Entrepreneur Kim Dotcom To Launch ICO For Bitcache & Megaupload 2

Megaupload and MEGA creator, and entrepreneur Kim Dotcom announced on Twitter Wednesday, that he would launch an ICO for his Bitcache project that will be used as a cryptocurrency on his anticipated Megaupload 2 website.

The ICO, Dotcom announced, will raise funds towards “building global infrastructure.” At the same time, a limited release of Bitcache will be available for testing by users “next week.”

Dotcom added that all of his Twitter followers would get a “pre-loaded” Bitcache wallet with which they can use Bitcache to purchase online content from Megaupload 2 but didn’t state when the ICO will be held.

In an introductory video released in April on Twitter, Dotcom explained how users of his service will be able to upload content to share and select whatever price they choose allowing users of the service to distribute digital goods. In other words, Dotcom is creating a platform for content creators to sell their content this comes as YouTube has begun censoring, entirely demonetizing and suspending its user base.

A new video shows Bitcache’s use for content creators:

The announcement of Bitcache and the newly-reborn Megaupload 2 come amid Dotcom facing legal pressures in the U.S. to be extradited from his home country in New Zealand.

Under New Zealand law, distributing copyrighted material to users as an ISP is not a criminal offense.

“As we have said all along, there is no such offense under our Copyright Act. We were right,” Dotcom’s lawyer Ron Mansfield said.

“To win the major plank of the case but to get that outcome is extremely disappointing. It is hard to accept the logic that, if the conduct that all accept at its heart relates to assertions of breach of copyright… how it can nonetheless be massaged into a general fraud offense.”

Despite Dotcom not having committed a crime in his country he still faces potential extradition to the United States for 13 counts, including allegations of conspiracy to commit racketeering; copyright infringement; money laundering and wire fraud. All for running a website that some users chose to abuse and upload copyrighted content; Dotcom argues that he provided a service and is not liable for other peoples actions.

Last month, the U.S. government was forced by a Hong Kong Judge to release over $42.5 mln capital and possessions of Dotcom.

For more information on Dotcom’s story, you can watch the documentary on his life released earlier this year entitled Kim Dotcom Caught In The Web here.

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