryptocurrencies, according to a tweet August 23.
PornHub introduces PumaPay PullContracts
Pornhub will now be accepting PumaPay, with its “unique” pull payment protocol that will allow users to automatically pay for their subscriptions, including PornHub Premium. PornHub promoted the partnership with a YouTube video entitled “Pornhub and PumaPay Save the World.”
The move follows a similar agreement with cryptocurrency Verge (XVG) completed in April. The partnership with Verge allows customers to pay with the coin for Pornhub Premium and all purchases within the product but had no option for subscription based payments.
Since then XVG has done pretty much zero and has been penetrated by hackers twice losing millions in the process, so nothing really has come of this partnership then. I'd be surprised if even 1% of PornHub subscribers bothered to buy bitcoin, exchange it for verge and then buy a PornHub subscription, seems like a really painful process, but hey if you're into the kinky stuff, go ahead punish yourself.
Have your say
What do you think of PullContracts? Do you think it has far-reaching implications and better applications than a subscription to the online wank bank? Why would you not look at things like the gaming industry, music or video streaming where people have no problems paying subscriptions with a much larger mainstream appeal?
Or do you think PornHub just seems to be the easy go to at this stage, seems they're willing to get into bed with just about any crypto project these days, not really surprised.
Let's connect
If you liked this post sprinkle it with an upvote or resteem
Follow me
If you don't already, consider following me @chekohler
Put your votes to good use
We all can't max out our upvotes every day and a little help never hurt. Sign up to Smartsteem and sell a few of your votes each day, earn some STEEM and SBD in the process and still get in some curation rewards in STEEM Power. Check out SmartSteem
Trade Bitcoin, Ethereum, Litecoin, Doge or Dash for STEEM instantly
Check out blocktrades to quickly exchange popular cryptocurrencies for STEEM, STEEM power or STEEM Dollars or trade your STEEM, STEEM power or STEEM dollars for popular cryptocurrencies
Source:
The irony in the naming of this all, pull contracts. I may just have a dirty mind..
I think people partner with companies like porn hub for the headlines; many people use it but it’s not going to really garner large adoption unless they are able to break into different markets. Interesting concept though for a debit style purchase.
Lol I can see that! It sure does attract interest and I'm not going to lie PornHub's marketing isn't half bad, they're actually pretty creative and cheesy cringe at the same time but I guess that works for their target market + we can't really tell what the reach is of free visitors who use the site now being exposed to the concept of blockchain. We early adopters sometimes think that its a given but the majority of people don't even know this tech and these options exist
Very interesting! Sex always sells, so it makes sense that crypto would intertwine with that world one way or another :)
Great post by the way, I like the way you set it up and put a video in there. I'm still learning how to put photos in a post lol!
Indeed it sells but with so much free porn on then internet we know that subscription based services do have a hard time selling their services and crypto isn’t going to change that dramatically, verge tried it, spankcoin, vice token and bunnytoken it’s just not going to happen in my opinion
Lol thanks for stopping by and welcome to steemit! Hit me up if you looking to learn more about the platform! Gave you a follow, keep in touch
Posted using Partiko iOS
Yea that's true, there IS a lot of free porn, but I could understand subscription ones appealing to people on the premise of not worrying about getting a virus on their computer from some shady free porn site. Pros and cons :) I don't know, I could also see virtual reality being the next thing to merge with porn, and that'd take over that sector.
Thanks! I joined a few months ago, posted some listings (such as my intro & a couple other random piece), got kind of down for a little bit and now I'm jumping back in. I notice one change - I've been unable to upvote anything because I don't have enough steem power or whatever, but it's all good. I like the little community here :)
You make a good point regarding the security, safety and perhaps privacy and perhaps this is just a small proof of concept. What I would like to see is the ability to pay for things like your spotify to your netflix with crypto and have real volumes pushed through the blockchain, eventually
Ah don't worry we all feel that way and give up on steemit now and then, but its the ones that stick it out regardless of the price that are the real winners on here. Keep engaging and curating content, join some communities based on your interests and i'm sure you'll really start to enjoy it and get the hang of it quicker.
There are plenty of initiatives that help new accounts get up to speed, i recommend you check out https://steemit.com/@schoolofminnows