HomeNewsDfinity founder: It’s time to disrupt OnlyFans with decentralization
Dfinity founder: It’s time to disrupt OnlyFans with decentralization

Dfinity founder: It’s time to disrupt OnlyFans with decentralization

Last updated 24th Jun 2022

According to Dfinity founder Dominic Williams, OnlyFans and such content creation platforms must be disrupted against the backdrop of mainstream decentralization.

In an interview with CoinTelegraph, he invited developers to start working on a content platform his company launched this year, Internet Computer (ICP).

The threat of censorship

In the summer of this year, JPMorgan Chase, Metro Bank, and other major financial institutions forced OnlyFans to prohibit sexually explicit content on its platform.

OnlyFans CEO Tim Stokely told the Financial Times that his company “had no choice” but to comply because the institutions had threatened to cut ties with them due to reputational damage.

Williams believes the threat of censorship comes from traditional IT services as well as financial institutions:

[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, in the same way Amazon Web Services switched off the Parler social media service. 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.

On the other hand, dApps still rely on traditional IT to run, which means not every blockchain can really resist censorship. Williams believes a more decentralized version of OnlyFans can be created on Internet Computer.

He shared that Dfinity Foundation had a grant program worth $250 million, which was ‘a good starting point.’ The program, which aims to assist developments on the ICP platform and is fully meritocratic in nature, has already funded almost 100 projects.

Will ICP eliminate Ethereum?

Some investors have speculated that ICP could kill Ethereum as a smart contract platform. Williams finds that this won’t happen in the long run, just like Ethereum didn’t crush Bitcoin.

What’s important to note is that Ethereum didn’t make Bitcoin obsolete. For similar reasons, the Internet Computer is unlikely to make Ethereum obsolete. However, arguably the same cannot be said for the so-called “Eth-Killer” blockchains, as their contribution of innovation and authenticity lacks substance.

The founder of Dfinity anticipates ICP and Ethereum to integrate and become a joint source of innovation for professionals developing on Ether. With respect to market cap, the ICP blockchain currently ranks 23rd. Its value is just over $8.4 billion compared to Ethereum’s market cap of around $424.8 billion.

Daniela Kirova

Daniela Kirova

Daniela is a writer at Bankless Times, covering the latest news on the cryptocurrency market and blockchain industry. She has over 15 years of experience as a writer, having ghostwritten for several online publications in the financial sector.