Kim Dotcom always supported the idea that Bitcoin will be an integral part of Mega Upload 2 and Bitcache. With BnkToTheFuture, Dotcom is raising funds for its project.
According to Max Keiser, the project is nearing 50 percent of its $1 million minimum goal. Last months, Kim Dotcom has been teasing his new “Mega” file-sharing project and Bitcache.
Dotcom said every file transfer will be “linked to a tiny Bitcoin microtransaction.” Mega creator is now starting to work together with investment platform BnkToTheFuture to raise funds. According to BnkToTheFuture CEO Simon Dixon, the Mega2 investment has raised half a million dollars using bitcoin only.
At Max Keiser show, Dixon stated that there have been many investors who wanted to invest, but came to a barrier at its “Bitcoin only” stipulation. He also detailed that many “hardcore bitcoiners” have also asked about technical aspects of the project.
“Bitcache is probably the one that most questions were asked about in technical terms. Let me try and explain it better. As you all know the Bitcoin blockchain currently has limitations to the number of transactions that it can handle. If those limitations weren’t there, we wouldn’t have to innovate much because we would just utilize the blockchain.”
“We have to take Bitcache transactions off the chain and basically do it all on our own system. Because we can’t deal with these limitations when it comes to millions and millions of file transfers which are at the same time transactions. In order to provide a service that works with Bitcoin, we had to come up with our own payment solution. The Bitcoin basically enters the Bitcache wallet system and off the chain,” Dotcom stated.
Dotcom said that he believes there really isn’t any “major security concern” because the transfers are only dealing with microtransactions. He added that the default transfer amount per file is roughly five cents. He said, however, he doesn’t believe people will be keeping significant amounts of funds in Bitcache wallets.
Fundraising activity goes on and Dotcom seems very interested in this project.
“Right now we just can’t do it because our expectations are that we will have millions and millions of users from the get-go. Providing critical mass to the service and we don’t want a limiting factor to be the blockchain,” he said.
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