10 Things We Know About Megaupload’s Founder Kim Dotcom’s Bitcoin BABY

Kim Dotcom or Kim Schmitz in real life is a cyberspace entrepreneur and businessman who lives in New Zealand and is the famous founder of a now-inoperative file-sharing website, Megaupload. Megaupload was seized by the US government due to some accusations with which Kim Dotcom still denies.

Kim Dotkom 10 things We Know - The Raid

Megaupload founder Kim Dotcom (2nd R) poses with actors dressed as police after the raid of his house.

On January 19, 2013, Dotcom established another file hosting and cloud storage service called Mega. The website uses local encryption of files before uploading, to prevent a third-party incursion. The service is also readily available for smart phones through their mobile app compatible with almost all mobile phone operating system. In February of the same year, Dotcom announced that Mega will be accepting Bitcoin through Bitvoucher. Due to pressures coming from the US government and Hollywood, Paypal refused to process payment transactions for Mega which led the service to take the cryptocurrency as a solution.

The Baby

Mega 2.0

Aside from accepting Bitcoin in his file-sharing service, Dotcom is now working on a new version of his file-sharing service called Megaupload 2.0. This is a relaunched of the previous defunct file-sharing website. He made some teasers about this in some of his tweets talking about Mega and Bitcoin will be having a ‘Baby’ this coming 2017. Here are the ten things we know about this ‘Bitcoin Baby’, based on his tweets and revelations in Mashable.

1. Mega will have its new design called ‘Bitcache’ which will obviously involve Bitcoin.

2. Mega will have 100 million Bitcache wallets

3. Every Mega file transfer will be connected to a small Bitcoin micro-transaction.

4. Dotcom promised Bitcoin’s price will soar up to 2000+ USD, as a result of having millions of more new transactions that will flow in the Blockchain

5. He also promised that Blockchain’s issue about its capacity in processing larger transactions will be solved.

6. Dotcom and his team is working on MegaNet, a decentralized internet which will also involve Bitcoin

7. MegaNet will not use IP addresses but instead will use a new, faster type of blockchain in exchanging of data. The new type of blockchain is based on the ledger system or blockchain that Bitcoin is using.

8. Kim Dotcom said that a decentralized internet will be a kind that will be ‘from the people and for the people’.

9. Meganet will still rely on the present physical internet infrastructure as a ‘dumb network’. Even so, Dotcom and his team are working on creating a new encryption layer which will work on all digital communication.

10. Finally, Dotcom said MegaNet’s encryption will be very powerful that no supercomputer can ever crack or reverse engineer.

Furthermore, due to the possible increase in millions of Bitcoin transactions, as Dotcom promised, he advised people to buy Bitcoin as early as now while it is still in low price. Also, the problem in Blockchain’s capacity in processing larger transactions has bothered a lot of the cryptocurrency experts and developers and the commotion over this issue has been known as the ‘civil war’ in the Bitcoin community. Eventually, Dotcom’s promise to solve this issue will definitely stop the ‘civil war’.

In conclusion, having that support to the cryptocurrency, along with its encryption use, this goes to show that Kim Dotcom firmly supports encryption, decentralized technology and other beautiful things that the internet can give.

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