Take it however you want to take it but Megaupload 2.0 is set to come back with new “safety” features that will allow the file-sharing website to outsource critical services such as file hosting and others, in an effort to avoid receiving takedown requests from various anti-piracy groups.
Megaupload is (or rather was) ranked amongst the most popular file sharing websites of all time and its third incarnation is expected to be better than ever.
In fact, Megaupload 2.0 (an online file sharing service) just finished off a relatively successful first investment round where it was able to take advantage of crowdfunding and rake in over a million dollars.
As always, Megaupload 2.0 will bank on the leadership of Kim Dotcom, the company’s chief crusader who is reportedly worth over $200 million, to again revolutionize the file-sharing service by enabling Megaupload 2.0 to dominate the online file-sharing industry starting next year.
As mentioned earlier, Megaupload 2.0 has also made plans to take some precautionary measures this time around in order to avoid running into trouble with the various law enforcement agencies that have been hunting down online file-sharing piracy websites left and right for the past several months.
Megaupload 2.0 plans to outsource a major portion of its storage facilities to third-party providers which will allow the file-sharing service to manually evaluate any and all takedown requests from anti-piracy groups.
Most people already know that Kim Dotcom has become a synonymous entity with Megaupload. What most people don’t know is the fact that Kim Dotcom’s real name isn’t really Kim Dotcom. His real name is pretty average and sounds just like “Kim Schmitz” (get it?).
Of course, his real name has little to do with the fact that Megaupload has faced some tough opposition to its existence in the past couple of years. Megaupload was taken down by the United States Government in the year 2012 and the file-sharing giant has been trying to get back to its feet every since.
In fact, Megaupload has still not wrapped up the underlying criminal case against the file-sharing service operators. That case is still ongoing, but the word is out that Megaupload is planning a huge comeback sometime next year and the file-sharing service will force its way into the file-sharing service to reclaim its throne as the premier file-sharing service on the planet.
And perhaps, this time Megaupload will be able to show more resilience in the face of adversity (read, law enforcement agencies) since the new incarnation of Megaupload (Megaupload 2.0) will be slightly different in a couple of key aspects from its previous versions.
As mentioned before, Megaupload 2.0 already went through as successful invest round, which was the service’s first since it was shut down by the United States Government and the file-sharing was able to accomplish that feat through the use of a new crowdfunding platform by the name of Bank to the Future, a service which was launched by a guy named Max Keiser.
Megaupload 2.0 was helped by over 254 investors from around the world and the file-sharing service as able to cross the million mark with ease in just over two weeks of fundraising activities.
Needless to say, an initial investment round bringing more than a million dollars for Megaupload 2.0 is quite an achievement for a file-sharing service that is still not operational and has been dealing with various lawsuits and fighting for its life for the past several years.
In fact, most of the industry insiders don’t even know all the technical details regarding the latest version of Megaupload, Megaupload 2.0, for the precise reason that the online file-sharing service has not even launched yet.
To fill that gap in information, TorrentFreak contacted Megaupload 2.0’s main man Kim Dotcom who (officially), as expected, is not part of the new venture. That should not lead readers to think that Kim Dotcom is out of the equation altogether. Far from it in fact.
Kim Dotcom will remain Megaupload 2.0’s chief evangelist. The reason for him operating in such a role is reported to be the simple fact that he already has his plate full with various ongoing legal battles with several anti-piracy groups and law enforcement agencies such as the United States government.
Some media reports have suggested that at this moment in time, Megaupload 2.0 will not be a hundred percent operational file-sharing service when it finally launches sometime next year. Other reports have indicated that the expected launch date is around January 20th, 2017 but in this day and age, it is almost impossible to confirm anything before the actual launch day if not the launch hour.
With that said, it is also true that Megaupload is expected to reveal some supplementary details about how the online file-sharing service will operate and function at a similar time (January 20th, 2017) next year.
Coincidentally, the January 20th planned launch date will also mark the fifth anniversary of the takedown of Megaupload by the United States government which happened in 2012.
Kim Dotcom, while talking with TorrentFreak in an interview, said that it was unlikely that Megaupload could make a full January 20th launch happen.
He also explained that Megaupload 2.0’s fund-raising activities were delayed and the legal team needed more time for the new setup.
Kim further added that despite those setbacks, the people behind Megaupload would be able to reveal more details about Megaupload 2.0 and Bitcache on that special day on that special day i.e January 20th, 2017.
If the information from some of the other media outlets is anything to go by, then it has also been revealed that Megaupload 2.0 and the other associated platform in the form of Bitcache will enable online users to actually store and then share files with other users rather easily. The new Megaupload 2.0 will also link every file-transfer to a bitcoin transaction.
What Does Bitcoin Transaction Do For Megaupload and Megaupload Users
First of all, the transaction system based on the use of Bitcoin is essentially a very secured system because Bitcoin by its very nature is reputed to be a very secure form of an online transaction as far as privacy and anonymity are concerned.
In other words, a Bitcoin-based transaction system will actually add an extra layer of security for online users who will engage in various transactions on Megaupload 2.0’s platform. A transaction system based on bitcoin will also provide several options and avenues for content producers to generate a decent amount of revenue.
For those wondering how these Bitcoin transactions will happen, well they should know that the process is pretty simple. On paper at least.
Bitcoin transactions generally occur off the blockchain of some specific service that provides Bitcoin transaction services. In Megaupload 2.0’s case, that bitcoin transaction service is Bitcache.
And the reason why Megaupload 2.0 will utilize Bitcache services is because the blockchain itself was never built with the intention that the technology could be used to manage the massive volume of transactions that Megaupload 2.0 thinks the file-sharing service would need in the very near future.
However, the bitcoin element is actually just one of the handful of changes that will be implemented when Megaupload 2.0 finally launches in the early part of 2017. Megaupload 2.0 will be different from the original Megaupload service in many other aspects as well.
Perhaps, the most significant one could be the fact that Megaupload 2.0, unlike the original Megaupload, will not be storing all the files on its own servers.
The latest incarnation of Megaupload is expected to call upon the services of other third-party file hosting providers including Maidsafe and Storj.
Continuing his talk with TorrentFreak, Kim Dotcom put some light on the issue and said that Megaupload 2.0 would be a caching provider for popular files no special high-speed servers that served the files from RAM.
He continued and added that Megaupload 2.0’s long term storage would mostly be provided by numerous third-party sites that the people managing Megaupload 2.0 would partner with in the very near future and that people should expect more details regarding this matter on January 20, 2017.
From the information given to TorrentFreak by Kim Dotcom, it can be easily ascertained that Megaupload 2.0 will not be a complete and comprehensive solution for storing and sharing files, as was the case with the original Megaupload service.
In fact, Megaupload 2.0 will act as an intermediary between other third-party file-sharing services and platforms. To put it another way, Megaupload will add its own separate and extra layer of encryption to all file transfers that will take place through Megaupload 2.0’s platform, by making use of Bitcache.
Commenting on the functions of the new Megaupload service, Kim Dotcom told TorrentFreak that Megaupload 2.0, via its third-party encryption providers, would make sure that every file was encrypted on-the-fly to grant users extra security and privacy.
He also said that on top of that, Bitcache would add an additional layer of encryption with its new “pay per download” encryption container.
Of course, at the moment, no one really knows how the new feature from Bitcache, the pay per download feature, would exactly function. However, from what has been revealed so far, we know that the cost of an individual transaction would be absolutely minimal so to encourage more users to participate and all the while, it would be high enough for content creators to earn a good bit of money from these bitcoin transactions.
Megaupload 2.0 will also be different from the original Megaupload in the sense that the new version of Megaupload will not engage in offering unfettered direct delete access to copyright holders.
As a replacement for that feature, Megaupload 2.0 will offer a unique takedown procedure to copyright holders that will allow the requests, made by these content producers, to get evaluated by Megaupload 2.0 staff. In other words, the takedown requests will be processed and then checked manually by the Megaupload staff.
Kim told TorrentFreak that Megaupload 2 would not provide a direct delete tool to any copyright holder. He cited previous experiences where many rightsholders made mistakes in claiming ownership of their content on the original version of Megaupload.
Dotcom also revealed to TorrentFreak that the procedure to deal with copyright infringement would be a more time-consuming effort but because of the mass automated takedown requests by the content industry with a failure rate of over 30 percent it had become a requirement to protect the rights of users.
Readers should also know that Megaupload 2.0, will be the third file-sharing and file storing online service that has used the Mega brand. Kim Dotcom established another privacy company by the name of Mega once the United States government took down his earlier project, the original Megaupload website.
However, Mega is still operational and running without much trouble albeit Kim doesn’t have any part in Mega’s operations.
According to the current information that is making the rounds in different media outlets, it is a safe bet to assume that Megaupload 2 along with Bitcache will form a combination of services that will be unique in the sense that these won’t have much in common with Kim’s previous online file-sharing services such as the original Megaupload and Mega.
Kim was also of the opinion that all changes would actually enable the people behind the new project to come up with a better and bigger Megaupload service.
He also confirmed that old Megaupload users will be able to make use of the newer Megaupload 2.0 in a smooth transition and that the company will welcome its original consumer base with open arms.
As indicated before in the article, Megaupload 2.0 has already managed to raise an over a million dollars in investment money while Megaupload 2.0 is currently estimated to be valued over $50 million.
Of course, the $50 million evaluation is a drop in the ocean considering that the original Megaupload was working on a multi-billion dollar IPO before it got shut down.
Nevertheless, the initial investment round clearly shows that people still trust Kim Dotcom and the team behind Megaupload.
We will surely know more about the technical details of Megaupload in the coming weeks so stay tuned.
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