Megaupload 2.0 Secures Financing

Apparently, there are still quite a few bugs to work out, but this is definitely an interesting effort to rehabilitate and re-purpose a former pirate file sharing site.

Megaupload, once the world’s largest file sharing site before it was taken down by the FBI, may make a comeback soon as the financing for Megaupload 2.0 has been secured recently. The funding campaign managed to reach the the minimum investment goal of €918.611 before it ended on October 24, 2016 with a total investment volume of €1.060.354.

Pitched by and associated with the notorious Kim Dotcom, Megaupload 2.0 aims to revolutionize file sharing. Bitcache Limited, the company behind the project promises to provide the technology needed to “share files safely, securely, and away from prying eyes”.

Technically speaking, Bitcache is a micro-transaction service that utilizes Bitcoin and the Blockchain. Transactions will occur off the chain according to Bitcache due to limitations in regards to how many transactions the Blockchain can handle, but are re-introduced for instance when users want to withdraw funds.

megaupload 2.0

Another thing that is special about Megaupload 2.0 is that users get a Bitcoin Wallet automatically on sign-up, and that Bitcache is then used for the transactions.

It is unclear right now if users will have to pay for any transaction they make, and how much it would cost them to do so.

Ideas for future Bitcache services show however that the system could be expanded in the future to take into account video streaming, news posts, traffic or micro-payments.

The Bitcache team plans to release Megaupload 2.0 in January 2017.  Success may depend largely on how the system works, and whether it requires all users to add funds to their wallet first before they can do anything, or if there will be free options available as well.

If all transactions require funds, say file uploads or downloads, then it is likely that Megaupload 2.0 won’t come close to the popularity of Megaupload or Mega, another file sharing service that Kim Dotcom pushed and then moved away from.

One of the interesting questions that arises from the successful campaign is whether users will trust Kim Dotcom a third time with a file sharing service. While Mega is still in operation, Kim stated in 2015 that the service was not secure to use anymore. Considering that Mega was his project, it is only fair to assume that users may have a hard time believing that things will be different when Megaupload 2.0 launches.

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