SANTA MONICA, Calif. — MetArt said today it is now accepting the cryptocurrency called litecoin.
In September 2013, Metart took a leadership position in online adult entertainment by becoming the first site to accept bitcoin payments.
“After the initial spike in bitcoin memberships, our bitcoin sales flattened out,” company COO Shaun Lenihan said. “We met with the gocoin engineers who shared their open architecture and vision for ways to monetize that simply were not possible with our current provider. Just saying you accept digital currency is not enough, you have to drive adoption.
"Gocoin is not just selling a different platform, but helping us market digital currency more effectively to our customers. In addition to accepting litecoin payments, we found the gocoin API superior in every way with its open design and flexibility to innovate and integrate with our internal system.”
Litecoin is based on the bitcoin protocol but differs from bitcoin in that it can be efficiently mined with consumer-grade hardware, say project officials.
They also say litecoin provides faster transaction confirmations — 2.5 minutes on average — and that the cryptocurrency uses a memory-hard, scrypt-based mining proof-of-work algorithm to target the regular computers and GPUs most people already have.
The litecoin network is scheduled to produce 84 million currency units, they say.
Lenihan said Metart will begin rolling out new options and packages aligned with how digital currency enthusiasts prefer to consume content.
"Our customers can expect to see additional alt-coin payment options and the rollout of innovative packages that give our customers the power to purchase our content that best fit their needs," he said.