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Kim Dotcom Talks about Meganet, His Blockchain-Based P2P Internet

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Antihero and all-around Hollywood foe Kim Dotcom has revealed his vision for a new, evolved and more secure internet with MegaNet.

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Despite subtle hints teasing a new project where he proclaimed “…a new internet that can’t be controlled, censored or destroyed by Governments or Corporations with MegaNet,” Kim Dotcom hadn’t revealed much of his grand plan for the internet.

Never having been one to hold back, Kim Dotcom finally spoke about his plans for a safer and more secure internet at the SydStart business startup conference in Sydney, reports Mashable.

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MegaNet, Powered by Blockchain and Smartphones

While not going at length about the grand plan, Dotcom revealed enough for the rest to gather what he’s planning. The foundation to a safer, encrypted internet that’s decentralized, Dotcom notes, is blockchain technology.

[It will be] from the people, for the people.

MegaNet, Dotcom claims will use a faster kind of blockchain to exchange data while not having any IP addresses on the platform that goes some way to ensure privacy. Referring to the current internet infrastructure as a “dumb pipe”, he added that MegaNet will use the internet initially. At least until he and his team have created a new encryption layer that will cover all forms of digital communications, no matter the software or tools used to plug into MegaNet, Dotcom added.

Briefly summarizing his plans for encryption, he said:

We are going to use very long keys, systems that will not be reverse engineered or cracked by any supercomputer.

The big reveal and a vital cog in the plan is an everyday computing device that outnumbers every other computing device around, the smartphone. Kim Dotcom’s MegaNet can be downloaded as an app that will enable the device as a processor to power MegaNet. The app, he claims, will only harness the smartphone’s computing capabilities when it’s idle and connected to a Wi-Fi network, to avoid data charges.

Speaking about the potential for an army of smartphones uniting via peer-to-peer technology for a common cause, he said:

If you have 100 million smartphones that have the MegaNet app installed, we’ll have more online storage capacity, bandwidth and calculating power than the top 10 largest websites in the world combined.

Over the years with these new devices and capacity, especially mobile bandwidth capacity, there will be no limitations.

Kim Dotcom has high expectations for MegaNet and is certainly confident of the bold concept. He claims the beta will be ready in a year and sees a hundred million users downloading the MegaNet app within the first year. Despite such ambitions, he says that it might take up to a decade for mass connectivity via MegaNet on a global scale.

Dotcom plans to conceive a working prototype after an initial seed round in January, followed by a crowdfunding campaign when he is able to demonstrate the technology.

He added:

I hope this will be one of many approaches to try and stop governments from taking control of this beautiful thing that’s the Internet.

Featured image from Flickr.

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Samburaj is the contributing editor at Hacked and keeps tabs on science, technology and cyber security.




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3 Comments

3 Comments

  1. Clark Human Dottcom

    October 31, 2015 at 12:26 am

    I’ve been a fan of Kim for a long time now. Since DARPA had a huge role in setting up the internet, it’ll be a long shot to be private. Although, we do have the TOR, but I feel this only encourages terrible behavior so this is truly an important issue.

  2. Tuna

    October 31, 2015 at 5:17 am

    “will be ready in a year and sees a hundred million users downloading the MegaNet app within the first year.”

    He will be taking it up the arse in a US federal prison by then.

  3. Singhapura

    November 11, 2015 at 10:03 am

    If they ever make a movie about kim dot com it’ll have to be IMAX only.

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Decentralization

JP Morgan’s Surprise Cryptocurrency Fees are a Reminder of Why Decentralization Is Sorely Needed

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JP Morgan Chase & Co has been hit with a class-action lawsuit by cryptocurrency traders over allegations of unannounced fees and higher interest rates on purchases of digital currencies. Though the allegations have not been proven, extra fees are a tactic routinely employed by traditional banking institutions. In the case of JP Morgan, this has karma written all over it given the way its chief executive has ridiculed digital assets by associating them with fraud.

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Class Action Lawsuit

Traders from across the United States are seeking statutory damages of $1 million for unannounced interest charges and fees on cryptocurrency transactions between January and February of this year. The named plaintiff in the lawsuit is Brady Tucker, an Idaho resident who paid a total of $163.91 in fees and surprise interest charges over a six-day stretch.

According to information obtained by Reuters, the lawsuit accuses the bank of violating the U.S. Truth in Lending Act, a piece of legislation that requires credit card issuers to inform customers in writing of any notable change in fees.

The lawsuit asserts that Tucker tried to resolve the dispute by calling Chase’s customer support service directly. His request was turned down, prompting him to seek legal help. According to Bloomberg, the case in question is Tucker v. Chase Bank USA NA, 18-cv-3155, U.S. District Court, Southern District of New York (Manhattan).

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The Growing Case for Decentralization

Depending on who you ask, the allegations against JP Morgan are akin to cryptocurrency fraud not unlike the kind Jamie Dimon talked about while ridiculing bitcoin. But the irony in Dimon’s comments extend far beyond Chase’s latest dealings.

As the actions of Chase bank and other financial institutions have clearly demonstrated over the years, those who control the size and growth rate of fiat money cannot be trusted to do the right thing. As Nassim Taleb argues in The Black Swan, banks have a tendency of losing as much money as they make in the long run due to shady business practices and high-risk ventures. Decisions like these are easy when you are Too Big to Fail.

Decentralization, like the kind advocated by blockchain startups and cryptocurrencies, allows users to trade directly with each other without having to go through a (predatory) middleman. Decentralized systems not only help participants avoid unnecessary fees, red tape and other forms of unwanted intervention, they are virtually impossible to shut down. In this vein, decentralized currencies give people a fighting chance in their battle against never-ending inflation. As we’ve argued before, this is not only a prudent fight, but a noble one as well.

Cryptocurrencies that rely on decentralization offer society a unique value proposition unlike anything we’ve seen in recent history. What’s more, their adoption is not contingent upon us leaving the realm of traditional finance – at least, not yet. That’s because cryptocurrency started off as an obscure and esoteric asset class but has since become a value store for investors. Tomorrow, it will become a viable medium of exchange accepted worldwide.

That said, we are still in the very early days of the crypto revolution and it may be a while still before we can conclusively prove people like Dimon wrong. But crypto backers and investors should take comfort in knowing that big banks rarely lead in disruption these days. They have the resources to play catch-up, which they are clearly doing with blockchain.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 413 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Bitcoin

Valuing Cryptocurrencies and Blockchain Applications

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Arguably the most interesting financial trend of 2017 is the spreading of cryptocurrencies, especially in the Ethereum ecosystem. With the ICO boom of this year, a lot of different business models have been connected to tokens or blockchains of their own. This brings up several questions in the mind value-conscious investors, as given the special properties of these coins, and especially considering the various distribution and usage schemes of the tokens, valuing them is tricky, to say the least.

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Whether or not we are in a bubble currently is a layered question, as we are definitely in a huge speculative wave that will end badly for several coins, but the segment is in the early phase of adoption, and the market as a whole will likely multiply in the coming years.

As I concluded in my comparison with the Dot-Com bubble, selective investing in the ICO-boom is vital for long-term investors. To make things more complicated, traditional valuation models generally fail with cryptocurrencies, because of the hybrid stock-commodity properties of them and the novelty of the technology, coupled with the questions regarding the future usage patterns.

Is it possible to set up a framework to analyze all the different business models and value the connected coins? Or is it possible to, at least, determine hard guidelines to follow when selecting the coins to hold or forget? I will answer that question below and in the coming second part of the article.

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Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 256 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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Analysis

ICO Analysis: EOS

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EOS.IO software by block.one wants to “Decentralize Everything”. Mr. Larimer has already put two notable blockchain systems live: BitShares and Steem. Both of these systems remain online and recently benefited from increased interest in the crypto-asset space in general. To this date, EOS has raised $200 million in revenue from token sales.

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Brock Pierce, co-founder of block.one, told Reuters that EOS is designed to be a foundation for blockchain business applications. Attendees heard a lot about EOS at last month’s Consensus conference put on by Coin Desk. Block.one claims its platform has eliminated transaction fees and can process millions of transactions per second.

The startup, which recently started selling the EOS token to create a decentralized distribution of tokens to be used with the EOS.IO software has introduced the concept of automating business processes, monitoring assets, and creating multiple applications based on prior technology introduced by Mr. Larimer, who is the inventor of the “Proof of Stake” and the “Decentralized Autonomous Corporations” concepts.

According to its website,

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(…) block.one provides end-to-end solutions to bring businesses onto the blockchain from strategic planning to product deployment.

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Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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5 stars on average, based on 1 rated postsJustin O'Connell is the founder of financial technology focused CryptographicAsset.com. Justin organized the launch of the largest Bitcoin ATM hardware and software provider in the world at the historical Hotel del Coronado in southern California. His works appear in the U.S.'s third largest weekly, the San Diego Reader, VICE and elsewhere.




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