One of the Bitcoin Network’s early promises was that it could end, or at least provide some serious competition for, the mainstream banking industry. Now, New Zealand-based technology entrepreneur Kim Dotcom has promised to use crypto assets to tackle the goal of replacing legacy institutions with cryptocurrency-based alternatives.
This promise was made after 84% of more than 170,000 voters in a Twitter poll said “yes” to Kim Dotcom’s question, “want me to end the banking era?” After the poll ended, Dotcom announced a new crypto-based auction platform called K.im, which he says will be an eBay-like auction platform for files. All files will be encrypted and unlocked only when a crypto asset payment is received.
Kim Dotcom Still Facing Legal Troubles
Dotcom still faces an ongoing legal battle over Megaupload.com. Allegations surrounding Megaupload include the hosting of “pirated” movies that major studios own the copyrights to. Perhaps his new venture will be run a bit more carefully from a legal standpoint, but that doesn’t mean that Kim Dotcom has given up. For instance, he tweeted in 2016:
“I’ll be the first tech billionaire who got indicted, lost everything and created another billion $ tech company while on bail. #goals”
K.im may be his latest attempt to keep that promise.
Any Connection Between File Uploads and Ending Banks?
At first glance, K.im isn’t even the first crypto marketplace that possesses, or used to possess, the potential to become “eBay for Crypto.” Although OpenBazaar does not use the auction model, this peer-to-peer marketplace makes it possible for cryptocurrency users to buy and sell goods, services, and cryptocurrencies on its platform. Bitify is another crypto-oriented marketplace that has been around for a few years.
However, K.im could help fill an ignored niche in the cryptocurrency world: The actual buying and selling of files without the need to use a bank card or payment services, like Paypal or Cash App, that are tied to banks. An “indie” studio might use K.im to upload and sell its movie files, while 3D designers could upload the models that they created on their own, for instance. By remaining “format-agnostic,” K.im could tap multiple billion-dollar industries that depend on the creation and sale of digital files.
K.im is unlikely to completely end the file marketplace’s dependence on banks unless it can gain more favorable attention from major studios and publishers than Megaupload did. However, it might be able to make a dent if it can avoid Megaupload’s problems and compete with heavyweights in the digital file publishing industry on an even footing.