Kim Dotcom, Founder of Megaupload, Announces ‘Kimcoin’: A New Cryptocurrency Aimed at Monetizing Online Content
Kim Dotcom, the controversial founder of the now-defunct file hosting service Megaupload, has recently announced the development of a new cryptocurrency called ‘Kimcoin’. The coin itself is part of a larger project called ‘K.im Payment’, which is described in the official whitepaper as “a novel approach to monetising digital content.”
What is K.im Payment?
According to the K.im Payment whitepaper, the goal of the platform is to build a “dynamic ecosystem where publishers and consumers will find it easy and natural to conduct business.”
More specifically, the platform is setting out with the following goals:
- Empower content creators by giving them an instant platform to monetise their creations.
- Reduce the risk of fraudulent transactions and identity theft.
- Give consumers the choice and versatility of content without having to rely on outdated third-parties, wherever they are.
- Enable consumers to access the content they have paid for, whenever they want.
- Allow easy monetisation of online content such as blog posts, news articles, YouTube videos, scientific articles, github repositories, Facebook posts, etc.
The authors of the whitepaper emphasize that the platform will provide valuable services for both content creators and consumers.
“K.im will allow any publisher and content creator to publish and sell their digital content; The K.im Payment Engine will enable their consumers to pay for that content with cryptocurrency and to authorise the file decryption.”
As alluded to in the above quote, a key component of the platform is file encryption. K.im Payment will provide content creators with the tools to upload encrypted files using a proprietary format called a ‘K.im Encrypted Data’ container. Once uploaded, the encrypted data will be stored in a number of digital vaults. Content consumers will then be able to use the the K.im Payment App to pay, download and decrypt the content.
What Problems is K.im Payment Trying to Solve?
Monetizing digital content has long been one of the most challenging aspects of content creation. Producing a quality product is one thing; finding a way to get paid for it is another.
The best options for monetization currently available to content creators are major media platforms like YouTube, Twitch, Itunes, and Google Play. These services do support creator-consumer transactions, but many content creators find them to be overly restrictive.
Anyone who frequents YouTube has probably experienced so-called ‘YouTube drama’ in which creators are left frustrated by controversial policy changes on the site. Countless content creators have had their content demonetized altogether for seemingly arbitrary reasons—leaving them with few good options to turn to.
It would appear that K.im Payment wants to greatly simplify this process by directly connecting content creators with consumers. Details are still scant at this point outside of the whitepaper, but the company appears to emphasize a sort of freedom that is certainly not the case on the major platforms mentioned above.
“Providing an exclusive solution to transform any digital content into a KED (K.im Encrypted Data) container, K.im gives publishers the opportunity to sell all types of digital content independently,” reads an excerpt from the whitepaper.
This suggests that the platform aims to build off of Kim Dotcom’s earlier experiences with Megaupload to create a truly open marketplace for all kinds of digital content.
Of course, one has to wonder how liberal the platform will allow its users to be. Considering Dotcom’s past with Megaupload—and the reasons why it was shut down—it seems possible that the platform will support both original and pirated content. However, this is speculative, as the whitepaper does not appear to take up the issue directly.
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