Bitcache

Bitcache
Initial release Q3 2017 (projected)
Type Micropayment
Privacy
Bitcoin wallet

Bitcache is an announced blockchain powered service that links file transfers to bitcoin microtransactions.[1] The technology is a core component of the cloud storage service Megaupload 2.0 to be launched in Q3 2017.[2]

Concept

The general concept of Bitcache is that it provides an online reward structure for the mass online storage solution Megaupload 2.0. By linking every file transfer to a small bitcoin microtransaction, the Bitcache system provides a feedback mechanism to users with a value associated with each download.[1]

Bitcache is designed to overcome the scaling limitations of blockchain technology which restrict the number of transactions the bitcoin network can handle.[3]

User privacy will be protected using encryption.[4]

History

In October 2016, a successful public funding campaign on BnkToTheFuture raised more than 1 million USD to fund the platform, with the first half raised exclusively through bitcoin investment.[5]

The project planned to announce a stock and cash merger with a publicly listed Canadian company on January 20, 2017, which would have provided additional startup funding of $12 million and valued Bitcache at $100 million. These plans were blocked after the Canadian Securities Exchange demonstrated a bias against the proposed merger.[6] Following this development, chief evangelist Kim Dotcom stated, "Nothing has changed" for Bitcache, and "Everything is going according to plan."[2]

As of January 2017, the technology's cryptographic logic is done[7] and a team of 12 is getting the service ready for a first release.[8]

See also

References

  1. 1 2 Meyer, David (5 August 2016). "Kim Dotcom Claims Revived Megaupload Will Run On Bitcoin Micropayments". Fortune. Retrieved 11 August 2016.
  2. 1 2 Smart, Evander (2017-01-24). "Kim Dotcom Reveals New Launch Schedule for Bitcache, Megaupload 2". Bitcoinist. Retrieved 2017-01-24.
  3. ↑ "Kim Dotcom plans 2017 relaunch of Megaupload". TorrentFreak. 5 August 2016.
  4. ↑ DeMartino, Ian (10 August 2016). "Thoughts On Kim Dotcom's Bitcache". Inside Bitcoins. Retrieved 11 August 2016.
  5. ↑ Smart, Evander (2016-10-24). "Kim Dotcom's Megaupload 2/BitCache Reaches Funding Target. Now What?". CoinTelegraph. Retrieved 2017-01-24.
  6. ↑ "Canadian Stock Exchange Blocked Megaupload 2.0 Plans". TorrentFreak. 2017-01-24. Retrieved 2017-01-24.
  7. ↑ Kim Dotcom [@KimDotcom] (24 January 2017). "The crypto logic for MU2 & Bitcache is done. We're now putting muscle on the skeleton. The UI team starts work on a fresh look next week." (Tweet) – via Twitter.
  8. ↑ Kim Dotcom [@KimDotcom] (24 January 2017). "Remember it only took 2 developers and 1 designer to build Mega in 6 months. We now have 12 people working on MU2 and Bitcache, adding more." (Tweet) – via Twitter.


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