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

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

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

Creator-driven platforms are perfect for decentralization

In August of this yr, main monetary establishments resembling Financial institution of New York Mellon, Metro Financial institution and JPMorgan Chase successfully compelled OnlyFans to ban sexually specific content material on its platform. CEO Tim Stokely instructed the Monetary Instances that his firm, which has grow to be synonymous with grownup content material creation, “had no selection” however to heed to the banks’ calls for. (The banks reportedly threatened to chop ties with OnlyFans due to the reputational harm of servicing an grownup content material platform.)

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

Associated: OnlyFans reverses determination to ban porn after assurances from ‘banking companions’

The specter of censorship, Williams stated, isn’t simply from bank card firms however conventional IT providers as nicely:

“[OnlyFans] may be censored by any of the standard IT providers it makes use of to run its on-line providers, resembling cloud providers and information facilities, in the identical manner Amazon Internet Providers switched off the Parler social media service.”

Decentralization by way of blockchain expertise can repair this downside:

“One of many key methods blockchains can add worth is by operating sensible contract code that can’t be stopped, offering a approach to create programs which are 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’s because they can’t scale to retailer massive quantities of person content material themselves, and can’t serve interactive internet content material on to customers, and subsequently builders should incorporate cloud or personal servers into their Dapps,” he stated.

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 superb start line to bootstrap such concepts. The grants program, which is completely meritocratic and designed to assist groups construct on Web Laptop, has funded over 80 initiatives already.

Preliminary funding is small however might be scaled up as soon as the initiatives exhibit progress, Williams stated. The early outcomes have been promising.

“Right this moment, individuals have constructed issues like chat, skilled networks and video games which are operating completely from the Web Laptop blockchain,” he stated. “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: Sensible contracts are coming to Bitcoin by way of Dfinity’s Web Laptop

Web Laptop received’t make Ethereum out of date

The search to uncover the subsequent “Ethereum killer” has led some traders to take a position whether or not Web Laptop will take the mantle from the preeminent sensible 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 sensible contract platforms are unlikely to stay round in the long term.

“What’s necessary 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 stated 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 grow to be a supply of innovation for Ether-based builders.

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