OnlyCash

PROJECT TITLE: ADOPTION OF BCH AS A PAYMENT SYSTEM FOR A SOCIAL MEDIA PLATFORM

PARTICIPANTS/ TEAM MEMBERS

(1) SAMUEL NGOZIKA ANYANWU

(2) CHINWE PEACE IGIRI

(3) MATRICZ

1.0 INTRODUCTION

OnlyCash is a web application built for premium content sharing, Such as stock photography, Tutorials, chefs, fitness enthusiasts, musicians

among others. It is social media platform modelled after Onlyfans.com. The OnlyFans enables users or ‘fans’ to pay content creators for their services on a predefined recurring (weekly/monthly/quarterly) subscription. The OnlyCash will implement a Bitcoin Cash wallet for users.

1.1 PROBLEM STATEMENT

The OnlyFans uses fiat currency as a means of transaction. Obviously, fiat has a limitation on the cross-boarder payment due to time zone variation. First, delays or failure in the intermediary system (Bank) could hinder users from receiving the services they paid for. Again, fiat currency disparity could pose a serious constraint to users to make payment.

1.2 MOTIVATION

Users from third world countries usually face the challenge of accessing facilities pegged with such foreign currencies as dollar, pounds, euros, and others. Therefore, we seek to build a platform that will enable seamless cross border payment.

1.3 AIM AND OBJECTIVES

This project aimed at onboarding premium content users to BCH.

The objectives are:

1. To develop an enhanced model of OnlyFans.com;

2. To enable premium content creators to set subscription cost;

3. To implement a Bitcoin Cash for users;

4. To enable users to withdraw and deposit BCH

1.4 SIGNIFICANCE OF ONLYCASH

The OnlyCash is a social media platform that where content creators receive cross-border payment from their fans or followers. It overcomes the limitation of the fiat payment system in OnlyFans.com. The OnlyCash adopts BCH as its cryptocurrency due to its high demand. The BCH models the vision of Satoshi Nakamoto peer to peer electronic cash that requires tiny or negligible network transaction fee. Unlike BTC and Ethereum, BCH can be transferred to any wallet around the world anytime at users’ convenience. Therefore, onboarding users to the BCH network will bring immense growth and development to the network. Further, users can comfortably initiate transaction from any part of the globe without any hinge.

2.0 PROJECT VISION

• Build a social media platform for premium content sharing such as stock photography, chef, music, etc. referred to as OnlyCash.

• Modelled after OnlyFans.com

• Implement Bitcoin Cash wallet for users OnlyCash

• Premium content creators will have to set cost for subscription

• BCH will be the cryptocurrency for all transactions

• There should be sufficient BCH balance to “follow” a content creator who is also a user

• Users have the capability to follow each other

• Users can also withdraw and deposit BCH

• “Follow” button could be free or customized for a fee in BCH as desired by the user

• Video, images, documents among others could be uploaded

2.1 BUDGET AND TIMELINE

The estimated budget for the project is forty thousand USD ($40,000).

2.2 ACTIVITIES AND APPROACH

Activities: Description

Discovery and Analysis Identify use cases, operational dependencies,

finalize requires, create user stories and process diagrams

Design and Architecture: Database design (backend), UI /UX design

Develop and test: Develop features as specified in the design

Unit testing/ user testing

DevOps and Release: Deploy to product and test

Post-deployment user support

Project lunch Project kickoff, set up the environment and system access

Project meetings, documentation and communication

3.0 COMPARATIVE FEATURES OF ONLYCASH WITH EXISTING ONLYFANS.COM

S/N Feature Description: ONLYFANS ONLYCASH

1 Payment method: Fiat Cryptocurrency

2 Service accessibility: Limited Global

3 Third-party payment verification: Required Not required

4 Network control system: Centralized Distributed

5 Payment activation response time: Slow Automatic

6 Efficiency: No Yes

3.0 CONCLUSION AND EXPECTED OUTCOME

In conclusion, the project seeks to design, develop, test and deploy a social media platform for premium content creators that can allow cross border payment without hinges.

The expected outcome of the project is the deliverables. These include:

1. A functional social media platform for premium content sharing that adopts BCH as a payment medium;

2. The source code and associated product documentation.