"Lust" is an initial coin offering based on the Ethereum blockchain platform, designed for prostitutes and their customers to exchange money for sexual services.
It uses smart contracts and anonymity features to escrow funding of the parties and keep their identities private, in order to avoid law-enforcement scrutiny and public shaming.
Leaving aside the thorny moral and social questions raised by the currency's intended use, there's the technical matter of how well this would work (and this technical matter wraps around to those moral and social questions).
The wireframe drawings of user interface features pictures of sex workers, selected by "elaborate filters based on skill ratings, age, eyes, hair color and other body parameters." The anonymity dimension of this platform is limited to the (presumably male) customers, not the (all-female) workers.
Likewise, the "smart contracts" favor one side of the bargain: the "key has to be scanned later if they make an agreement and meet otherwise the contract gets automatically closed in 48 hours, and the client gets his Etherium
tokens back in the wallet" (note that "his" pronoun for the "client"). The game-theoretical aspects of this aren't hard to unpick: if the "client" has sex with the worker, and then does not scan her (sic) token, the client gets to have sex, and the worker gets nothing. Despite high-minded talk about preventing violence against sex-workers, the major threat-model addressed by these smart-contracts is men who don't feel like they got value for money when having sex, not women who perform sex-for-money and don't get paid for it.
Finally, there's the legal question: the people behind this cryptocurrency claim that "our system is not illegal anywhere in the world." That's just not true. There are plenty of territories in which simply using strong crypto is illegal, and others where having a nexus with the procurement of sex for money is itself illegal, no matter how attenuated the connection.
So, in a nutshell: this is a legally dubious platform designed to help men solve the problem of not being embarrassed when they procure the services of a female sex worker, and to protect them in the event that they choose not to pay for her services, but without any real protection for the sex workers' anonymity or ability to get paid.
Escrow deal based on smart contracts
Our escrow deals based on smart Ethereum contracts facilitate, verify, and enforce the negotiation or performance of a contract. An access key is generated from a client’s wallet. The partner scans the key and the client gets the service without the intervention of a third party. Etherium tokens are returned back in case of non-performance of the agreement.
We are a decentralized online marketplace that enables users to transact without the need for a centralized location or any third-party arbitration. Experience hassle free transactions anonymously without any scams or fake reviews in a completely transparent setup. Decentralisation also implies that it can never be shut down, unlike dedicated servers.
You can register without any personal details on our website to connect with most desired body figures in an entirely incognito mode. We defend your privacy with features like cryptography, anonymous mail forwarding systems, digital signatures, and crypto-currencies to ensure smooth transactions.
Law does not prohibit
Whether you live in an extremely conservative country or in one of the most progressive ones, you can access our portal from anywhere at any time in the world. What’s better is, that our system is not illegal anywhere in the world. Since, it can be used everywhere instantly, you can find new partners even if you’re visiting some other country or while travelling.
(via Beyond the Beyond)