Over the past few weeks, there has been a lot of speculations to what Kim Dotcom has planned for the Bitcoin ecosystem come 2017. As it turns out, his new version of Megaupload will tie in directly to the Bitcoin network. Every file transfer is linked to a Bitcoin microtransaction. This new service will be called Bitcache, and is expected to launch in January of 2017.
It’s nice to see some of our earlier suspicions turning into a reality. Ever since Kim Dotcom hinted as his new service that would involve Bitcoin, it was apparent he would create a new type of file transfer service. Bitcache, as this new service will be called, creates a direct connection between data transfer and Bitcoin microtransactions.
Bitcache Can Propel Bitcoin And Counter Piracy
Up until this point, there has always been a struggle to bring Bitcoin into the mainstream through useful measures. Given the success of Dotcom’s previous file hosting service ventures – Megaupload and Mega NZ – this could be a big step forward for the Bitcoin ecosystem as a whole.
Finding the so-called ‘Bitcoin Killer App” has proven to be quite an eventful journey. While it remains to be seen if Bitcache can carry the burden of that moniker, it is one of the better-looking candidates so far. But that doesn’t mean things will only be rosy for the Bitcoin community from here on out either.
Every #Megaupload file transfer will be linked to a tiny #Bitcoin micro transaction. Get ready for Bitcache. pic.twitter.com/0viV2sJ9ax
— Kim Dotcom (@KimDotcom) August 5, 2016
There is still a lingering debate regarding the current Bitcoin block size. If Kim Dotcom’s Bitcache can deliver on its promise, a lot more transactions will need to be processed per block. With the current block limit, that will simply not be possible. Unless that situation is resolved first, this potential Bitcoin Killer App will be dead in the water before it even launches.
Assuming that will be the case, Bitcache can proper, Bitcoin to new heights. As the Bitcoin ecosystem expands, the price per BTC seems to go up incrementally. With potentially millions of microtransactions on the network every day, there is no telling what the Bitcoin price may do as a result.
But there is a “hidden” meaning behind linking file transfers and Bitcoin as well. It will be possible to track every transfer, upload, and download on the Bitcoin blockchain. This may very well result in a solution that can counter content piracy. For now, Bitcache has not been confirmed to focus on anti-piracy, but it is one of the possible side effects of Dotcom’s new venture.
Source: Twitter
Header image courtesy of Shutterstock
