Kim Dotcom & # 39; s Ok.IM: Pursuing decentralization of copyright in Bitfinex IEO

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Kim Dotcom, the controversial internet entrepreneur and founding father of the now defunct storage platform Megaupload is making a comeback within the digital content material enterprise. This time, as an alternative of a platform that permits customers to obtain copyright numbers and tv collection, Dotcom plans to make use of blockchain expertise to create a good digital content material distribution market, Ok.IM.

In line with White paper from K.IM, the proposed undertaking is ready up as a dynamic ecosystem that "goals to grow to be the best and most secure approach to generate income with digital content material."

The undertaking plans to facilitate transactions between shoppers and publishers, whereas the middleman is eradicated with the assistance of the Kimcoin. Bitfinex, the cryptocurrency alternate in collaboration with the Dotcom platform, has not too long ago announced the sale of the Ok.IM with the relaunch of its first inventory market providing (IEO) platform, Toikinex.

Undertaking overview

The Ok.IM undertaking has raised greater than $ 2 million from buyers thus far and is scheduled to be totally operational by the third quarter of 2020 road map. Ok.IM says it goals to shut a niche within the technology of content material in a market worth greater than $ 400 billion.

In line with the white paper of the undertaking, the infiltration of a number of intermediaries within the digital content material sector has led to an incapacity to supply content material at very low costs. With a enterprise mannequin that offers 95% of gross sales income to content material creators, the Ok.IM platform will try to generate extra income and appeal to publishers to take part.

A number of the most necessary options of the platform are pricing for content material and using a file encryption service. Customers pays for content material with totally different cryptocurrencies. Bitcoin solely (BTC) and Ok.IM can be found from the beginning.

Ok.IM will function a utility coin that permits customers to buy, donate or tip on the platform. The undertaking roadmap additionally states that Ok.IM shall be issued within the final quarter of 2019, with a token sale on Bitfinex set to take place on October 22.

Whereas comment on the event of the undertaking, Dotcom mentioned that "combining the web with Bitcoin provides an actual alternative to succeed in the unique promise of the web", defining that promise as freedom of expression, finance and commerce. He added that his principal motivation for launching the platforms is to "get rid of all intermediaries and promote content material and digital items with out censorship." In an electronic mail dialog, Kim Dotcom advised Cointelegraph:

"Ok.im will work on insurance policies, designs, and applied sciences that search to deal with the numerous complicated problems with worldwide copyright compliance for user-generated middleman companies and associated dangers."

Dotcom additionally acknowledged that latest technical breakthroughs reminiscent of Bitcoin's Lightning Community have enabled the creation of tokens reminiscent of Ok.IM that may be supported on the Bitcoin blockchain community.

Will Megaupload forged a darkish shadow on Ok.IM?

Removed from the noble intentions to present customers freedom and entry to digital items, Dotcom claims reputation of incomes hundreds of thousands of {dollars} by illegally sharing information on Megaupload nonetheless casts a shadow on his new undertaking.

For some, it's a bit stunning {that a} perished platform whose founder is locked up in a single legal battle with america for copyright claims is now main a undertaking that can create a good marketplace for content material creators.

In response, Dotcom replied that the expertise on which the undertaking is constructed permits customers to promote their content material with out the information of Ok.IM about what content material they’re promoting. That’s the reason content material publishers have absolute management over their content material with encrypted file safety.

In a dialog with Arduous Fork, Dotcom additionally mentioned the platform goals to "respect the rights of copyright house owners by establishing insurance policies within the phrases of use."

He advised Max Keizer KeizerReport that the platform is a content material internet hosting platform with a & # 39; decentralized construction & # 39; will implement an API that can enable customers so as to add their servers anyplace on the earth. Dotcom additionally added that the platform "permits customers to report something that’s unlawful on the platforms as a group policing technique.

IEO & # 39; s as the brand new ICO & # 39; s

By definition, an IEO entails the partnership between a undertaking and a grant to promote the tokens of the undertaking via the grant. IEO & # 39; s are marketed as a much less dangerous different to preliminary forex provides (ICO & # 39; s). Whereas an ICO entails promoting the tokens of a undertaking on to the client, IEO tokens endure an inspection course of that offers consumers extra confidence.

Associated: IEO & # 39; s, ICO & # 39; s, STO & # 39; s and now IDO & # 39; s – How to raise funds for Crypto in 2019?

Initiatives reminiscent of Ok.IM may outsource their advertising and marketing and Know Your Buyer (KYC) and anti-money laundering practices (AML) compliance with the alternate platform. This makes it straightforward for undertaking managers to navigate via totally different authorized necessities.

For that reason, the Ok.IM undertaking is working with Bitfinex in what Dotcom calls & # 39; the proper associate to assist distribute the KIM tokens & # 39 ;.

Since 75% of the IEO has tokens Reportedly misplaced greater than 50% of their worth, how does the Dotcom undertaking differentiate its worth proposition for profitable token gross sales? Dotcom advised Cointelegraph, "a token sale with Bitfinex was a straightforward alternative."

"We wish to unfold our token as extensively as attainable to the bitcoin group for the primary and early use of the platform."

Exploring the area of interest

With the rise in censorship of present content material distribution platforms, there’s demonstrably a marketplace for a decentralized and impartial platform reminiscent of Ok.IM that can improve sooner or later. The Ok.IM ecosystem can revolutionize the digital content material business with improved income for each makers and shoppers.

All of this may be achieved whereas selling freedom of expression, that’s, if the undertaking retains the guarantees described within the white paper. As well as, Dotcom confirmed to Cointelegraph that:

“The token piggyback on superior open supply expertise such because the Bitcoin lightning community and its future integration with liquid tokens. Briefly, the token is meant to allow quick, low cost and nearly free micropayments for artists and content material creators through the Ok.im platform. "

Regardless of the noble intentions of the undertaking and the selection to observe the IEO path, sure disadvantages may give trigger for concern concerning the success of the undertaking. Bitfinex, for instance, has been hacked a number of occasions. The primary occasion in 2015 led to a loss of greater than 1500 Bitcoins, and a 12 months later that was practically 120,000 Bitcoins stolen of the alternate.

This 12 months has been the alternate criticized about his relationship with Tether in attainable protection of greater than $ 850 million in misplaced crypto. Along with the controversies from Dotcom's previous, the authorized points associated to Bitfinex can affect the success of Ok.IM.

For now, nevertheless, the query is whether or not Ok.IM shall be profitable in delivering on the promise of the web via the blockchain.

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