Infamous founder of popular file-sharing site Megaupload Kim Dotcom announced plans to fund development of Bitcoin Cash (BCH) fork
“I had an online meeting with 10 talented programmers who sent me their resumes and we discussed the applications they can create to increase the popularity of Bitcoin Cash. I will hold similar meetings every week. If you are a programmer, send me your resume. You can be invited and you will receive funding to implement your project idea, ”Dotcom said.
Dotcom believes that BCH is undervalued due to the fact that it handles about 10% of Bitcoin’s transaction load, but only has 1% of BTC’s market capitalization. He also pointed to lower transaction fees in Bitcoin Cash as a preference for this particular coin.
The move is reminiscent of an earlier announcement made by Twitter and Square founder Jack Dorsey. In 2019, he said he would pay people to work on improving Bitcoin. This ultimately led to the creation of Square Crypto.
However, Dotcom has a more controversial business history. Its file-sharing site Megaupload was arrested and shut down in 2012 due to copyright infringement. Dotcom also has a more practical reason for supporting cryptocurrency. His K.im app plans to introduce a cryptocurrency-based content monetization service. According to the roadmap, Bitcoin Cash will be integrated directly into the platform as a payment method.
The project originally planned to launch its own KIM token using IEO on the Bitfinex exchange. However, these plans fell through. Presumably, the project will be able to avoid a backlash from regulators by using Bitcoin Cash, which is a recognized cryptocurrency. The app has been in development since 2017 and is slated to launch in the fourth quarter of 2021.
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