Saturday, August 13, 2022

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 turn into mainstream. He’s inviting builders to construct a blockchain-driven content material platform on Web Pc (ICP) — a strong general-purpose blockchain launched by Dfiniity Basis earlier this 12 months.

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 good contract platforms.

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Creator-driven platforms are perfect for decentralization

In August of this 12 months, main monetary establishments comparable to Financial institution of New York Mellon, Metro Financial institution and JPMorgan Chase successfully pressured OnlyFans to ban sexually specific content material on its platform. CEO Tim Stokely instructed the Monetary Occasions that his firm, which has turn 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 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 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 providers as effectively:

“[OnlyFans] is also censored by any of the normal IT providers it makes use of to run its on-line providers, comparable to cloud providers and information facilities, in the identical method Amazon Internet Companies switched off the Parler social media service.”

Decentralization by way of blockchain expertise can repair this drawback:

“One of many key methods blockchains can add worth is by operating good contract code that can’t be stopped, offering a method to create techniques which are extra proof against censorship by third events.”

Nonetheless, not each blockchain can present true censorship resistance as a result of decentralized purposes nonetheless depend on conventional IT to operate. “It’s because they can not scale to retailer massive quantities of person content material themselves, and can’t serve interactive net content material on to customers, and subsequently 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 Pc. The truth is, he touted the Dfinity Basis’s $250 million grants program as a very good start line to bootstrap such concepts. The grants program, which is totally meritocratic and designed to assist groups construct on Web Pc, has funded over 80 tasks already.

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

“At this time, folks have constructed issues like chat, skilled networks and video games which are operating totally from the Web Pc blockchain,” he mentioned. “It’s solely been 4 months since Genesis and there are already greater than 500 builders constructing. Companies like Open Chat are quickly rising, and have already got many tens of 1000’s of customers. The truth is, over 1.2 million Web Id handles have already been created.”

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

Web Pc gained’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 Pc will take the mantle from the preeminent good contract platform. Nonetheless, 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 comparable causes, the Web Pc is unlikely to make Ethereum out of date. Nonetheless, 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 Pc and turn into a supply of innovation for Ether-based builders.

The Web Pc 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.