Software:Bitcache

From HandWiki
Bitcache
File:Bitcache logo.png
Initial release2018 (projected)
TypeMicropayment
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. ↑ 1.0 1.1 Meyer, David (5 August 2016). "Kim Dotcom Claims Revived Megaupload Will Run On Bitcoin Micropayments". Fortune. http://fortune.com/2016/08/05/bitcoin-megaupload-kim-dotcom/. Retrieved 11 August 2016. 
  2. ↑ 2.0 2.1 Kim Dotcom [@KimDotcom] (19 January 2018). "The Bitcache update Bitcoiners have been waiting for". https://twitter.com/KimDotcom/status/954423153664471040. 
  3. ↑ 3.0 3.1 3.2 Russon, Mary-Ann (2017-08-31). "Kim Dotcom demos micro-payment service to help stop piracy". BBC. https://www.bbc.com/news/technology-41094797/. 
  4. ↑ "Kim Dotcom plans 2017 relaunch of Megaupload". 5 August 2016. https://torrentfreak.com/megaupload-2-0-will-link-file-transfers-bitcoin-transactions-160805/. 
  5. ↑ Meyer, David (2017-08-29). "Kim Dotcom's Bitcoin Payments Platform Bitcache". Fortune. http://fortune.com/2017/08/29/kim-dotcom-bitcache-bitcoin-payment/. 
  6. ↑ DeMartino, Ian (10 August 2016). "Thoughts On Kim Dotcom's Bitcache". Inside Bitcoins. http://insidebitcoins.com/news/thoughts-kim-dotcoms-bitcache/36379. Retrieved 11 August 2016. 
  7. ↑ Smart, Evander (2016-10-24). "Kim Dotcom's Megaupload 2/BitCache Reaches Funding Target. Now What?". https://cointelegraph.com/news/kim-dotcoms-megaupload-2bitcache-reaches-funding-target-now-what. 
  8. ↑ "Canadian Stock Exchange Blocked Megaupload 2.0 Plans". 2017-01-24. https://torrentfreak.com/canadian-stock-exchange-blocked-megaupload-2-0-plans-170124/. 
  9. ↑ Smart, Evander (2017-01-24). "Kim Dotcom Reveals New Launch Schedule for Bitcache, Megaupload 2". http://bitcoinist.com/kim-dotcom-launch-bitcache-megaupload-2/. 
  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.". https://twitter.com/KimDotcom/status/824027865339441152. 
  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.". https://twitter.com/KimDotcom/status/824030774697476096. 

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