Controversial internet entrepreneur Kim Dotcom is back, and he’s selling tokens to build a blockchain-powered content network.
Dotcom’s proposed platform, K.IM, is pitched “secure and dynamic ecosystem” where consumers and publishers of digital content can easily transact (without the middleman).
Cryptocurrency exchange Bitfinex will facilitate Dotcom’s fundraiser via its revamped token issuance platform, Bitfinex Token Sales (formerly Tokinex). The firm markets the platform as a more sustainable solution to Initial Exchange Offerings.
The token (also named KIM) will be issued via Blockstream’s Liquid network, a Bitcoin sidechain. KIM’s main use-cases will be purchasing content, allowing content creators to offer buyers “perks and bonuses,” and supporting a native loyalty and rewards programme.
Once the platform is live, KIM users can also pay for content directly with Bitcoin, but it’s said to be a more cumbersome experience due to the network’s confirmation times.
Blockchain or not, copyright is still a major concern
Dotcom has infamously been locked in a legal fight with the US over the now-defunct cloud storage service Megaupload.
Authorities have fought to extradite Dotcom from his chosen homeland, New Zealand, since 2012. They allege Dotcom made millions of dollars by allowing illegal file-sharing to run rampant on Megaupload.
It’s a little surprising, then, that K.IM marketing materials promise the network “will allow any publisher and content creator to publish and sell their digital content.”
“The technology allows users to sell their content. K.im does not know what content they are selling as it will be stored on their chosen storage service and encrypted with the publisher’s key,” Dotcom told Hard Fork.
“If they store it on Dropbox, for example, they will need to ensure compliance with Dropbox terms and conditions,” he added. “The content creator is subject to the conditions of the provider that they use to host the file.”
In terms of policing the platform for anything outright illegal or malicious, Dotcom said that the platform will allow users to report such content.
KIM tokens are scheduled to go on sale on October 22nd, but won’t be listed on Bitfinex until the platform goes live in Q3 2020.
This gives us all plenty of time to figure out exactly why this whole endeavour is necessary — and as always, do your own research before investing in anything.