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

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Dfinity founder Dominic Williams believes content material creation platforms like OnlyFans are ripe for disruption now that decentralized applied sciences have develop into mainstream. He’s inviting builders to construct a blockchain-driven content material platform on Web Laptop (ICP) — a strong general-purpose blockchain launched by Dfiniity Basis earlier this 12 months.

In an interview with Cointelegraph, Williams mentioned latest makes an attempt by monetary establishments to censor grownup content material creation on OnlyFans, in addition to the overall outlook on good contract platforms.

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Creator-driven platforms are perfect for decentralization

In August of this 12 months, main monetary establishments corresponding to Financial institution of New York Mellon, Metro Financial institution and JPMorgan Chase successfully compelled OnlyFans to ban sexually express content material on its platform. CEO Tim Stokely instructed the Monetary Instances that his firm, which has develop into synonymous with grownup content material creation, “had no choice” but to heed to the banks’ demands. (The banks reportedly threatened to chop ties with OnlyFans due to the reputational injury of servicing an grownup content material platform.)

Whereas Stokely would ultimately reverse the choice to ban express content material after receiving assurances from banking companions, the entire ordeal sparked a public debate about censorship. Dominic Williams mentioned OnlyFans represents a case research on why content material creation platforms want decentralization.

Associated: OnlyFans reverses decision to ban porn after assurances from ‘banking partners’

The specter of censorship, Williams mentioned, isn’t simply from bank card corporations however conventional IT companies as properly:

“[OnlyFans] may be censored by any of the standard IT companies it makes use of to run its on-line companies, corresponding to cloud companies and knowledge facilities, in the identical approach Amazon Net Providers switched off the Parler social media service.”

Decentralization through blockchain know-how can repair this downside:

“One of many key methods blockchains can add worth is by working good contract code that can not be stopped, offering a technique to create techniques which might be extra immune to censorship by third events.”

Nevertheless, not each blockchain can present true censorship resistance as a result of decentralized functions nonetheless depend on conventional IT to operate. “It is because they can’t scale to retailer giant quantities of person content material themselves, and can’t serve interactive internet content material on to customers, and due to this fact builders should incorporate cloud or personal servers into their Dapps,” he mentioned.

Dfinity’s grants program is eager to listen to recent concepts

Williams is actively encouraging builders to create a extra decentralized model of OnlyFans on Web Laptop. In actual fact, he touted the Dfinity Basis’s $250 million grants program as a very good place to begin to bootstrap such concepts. The grants program, which is fully meritocratic and designed to assist groups construct on Web Laptop, has funded over 80 tasks already.

Preliminary funding is small however could be scaled up as soon as the tasks reveal progress, Williams mentioned. The early outcomes have been promising.

“Immediately, individuals have constructed issues like chat, skilled networks and video games which might be working fully from the Web Laptop blockchain,” he mentioned. “It’s solely been 4 months since Genesis and there are already greater than 500 builders constructing. Providers like Open Chat are quickly rising, and have already got many tens of 1000’s of customers. In actual fact, over 1.2 million Web Identification handles have already been created.”

Associated: Smart contracts are coming to Bitcoin through Dfinity’s Internet Computer

Web Laptop received’t make Ethereum out of date

The hunt to uncover the subsequent “Ethereum killer” has led some buyers to take a position whether or not Web Laptop will take the mantle from the preeminent good contract platform. Nevertheless, simply as Ethereum didn’t render Bitcoin (BTC) out of date, ICP is unlikely to squash Ethereum in the long term, Williams admitted. However different competing good contract platforms are unlikely to stay round in the long term.

“What’s essential to notice is that Ethereum didn’t make Bitcoin out of date,” he defined. “For related causes, the Web Laptop is unlikely to make Ethereum out of date. Nevertheless, arguably the identical can’t be mentioned for the so-called “Eth-Killer” blockchains, as their contribution of innovation and authenticity lacks substance.”

Williams expects Ethereum to combine with Web Laptop and develop into a supply of innovation for Ether-based builders.

The Web Laptop blockchain presently ranks twenty third when it comes to market capitalization, with the entire worth of ICP crypto hovering simply above $8.4 billion. By comparability, Ether’s (ETH) market cap is presently $424.8 billion.