Titcoin was founded in early 2014 by the entrepreneurs Edward Mansfield and Richard Allen as "the official digital currency of the adult entertainment industry". It was among of the first 20 altcoins to be created (Wikipedia) and received broad attention by mainstream media in 2014. Titcoin received two nominations as the "Alternative Payment Services Company of the Year" at the XBIZ Awards ceremony in 2015 and 2016.
Titcoin did not attract much interest in the following years from 2016 to 2018 and development halted. The official project accounts were first sold to the adult game development studio Joy-Toilet, which finally sold them to TittieCoin, a cryptocurrency rival of Titcoin. In September 2018, Titcoin community member Gandalf86 took over development by updating the Titcoin wallet to an up-to-date Bitcoin codebase under his own accounts. (Announcement)
As Titcoin failed to gain acceptance as a payment method for the adult entertainment industry during the past years, a mission redefinition is necessary. On this page, we will propose an updated vision for Titcoin that has its roots in contemporary internet culture and paves the way for the next evolutionary step of the adult entertainment industry rather than trying to fit into established business models.
In August 2014, this article by Men's Health discussed the relevance of adult cryptocurrencies like Titcoin considering that today, most of the pornography on the internet is available for free. At the same time, they pointed out how free porn sites put the jobs of professional porn actors at risk and how this affects what kind of content is being produced. Essentially, due to the availability of free content on the internet, porn producers have to produce at much lower costs in order to stay competitive, pay lower wages and produce more extreme/niche content than what is available for free.
The root of these problems is that the established business models in the adult entertainment industry are based on scarcity (in order to sell content it must not be available for free), while the business models of modern content platforms (social media, tube sites etc.) are based on availability. Titcoin is here to bridge that gap by enabling individuals (who are unique) to monetize their own content on free content platforms, therefore creating synergies between content creators and platform providers.
The willingness of consumers to pay for something always depends on the demand and the availability of alternative options, such as free content on the internet, which is the reason why premium porn sites are becoming increasingly unpopular nowadays. At the same time we are witnessing an increased demand for individual content on social media sites like Instagram and Youtube, made by so called "influencers" whose largest contribution is being themselves! Being themselves makes their content unique and valuable since nobody else can copy it.
We can easily transfer this principle to the world of pornography. While "abstract" porn that is focused on bodies and mechanics is available in excessive amounts, content created by individuals is (potentially) highly valuable! This is where Titcoin comes into play: Being a cryptocurrency, it enables fans and followers to directly support their favorite adult content creators instead of paying money to the platform which hosts their content.
What we are proposing here implies a radical shift in the way adult content is being produced and consumed. In a way, Titcoin is a social and economic experiment that takes place in the domain of pornography! While an update of the business models in the adult entertainment industry to the reality of the digital age is necessary on the long term, most porn consumers today are not used to spend money for their enjoyment. What is necessary is a change of consumer behavior, similar to the tipping culture in strip clubs: In order to continue getting served "free" content, you have to support the creator or the entire system will collapse.
On the other hand, focusing on the individuals who create adult content and ask their fans to support them has never been tried before! The content that will be created under these economic circumstances and the willingness of consumers to support the creators has yet to be explored. Similarly, adult content creators can explore new business models that have not been tried before, since their success will depend on increasing their follower base in order to get a large base of supporters.
The role of Titcoin in all of this, besides being a decentralized payment method, is to support the process and provide the necessary incentives on both sides, creators and consumers, to build up this new "porn economy". By being an independent currency, rather than using an existing cryptocurrency like Bitcoin, the value of the coin scales with the adoption of Titcoin for this specific purpose. This gives us the necessary tools to overcome adoption barriers, e.g. by giving away free coins to consumers or helping lead users to increase their visibility and reach a wider audience.
After we have made Titcoin a widely accepted method of tipping porn creators, we expect that other cryptocurrencies will be used for this purpose as well. But Titcoin will always be at the forefront of driving forward cryptocurrency adoption when it comes to adult payments!