Attempts by traditional financial institutions to censor adult content on OnlyFans, according to Dfinity founder Dominic Williams, have highlighted the need for decentralized platforms.
Dominic Williams, the founder of Dfinity, believes that content creation platforms such as OnlyFans are primed for disruption now that decentralized technologies have entered the mainstream. He’s inviting developers to create a blockchain-powered content platform on Internet Computer (ICP), a powerful general-purpose blockchain launched earlier this year by Dfiniity Foundation.
Williams discussed recent attempts by financial institutions to censor adult content creation on OnlyFans, as well as the general outlook on smart contract platforms, in an interview with ULTCOIN365.
Platforms driven by creators are ideal for decentralization.
OnlyFans was effectively forced to ban sexually explicit content on its platform in August of this year by major financial institutions such as Bank of New York Mellon, Metro Bank, and JPMorgan Chase. According to CEO Tim Stokely, his company, which has become synonymous with adult content creation, “had no choice” but to comply with the banks’ demands. (The banks reportedly threatened to cut ties with OnlyFans because of the reputational damage of servicing an adult content platform.)
Censorship is a threat not only from credit card companies, but also from traditional IT services, according to Williams:
“[OnlyFans] could also be censored by any of the traditional IT services it uses to run its online services, such as cloud services and data centers, just as Amazon Web Services turned off the Parler social media service.”
Decentralization via blockchain technology has the potential to solve this problem:
“One of the key ways blockchains can add value is by running smart contract code that cannot be stopped, providing a way to create systems that are more resistant to censorship by third parties.”
However, not every blockchain can provide true censorship resistance because decentralized applications still rely on traditional IT to function. “This is because they cannot scale to store large amounts of user content and cannot serve interactive web content directly to users,” he explained. “As a result, builders must incorporate cloud or private servers into their Dapps.”
Dfinity’s grant program is always looking for new ideas.
Williams actively encourages developers to build a more decentralized version of OnlyFans on Internet Computer. In fact, he cited the Dfinity Foundation’s $250 million grant program as a good place to start for such initiatives. The grants program, which is entirely meritocratic and designed to assist teams in developing on Internet Computer, has already funded over 80 projects.
The initial funding is small, but it can be increased once the projects show progress, according to Williams. The preliminary results have been encouraging.
“Today, people have built chat, professional networks, and games that run entirely on the Internet Computer blockchain,” he explained. “It’s only been four months since Genesis, and already there are over 500 developers building.” Open Chat, for example, is rapidly expanding and already has tens of thousands of users. Indeed, more than 1.2 million Internet Identity handles have already been created.”
Ethereum will not be rendered obsolete by the Internet Computer.
The hunt for the next “Ethereum killer” has some investors wondering if Internet Computer will take over as the preeminent smart contract platform. However, just as Ethereum did not render Bitcoin (BTC) obsolete, Williams admits that ICP is unlikely to annihilate Ethereum in the long run. Other competing smart contract platforms, on the other hand, are unlikely to survive in the long run.
“It’s important to note that Ethereum did not render Bitcoin obsolete,” he said. “The Internet Computer, for similar reasons, is unlikely to render Ethereum obsolete.” However, the same cannot be said for the so-called “Eth-Killer” blockchains, as their contributions to innovation and authenticity are arguably insufficient.”
Williams anticipates that Ethereum will integrate with the Internet Computer and become a source of innovation for Ether-based developers.
The Internet Computer blockchain is currently ranked 23rd in terms of market capitalization, with a total value of ICP crypto just above $8.4 billion. In comparison, the market capitalization of Ether (ETH) is currently $424.8 billion.