Kultejas News
Crypto News

Building ‘Only Fans’ on Blockchain Is a Huge, Untapped Opportunity – Dfinity Founder

Dominic Williams, the founder of Dfinity, believes that content creation platforms such as OnlyFans are now ready for disruption as decentralized technologies become mainstream. He is inviting developers to build a blockchain-powered content platform on an Internet computer (ICP) – a powerful general-purpose blockchain launched by the Dfiniity Foundation earlier this year.

In an interview with Cointelegraph, Williams discussed recent attempts by financial institutions to censor adult content creation on OnlyFan, as well as the general approach to smart contract platforms.

Maker-driven platforms ideal for decentralization

In August of this year, major financial institutions such as Bank of New York Mellon, Metro Bank and JPMorgan Chase forced fans to ban explicit sexual content on their platform only. CEO Tim Stokely told the Financial Times that his company, which has become synonymous with adult content creation, had “no choice” but to heed the banks’ demands. (Banks reportedly threatened to cut ties with OnlyFans due to reputational loss of servicing an adult content platform.)

Although Stokely would eventually reverse the decision to ban explicit content after receiving assurances from banking partners, the entire trial sparked a public debate about censorship. Dominic Williams said that OnlyFans represents a case study on why content creation platforms need decentralization.

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

The threat of censorship, Williams said, is not just from credit card companies but also from traditional IT services:

“[OnlyFans] It can also be censored by any of the traditional IT services used to run online services such as cloud services and data centers, in the same way that Amazon Web Services shut down the parlor social media service.

Decentralization through blockchain technology can fix this problem:

“One of the major ways blockchains add value is by running smart contract code that cannot be stopped, which provides a way to build systems that are more resistant to censorship by third parties.”

However, not every blockchain can provide real censorship resistance as decentralized applications still rely on traditional IT to function. “This is because they cannot scale to store large amounts of user content themselves, and cannot serve interactive web content directly to users, and therefore builders need to incorporate cloud or private servers into their dapps. should do,” he said.

Dfinity’s grant program is eager to hear new ideas

Williams is actively encouraging developers to build a more decentralized version of OnlyFans on Internet computers. In fact, he cited the Dfinity Foundation’s $250 million grant program as a good starting point for bootstrapping such ideas. The grant program, which is purely meritocratic and designed to help teams build on Internet computers, has already funded more than 80 projects.

Williams said the initial funding is small, but could be increased once the progress of the projects is demonstrated. Initial results have been promising.

“Today, people have created things like chats, professional networks and games that are running entirely from internet computer blockchains,” he said. “Genesis has only been around four months and is already building over 500 developers. Services like Open Chat are growing rapidly, and it already has thousands of users. In fact, more than 1.2 million Internet identities. The handles have already been made.”

related: Smart Contracts Are Coming to Bitcoin via Dfinity’s Internet Computer

Internet Computers Won’t Make Ethereum Obsolete

The quest to uncover the next “Ethereum killer” has led some investors to speculate whether Internet computers will take the mantle from the leading smart contract platform. However, just as Ethereum did not make Bitcoin (BTC) obsolete, ICP is unlikely to squash Ethereum in the long run, Williams acknowledged. But other competing smart contract platforms are unlikely to last long.

“It is important to note that Ethereum did not make Bitcoin obsolete,” he explained. “For similar reasons, internet computers are unlikely to make Ethereum obsolete. However, the same cannot arguably be said for the so-called “eth-killer” blockchains, as their contribution to innovation and authenticity has little merit. “

Williams expects Ethereum to integrate with Internet computers and become a source of innovation for Ether-based developers.

Internet Computer Blockchain is currently ranked 23rd in terms of market capitalization, with the total value of ICP Crypto above $8.4 billion. By comparison, the market capitalization of Ether (ETH) currently stands at $424.8 billion.

Source link

How to Buy Bitcoin, Dogecoin, Ethereum in India? CLICK HERE

Related posts

Leave a Comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More