Kim Dotcom just won’t get away from the filesharing industry, and his new project in that field will be getting off the ground soon with the help of Bitfinex.
Kimcoin Rides IEO Wave
In a two-pronged move, Bitfinex announced that it’s rebranding Tokenex, its IEO platform, and that K.im – Dotcom’s new project – will be the first project funded using the platform.
“IEOs are a one-size-fits-all model. Bitfinex Token Sales understands that different projects have differing requirements and seeks to accommodate these differing needs by offering the opportunity to participate in a wide variety of token sales. […] The upcoming Kimcoin token sale is a good example of this — K.im want to sell tokens to develop and grow but they are not yet ready to list, making an IEO inappropriate. However, we want to offer Bitfinex users the opportunity to participate in the K.im token sale and we are able to do so by taking this flexible approach.”
Despite pointing out that an IEO is currently “inappropriate” for “Kimcoin,” Bitfinex will be launching a token sale with a target raise of $8 million in about 30 days.
Tokenex will become Bitfinex Token Sales.
K.im will be a “content monetization platform.” It is not Kim Dotcom’s first attempt at a legitimate business operation, following the downfall of his Megaupload.
Megaupload was a filesharing service which was widely abused by content pirates.
Dotcom made his fortune from advertising revenues on the site, but eventually was charged by the US government for intellectual property violations.
Following the unraveling of Megaupload, Dotcom launched Mega.co.nz, a filesharing service with a focus on cryptography.
Dotcom has launched other efforts, such as the Internet Party, but he said on Twitter today that this next project will be his biggest thing yet.
I believe https://t.co/UGWsYPBEGp will be bigger than anything I have ever done before and all my previous sites combined had over 300 million users ?
— Kim Dotcom (@KimDotcom) September 24, 2019
First Major Liquid Network Token
K.im will use the Liquid Network, which means it will be a token running on the Bitcoin network. The service bills itself as “the ultimate content monetization service.” Tokens will be “generated” later this year, but integration with the Liquid Network isn’t expected until early next year.
The whole project isn’t expected to be off the ground until this time next year, at which point “participating sites” and users will be able to sell and stream content.
Dotcom’s new venture has already garnered funding from the likes of BnkToTheFuture and Max Keiser’s other project, Bitcoin Capital.
Kimcoin tokens will be used to consume content distributed through the K.im network. As with all ICO projects, there’s a detailed whitepaper describing how things will work in a perfect world.
The IEO model varies only slightly from the ICO or STO model. Its primary difference is that an exchange backs the sale and essentially “curates” for investors and participants.
Coinbase recently expressed interest in launching an IEO platform, indicating a growing trend among exchanges.