The general concept of Bitcache is that it provides an online reward structure for online content providers. By linking every file transfer to a small bitcoin microtransaction, the Bitcache system provides a feedback mechanism to users with a value associated with each download. The solution breaks bitcoins down into "Bits" worth a millionth of one bitcoin, with payments using Bits taking place on the Bitcache platform, not in the main blockchain.
In October 2016, a successful public funding campaign on BnkToTheFuture raised more than 1 million USD to fund the platform, with the first half raised exclusively through bitcoin investment.
The project planned to announce a stock and cash merger with a publicly listed Canadian company on January 20, 2017, which would have provided additional startup funding of $12 million and valued Bitcache at $100 million. These plans were blocked after the Canadian Securities Exchange demonstrated a bias against the proposed merger. Following this development, chief evangelist Kim Dotcom stated, "Nothing has changed" for Bitcache, and "Everything is going according to plan."
As of January 2017, the technology's cryptographic logic is done and a team of 12 is getting the service ready for a first release. In August 2017, a live demo site opened to 10,000 users who requested early access., revealing that Bitcoin Cash would be integrated into Bitcache.
An initial coin offering (ICO) is planned for the 4th quarter of 2017, with Bitcache expected to go live in mid-to-late 2018.<ref name="fortuneaugust" />