Kim Dotcom – The Notorious B.I.G of the Net – has just announced his latest venture: the Finnish-German giant wants to create his own cryptocurrency, one designed to enable direct monetization for content creators, rather the current system of depending on third parties and intermediaries for payments, therefore protecting the interests of a much maligned yet vast and essential work force.
To some, he’s a trailblazer, a maverick, and something of a genius, to others he’s an attention seeker with no talent for anything but self-promotion, and to others still he is a hacker, a fraudster, a cyber-thug who should be doing hard time.
The Web’s Own Notorious B.I.G
No matter your opinion on 44-year old German born Finn Kim Schultz, AKA Kim Dotcom, Kimble, Kim Tim Jim Vestor; at 6’7” and 350 lbs, the inescapable fact is that he is one gigantic mofo.
What he also undeniably is, is a trier, a fighter, someone who has been knocked down more times than a journeyman heavyweight boxer, but always gets back up and throws himself back into the fight. Schultz has been an entrepreneur since 2005, has earned an estimated $1 billion, but is currently bolt-holed in New Zealand, fighting extradition to the US where the authorities would like to lock him up and throw away the key.
However, as usual, Big Kim won’t go down without a fight, and this time he might just have landed the KO blow that will gain him the credibility and clout he has been striving for. Schulz has come up with the idea for an ecosystem that will protect the rights of that vast workforce known as Content Creators.
About The Kim Dotcom Ecosystem
The idea behind the Kim Dotcom Ecosystem is to simplify the process for both publishers and consumers to engage in businesses. A whitepaper released by Kim’s company states that their platform will empower content creators by allowing them to monetize their creations instantly. The project will greatly reduce fraudulent transactions and identity theft, and give consumers a variety of content that doesn’t rely on outdated third-parties.
Monetization of digital content will be easily achieved, because the project’s platform will be structured in such a way that content creators can turn their products into encrypted data. Hence, for consumers to access such content, the data will need to be decrypted. And that is where monetization will comes into play.
Consumers wishing to access encrypted data can do so through the K.im Payment Engine. The K.im Payment Engine enables consumers to pay for content using cryptocurrency, instantly authorizing the file decryption.
Kim’s system therefore eliminates the middleman, who is often a barrier for a content creator’s appropriate remuneration, according to publishers.
The Current Disarray Of The Digital Publishing Industry
Currently, the digital publishing industry does not compare well with its traditional print cousins. With countless websites accepting dreadful standards of journalism, genuinely skilled and talented writers have to struggle to find regular work, and then for fair and consistent remuneration.
However, the publishing industry is still very much in its “Wild West”, stage, and with a vast marketplace with billions of daily visitors, and an estimated trillion dollars in advertising revenue annually, readers will invariably demand higher standards of writing and content, and websites will be forced to pay content creators what they are worth.
Meantime, hopefully very soon, Kim Dotcom’s Ecosystem and cryptocurrency will guarantee the payment of a creator, be it text, imagery, film etc, and the protection of their work.