Kim Dotcom, the controversial internet entrepreneur and founder of the now-defunct file storage platform Megaupload, is making a comeback in the digital content business. This time, instead of a platform that allows users to download copyright songs and television series, Dotcom plans to use blockchain technology to create a fair digital content distribution market called K.IM.
According to K.IM’s white paper, the proposed project is pitched as a dynamic ecosystem that is “aimed to become the easiest and the most secure way to generate revenue with digital content.”
The project plans to facilitate consumer and publisher transactions while cutting out the middleman with the help of the Kimcoin. Bitfinex, the cryptocurrency exchange in partnership with Dotcom’s platform, has recently announced the sale of the K.IM with the relaunch of its initial exchange offering (IEO) platform, Toikinex.
The K.IM project has so far raised over $2 million from investors and is planned to be fully operational by the third quarter of 2020, according to the project’s road map. K.IM says it aims to fill up a content monetization gap in a market worth over $400 billion.
According to the project’s white paper, the infiltration of multiple intermediaries in the digital content business has introduced an inability to offer content at ultra-low prices. With a business model that gives 95% of sales revenue to content creators, the K.IM platform will aim to boost monetization while attracting publishers to participate.
Some of the key features of the platform include content pricing and entails the use of a file encryption service. Users will be able to pay for content with a range of cryptocurrencies. However, only Bitcoin (BTC) and K.IM will be available at the start.
K.IM will serve as a utility coin that will allow users to purchase content, donate or tip on the platform. The project’s road map also states that K.IM will be issued in the last quarter of 2019, with a token sale on Bitfinex set to take place on Oct. 22.
While commenting on the project’s development, Dotcom mentioned that “combining the internet with Bitcoin gives a real chance of achieving the original promise of the internet,” defining that promise as freedom of speech, finance and commerce. He also added that his main motivation for launching the platforms is to “cut out all the middlemen and sell content and digital goods without censorship.” In an email conversation, Kim Dotcom told Cointelegraph:
“K.im will work on policies, designs, and technologies that attempt to address the many complex issues of international copyright compliance for user-generated content intermediary services and related risks.”
Dotcom also acknowledged that recent technical breakthroughs such as Bitcoin’s Lightning Network have enabled the creation of tokens such as K.IM that can be supported on Bitcoin’s blockchain network.