Bitcache

Bitcache
Initial release 2018 (projected)
Type Micropayment
Privacy
Bitcoin wallet

Bitcache is a blockchain powered service that links file transfers to bitcoin microtransactions,[1] created as a private sidechain with Lightning.[2] The technology was built to enable millions of anonymous micropayments to be performed at speed.[3]

Concept

The general concept of Bitcache is that it provides an online reward structure for online content providers. 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.[4] The solution breaks bitcoins down into "Bits" worth a millionth of one bitcoin, with payments using Bits taking place on the Bitcache platform, not in the main blockchain.[5]

Bitcache lets creators including musicians, filmmakers, media organizations, YouTube vloggers, and bloggers accept payments as low as $1 from their audience.[3] User privacy will be protected using encryption.[6]

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.[7]

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.[8] Following this development, chief evangelist Kim Dotcom stated, "Nothing has changed" for Bitcache, and "Everything is going according to plan."[9]

As of January 2017, the technology's cryptographic logic is done[10] and a team of 12 is getting the service ready for a first release.[11] In August 2017, a live demo site opened to 10,000 users who requested early access.[3]

An initial coin offering (ICO) is planned for 2018.[2]

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 Kim Dotcom [@KimDotcom] (19 January 2018). "The Bitcache update Bitcoiners have been waiting for" (Tweet) – via Twitter.
  3. 1 2 3 Russon, Mary-Ann (2017-08-31). "Kim Dotcom demos micro-payment service to help stop piracy". BBC. Retrieved 2017-11-12.
  4. ↑ "Kim Dotcom plans 2017 relaunch of Megaupload". TorrentFreak. 5 August 2016.
  5. ↑ Meyer, David (2017-08-29). "Kim Dotcom's Bitcoin Payments Platform Bitcache". Fortune. Retrieved 2017-11-12.
  6. ↑ DeMartino, Ian (10 August 2016). "Thoughts On Kim Dotcom's Bitcache". Inside Bitcoins. Retrieved 11 August 2016.
  7. ↑ Smart, Evander (2016-10-24). "Kim Dotcom's Megaupload 2/BitCache Reaches Funding Target. Now What?". CoinTelegraph. Retrieved 2017-01-24.
  8. ↑ "Canadian Stock Exchange Blocked Megaupload 2.0 Plans". TorrentFreak. 2017-01-24. Retrieved 2017-01-24.
  9. ↑ Smart, Evander (2017-01-24). "Kim Dotcom Reveals New Launch Schedule for Bitcache, Megaupload 2". Bitcoinist. Retrieved 2017-01-24.
  10. ↑ 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.
  11. ↑ 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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