Building ‘OnlyFans on blockchain’ is a huge, untapped opportunity — Dfinity founder

Dominic Williams, founder of Dfinity, believes that content creation platforms such as OnlyFans are primed for disruption after decentralized technologies have made them mainstream. He is inviting developers to create a blockchain-driven content platform using Internet Computer (ICP), a powerful general-purpose cryptocurrency launched earlier this year by Dfiniity Foundation.

Williams spoke with Cointelegraph about recent attempts by financial institutions censor the creation of adult content on OnlyFans and the general outlook for smart contract platforms.

Decentralization is best achieved through creator-driven platforms

OnlyFans was forced to remove explicit material from its platform by major financial institutions, including Metro Bank, Bank of New York Mellon and JPMorgan Chase in August. The Financial Times was told by Tim Stokely, CEO, that his company, which has been synonymous with adult content creation and distribution, had no choice but to comply with the banks’ demands. (The banks threatened to end their relationship with OnlyFans due to the reputational damage caused by hosting an adult content platform.

After receiving assurances from his banking partners, Stokely would reverse his decision to ban explicit content. However, the entire ordeal led to a public debate on censorship. Dominic Williams stated that OnlyFans is a case study of why content creation platforms require decentralization.

Related: OnlyFans reverses ban on porn, after receiving assurances from “banking partners”

Williams stated that the threat of censorship is not only from credit card companies, but also traditional IT services.

“[OnlyFans] can also be censored using any of its traditional IT services to run its online services such as cloud services or data centers in the same manner that Amazon Web Services shut down the Parler social media site.”

This problem can be solved by decentralization using blockchain technology

“One of the most important ways that blockchains can add value to your business is to run smart contract code that cannot stop. This allows you to create systems that are less susceptible to being censored by third parties.”

Decentralized applications still need traditional IT to function. However, blockchains can not provide censorship resistance. He explained that they are unable to scale to store large amounts user content and can’t serve interactive web content directly to the users. Therefore, builders need to incorporate cloud or private servers in their Dapps.

Dfinity is open to new ideas for its grants program

Williams actively encourages developers to create a decentralized version on Internet Computer of OnlyFans. He cited the Dfinity Foundation’s $250 Million grants program as a great starting point for such ideas. This grants program is completely meritocratic and was created to support teams building on Internet Computer. It has already funded more than 80 projects.

Williams stated that although initial funding is modest, it can be increased if the projects show progress. Early results were promising.

He said that people today have created things such as chat, professional networks, and games that run entirely on the Internet Computer Blockchain. It’s been just four months since Genesis, and already there are more than 500 developers working on it. Open Chat is rapidly expanding and has many tens to thousands of users. Over 1.2 million Internet Identity addresses have been created.

Related: Smart contracts coming to Bitcoin via Dfinity’s Internet Computer

Internet Computer will not render Ethereum obsolete

Some investors speculate that Internet Computer might be the next “Ethereum killer”, as they search for the best smart contract platform. Williams acknowledged that ICP will not be able to destroy Ethereum long-term, just like Ethereum didn’t make Bitcoin (BTC), obsolete. However, other smart contract platforms will likely be able to stay around for the long-term.

He explained that Ethereum did not make Bitcoin obsolete. “The Internet Computer is unlikely that Ethereum will become obsolete for similar reasons. The same cannot be said about the “Eth-Killer”, as their innovation and authenticity lack substance.

Williams anticipates Ethereum to be integrated with Internet Computer, and will become a source for innovation for Ether-based developer.

Internet Computer’s blockchain is currently 23rd in terms market capitalization. The total value of ICP cryptocurrency hovering around $8.4 Billion makes it the 23rd most valuable. ETH’s market cap, however, is $424.8 billion.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Jason Basler

Jason Basler– Financial Updates My Name is Jason Basler and I am also the main source from the ‘Topnewsscoop.com’ of all the exclusive and most delicate visualization of the activities in the business sector. My first step towards this journey was taken in the very early years of my life. I started with an independent financial consultant. However, I only had almost 4 years of skills and experience in this market. I have always been a free personality and like to fly one place to another, to explore more and more. Moreover, this passion and craze of traveling gave me a chance to report a section for best news associations. Last but not least, I am presently working full-time as an editor. Address: 4830 Crim Lane Dayton, OH 45402, United States of America Phone Number:  +1 937 727 7917 Email: [email protected]

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Close Bitnami banner
Bitnami