Dfinity founder Dominic Williams believes that content creation platforms like OnlyFans are now poised to face disruption as decentralized technology has become mainstream.
Dfinity founder Dominic Williams believes that content creation platforms like OnlyFans are now poised to face disruption as decentralized technology has become mainstream. He invited developers to create a content platform powered by the Internet Computer (ICP) blockchain, a high-performance general-purpose blockchain introduced by the Dfiniity Foundation earlier this year. In an interview, Williams discussed recent attempts by financial institutions to censor adult content creation on OnlyFans, as well as the general outlook for smart contract platforms.
In August of that year, major financial institutions such as Bank of New York Mellon, Metro Bank, and JPMorgan Chase OnlyFans effectively banned sexually explicit content on their platforms. CEO Tim Stokeley told the Financial Times that his company, which has become synonymous with adult content creation, "had no choice but to listen to the bank's demands". (The bank reportedly threatened to cut ties with OnlyFans due to reputational damage in providing a platform for adult content.) While Stokeley would eventually overturn a decision to ban explicit content after receiving assurances from banking partners, the entire ordeal has sparked a public debate about censorship. Dominic Williams says OnlyFans is a case study of why content creation platforms need decentralization.
The threat from censorship, says Williams, comes not only from credit card companies, but also from traditional IT services: “[OnlyFans] can also be censored by any traditional IT service it uses to manage online services, such as cloud services and data centers, just as Amazon Web Services has disabled social media service Parler. " Decentralization through blockchain technology can solve these problems: "One of the most important ways blockchain can add value is by introducing unstoppable smart contract code to create systems that are more resistant to third-party censorship.” However, not every blockchain can offer real censorship resistance, as decentralized applications still rely on traditional IT. “That's because they themselves can't store large amounts of user content, and they can't deliver interactive web content directly to users.
Williams actively encourages developers to create a more decentralized version of OnlyFans on Internet computers. In fact, he points to the Dfinity Foundation's $250 million grant program as a good starting point for introducing such ideas. The scholarship program, which is entirely performance-based and designed to help teams update Internet computers, has funded more than 80 projects. Initial funding is low but can be increased once the project shows progress, Williams said. The first results are quite promising. "Nowadays people have built things like chat, professional networks and games that run entirely on the Internet's blockchain," he said. "It's only been four months since Genesis and there are now over 500 developers. Services like Open Chat are growing rapidly and have tens of thousands of users. In fact, more than 1.2 million Internet IDs have been created."
The search for the next Ethereum killer has some investors speculating whether Internet computers will take over the cloak of the flagship platform for smart contracts. Just as Ethereum did not make Bitcoin (BTC) obsolete, however, it is unlikely that ICP will destroy Ethereum in the long term, Williams admits. But other competing platforms for smart contracts are unlikely to last long. "The most important thing is that Ethereum doesn't make Bitcoin obsolete," he said. “For reasons like this, it is unlikely that Internet computers will render Ethereum obsolete. However, this is unlikely to apply to so-called eth killer blockchains, as their contribution to innovation and authenticity is fundamentally lacking. " Williams expects Ethereum to integrate with the internet 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 ICP cryptocurrency value of more than $8.4 billion. For comparison: The current market capitalization of Ether (ETH) is $424.8 billion. The Dfinity Foundation internet blockchain introduces smart contract functionality to the Bitcoin (BTC) network and has the potential to open doors for new uses of the leading cryptocurrency. Internet computers will use keychain cryptography to integrate with Bitcoin and pave the way for smart contracts with local BTC addresses hosted directly on Internet computers, the Dfinity Foundation announced on Tuesday.
“Smart computer contracts for the internet will have access to bitcoin liquidity and bitcoin will have powerful new capabilities for smart contracts without the need to use unsecured and cumbersome trusted connectivity services,” said Dominic Williams, founder and chief scientist of the Dfinity Foundation. Smart Internet contracts will contain associated BTC addresses that will give them direct access to transactions on the Bitcoin blockchain. Transactions on an Internet computer take two seconds to complete, compared to 40 minutes for Bitcoin. To get around this, so-called “Bitcoin Banks” can be used directly on Internet computers, allowing fast two-second transactions. Earlier this year, the Dfinity Foundation launched a $223 million developer ecosystem program to support the advancement of smart contracts and blockchain. Launched in 2014, the project received financial backing from some of the largest crypto venture firms, including Andreessen Horowitz and Polychain Capital.
Dfinity's recent efforts are part of a broader industry initiative to make Bitcoin more accessible for transactions, decentralized finance, and Web 3.0. In January, open-source network Stacks revealed its vision for smart Bitcoin-oriented contracts using a single layer blockchain with native bridges. Several other developers are in the process of launching new apps ahead of the highly anticipated upgrade from Taproot to Bitcoin later this year. The superstructure received great support from the mining unit and paved the way for activation with a soft fork in November. While Bitcoin has not achieved all of the principles of Satoshi Nakamoto's 2008 white paper – namely, its broad utility as an electric money system – Bitcoin has emerged as a leading alternative asset. The Bitcoin network reached $1 trillion in total market cap north in May before experiencing a broad market correction. Much of this growth is due to increasing institutional support for Bitcoin as an Asset.