Controversial internet entrepreneur Kim Dotcom is back, and heâs selling tokens to build a blockchain-powered content network.
Dotcomâs proposed platform, K.IM, is pitched âsecure and dynamic ecosystemâ where consumers and publishers of digital content can easily transact (without the middleman).
Cryptocurrency exchange Bitfinex will facilitate Dotcomâs 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 Blockstreamâs Liquid network, a Bitcoin sidechain. KIMâs main use-cases will be purchasing content, allowing content creators to offer buyers âperks and bonuses,â and supporting a native loyalty and rewards programme.
Once the platform is live, KIM users can also pay for content directly with Bitcoin, but itâs said to be a more cumbersome experience due to the networkâs 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.
Itâs a little surprising, then, that K.IM marketing materials promise the network âwill allow any publisher and content creator to publish and sell their digital content.â
âThe 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 publisherâs key,â Dotcom told Hard Fork.
âIf they store it on Dropbox, for example, they will need to ensure compliance with Dropbox terms and conditions,â he added. âThe content creator is subject to the conditions of the provider that they use to host the file.â
In terms of policing the platform for anything outright illegal or malicious, Dotcom said that the platform will allow users to report such content.
Dotcom then went on to say that K.im aims to respect the rights of copyright owners by establishing policies in its terms of use related to abuse of copyright, âas K.im takes such matters seriously.â
KIM tokens are scheduled to go on sale on October 22nd, but wonât 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 â and as always, do your own research before investing in anything.
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