Can Sia compete with Kim Dotcom's Bitcoin-based file sharing service?

Megaupload founder Kim Dotcom has unveiled his new file-sharing service, K.im, which will allow uploaders to get paid for content through a bitcoin-based payment service – Bitcache. The new services are being pitched by the internet entrepreneur as a possible “solution to piracy” and the start of a “copyright revolution.” K.im & Bitcache were designed for the benefit of content creators as well as consumers. A win-win innovation for all + a boost for Bitcoin 😎— Kim Dotcom (@KimDotcom) August 30, 2017 READ MORE: 'Get ready bitcoiners': Kim Dotcom teases Megaupload 2 & Bitcache (VIDEO)  Dotcom says K.im and Bitcache were designed to benefit content creators and consumers alike, describing it as a “win-win innovation for all and a boost for bitcoin.”“I’m working for both sides. For the copyright holders and also for the people who want to pay for content but have been geo-blocked and then are forced to download for free,” he told Torrent Freak.Dotcom is currently resisting extradition to the US over alleged copyright infringement and fraud over his previous file-sharing website, Megaupload.While Megaupload allowed users to access pirated content for free, this new service requires users to pay a price set by the uploader before opening the encrypted file.K.im allows users to upload their content and distribute it to dozens of other services, including Dropbox, Google, Reddit, and even torrent sites. The creator gets a code for a widget that they can embed on their own websites, inviting people to ‘buy’ the filePeople who want to download the content can only access it through the K.im app or browser add-on after they’ve paid.So what stops pirated content from being uploaded?According to Dotcom, K.im will have no idea what people are uploading to the platform because the files are encrypted. There is a complaints process, however, where the rightsholder can claim pirated content."We have robust notice and takedown features," Dotcom told Fortune.The copyright holder can then change the price and receive the revenue while the uploader’s identity remains unknown.“It’s the holy grail of copyright enforcement. It is my gift to Hollywood, the movie studios, and everyone else,” Dotcom said.Dotcom tweeted earlier this week that he would be sending out 1,000 first-come, first-served invitations to test the platform.Several testers reported positive responses to the demo. This will surely disrupt how content is shared and monetised in this Internet and Bitcoin era. A real game changer!“Hut Ab!”— Eric Tchep's (@tcheeric) August 30, 2017 Dotcom is using ICO (Initial Coin Offering) – an unregulated means of crowdfunding via use of cryptocurrency to get the service off the ground.The ICO launch takes place on October 18 and the platform is projected go live nine months later. K.im and Bitcache #ICOPre-ICO October 3rdICO launch October 18thLet's make history 📈— Kim Dotcom (@KimDotcom) August 31, 2017 Another interesting feature to the platform is the ability for whistleblowers to share files with media organisations and Wikileaks."K.im provides near perfect protection for whistleblowers," Dotcom told Fortune."We expect to have millions of users every day and it will impossible for spy agencies to identify the whistleblowers within that mass traffic. And whistleblowers have strong deniability because they can say they used K.im for a personal backup, file aggregation, etc."Dotcom has been vocal in his support for whistleblowers and his disdain for “deep state abuse of power” citing illegal spying operations against him and his familiy.Earlier this week he vowed to fundraise for whistleblower sites and transparency organisations “until all dirty deep state secrets are known.”READ MORE: NZ spy agency op against Kim Dotcom’s associates ‘unlawful’ – High Court docs