Kim Dotcom is developing a new micro-payments platform called Bitcache. The internet legend has created a platform that lets content creators earn bitcoin through microtransactions.
Rumors about Bitcache have persisted for weeks. Kim Dotcom released a number of videos teasing his fans and the crypto-community about the application. He’s done all of this while fighting extradition to the United States.
What Is Bitcache?
Well, Bitcache works with the K.im platform and Megaupload 2.0. It allows anyone to upload documents, code, videos, and music files so they can get paid in bitcoin for their work.
Users upload their content to a broad range of storage services and social platforms, then get an embedding code for their websites. The content can then be shared across websites or on Facebook, Twitter, email, and other platforms.
After the file is uploaded to a distribution site, users will need to pay to download the content. The creator of the content gets paid in bitcoin.
How Does Bitcache Work?
Kim Doctom’s Bitcache isn’t just some fantasy: the platform has a working demo version available. News agencies like Bitcoin.com got early access to the platform. A recent Bitcoin.com article describes how it’s easy to use Bitcache to setup an account, create a private key, grab a wallet ID, and generate a password. Your wallet ID is used to accept funds from people who access your content.
The Bitcoin.com writer was able to select a price to charge people for the content. He chose 5 cents. The value was converted into bits, and then the content was uploaded. From the next page, users can customize how customers see the video, file, or document. You can add a title, for example, or an introduction and cover image.
Content is sorted into different categories across Bitcache.
Finally, you tether your wallet to the content by entering your wallet ID and password. After the wallet is tied to the Bitcache content, you go to a distribution page that has a massive list of cloud storage services, P2P torrent mirrors, and other social media services. Supported storage platforms include Dropbox, Google Drive, Mega, Reddit, and even Wikileaks, among many others.
If you like, you can upload it to every single storage service listed.
The end result is that in five simple steps, you can create content and distribute it across the internet, then receive a micropayment in bitcoin every time a user accesses the content.
It’s easy to see how Kim Dotcom’s Bitcache could change the way we distribute files across the internet. Whether it’s a news article, a song, or an application, this paid content transfer system makes it easy for content creators to maximize their earnings.
Bitcache And Megaupload
Megaupload 2.0 has been scheduled to launch in Q3 2017. Bitcache is the blockchain-powered platform that works as a core component of Megaupload 2.0. The service links file transfers to bitcoin microtransactions.
The general concept behind Bitcache is that it provides an online reward structure to complement Megaupload 2.0’s mass online storage solution. It’s the “payment processing and distribution” part of Megaupload 2.0.
Development of Megaupload 2.0 began in October 2016.
How Does Bitcache Solve Transaction Times?
Obviously, bitcoin isn’t great for microtransactions in its current form. That’s why Bitcache is such a big deal: Kim Dotcom has proposed a platform that allows us to use bitcoin for micropayments.
Typically, congestion in the bitcoin blockchain system means it takes a long time for transactions to clear, and transaction fees have risen substantially in recent months.
With Bitcache, Dotcom’s solution is to break bitcoin down into something called “bits”. Each bit is worth one millionth of one bitcoin. Payments that use bits take place on the Bitcache platform instead of in the main, clogged-up blockchain.
Ultimately, Kim Dotcom is one of the legends of online file distribution. With Bitcache and Megaupload 2.0, he plans to use cryptocurrencies to facilitate the use of micropayments to pay for premium content online. It’s an innovative system that could change the way we use bitcoin – and change the way we distribute content.
The next step is to launch an ICO for Bitcache. In an interview from August, Dotcom announced plans to launch the full Bitcache platform 9 months after the ICO.
We don’t have a specific date for the ICO. However, Dotcom has been active about promoting Bitcache on Twitter (he’s also been teasing the whitepaper release), so follow him there for the latest updates on the Bitcache ICO and further development on the Bitcache project.