Internet activist Kim Dotcom has announced the launch of Mega.co.nz, a successor to the popular Megaupload service that was shut down by U.S. authorities in 2012.

While preparations are underway for the launch, Dotcom revealed some interesting features of the new venture, promising a secure file-sharing platform and free 50GB of cloud storage for every user.

"#Mega will have very generous limits for free users. For example you get 50GB storage for free ;-)," Dotcom tweeted on Jan. 17.

Mega's 50GB of free cloud storage offer for its users is more than generous and significantly higher than what competitors have to offer. Dropbox offers just 2GB of free storage, Google Drive offers 5GB, and Microsoft's SkyDrive lowered its free offering to 7GB.

Giving an edge over other cloud storage services, Mega utilizes 2048-bit RSA encryption to secure data and support download resuming, along with support for parallel batch uploading and downloading.

Kim Dotcom tweeted that he also wanted to give former premium members at the original Megaupload, a premium status on Mega. Unfortunately, the lawyers advised him that it is not possible at the moment.

In another tweet, Dotcom revealed that Mega is working with the Electronic Frontier Foundation to help Megaupload users get access to their files. To make the transfer, it will need court permission. If Dotcom gets legal approval, Megaupload users will get their files and premium status.

The Internet tycoon will launch the new Web site at his Auckland mansion on Sunday, Jan. 20, which is the same venue and day when he was arrested exactly a year ago after being charged in the world's biggest online piracy case.

Dotcom's initial plans were to use the URL me.ga for the new service. However, the government of Gabon opposed the use of .ga domain and Dotcom had to change plans. Dotcom revealed that New Zealand will be the home of Mega.co.nz, which is registered through Melbourne-based domain registrar Instra.