CEO Of SpankChain Criticises Ethereum

If you have been involved in the crypto world for some time, you will know that the community can be both supportive at times, as well as extremely petty in a few instances. Twitter feuds and similar exchanges of dissimilar opinions have been common in this community.

Recently, the CEO of Spankchain, who has been previously known to support Ethereum, has now started criticizing it.
The Spankchain CEO, Ameen Soleimani has been an active member of the crypto space for quite some time now. He had been a part of the team of Consensys, a Brooklyn-based startup focused on decentralized apps which was founded by Joseph Lubin, an early contributor to Ethereum.

Soleimani has since left Consensys to launch SpankChain, a peer-to-peer payment platform for adult performers, which indeed is a massive industry. To be specific, the global adult industry is worth somewhere around $100 billion. With pornographic content representing a significant fraction of the Internet’s content (around 12%), many are of the opinion that a blockchain project supporting the industry will indeed help with regards to mass adoption. Spankchain also has lower transaction fees, which is mutually beneficial to both content creators and content supporters, as well. There is no scope for “chargebacks”, which can often happen with regards to the porn industry.

Though Soleimani hasn’t taken to make his concerns known as is common in the crypto space but instead has chosen with a more academic approach. He has published a paper in collaboration with a consultancy firm by the name of Kyokan, in order to make his opinions known. The paper is called “The state of Ethereum 2.0.” One of the reasons why this incident is of consequence is because his company’s tokens actually operate on the Ethereum network. Soleimani has addressed a myriad of reasons for a myriad of reasons. Firstly, he believes that there is a distinct lack of funding involved and naturally more money could certainly help to solve issues. It appears that his other major gripe is the fact that there isn’t a true “project lead”.

Rishma Banerjee

Rishma is currently pursuing a bachelor’s degree in International Relations and has a special place in her life for sifting through all sorts of random trivia, thank you very much.