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Step 1: The material
There are similar materials such as Third Degree, which behave in the same fashion owing to the fact that it is also a two-part silicone based product. The main difference with this kind of material compared to wax is that you need to measure out equal amounts, mix them and apply them to the skin before it sets (or cures) with a working time of 4-5 minutes. You can cover larger areas by adding additional mixes, as it will bond well to itself. Unlike wax, it does not damage easily.
The only thing you need to remember is avoid contact with latex! Platinum silicones are usually very sensitive, and exposure to latex (in a dried or liquid form) can result in the silicone not curing properly. This is known as inhibition, and usually occurs on a surface someone has touched using latex gloves. As a result, if you do ever need to wear gloves make sure you use Vinyl and not latex!