To find the value of $K$, we use the fact that the probability density function (PDF) of a continuous random variable must satisfy the normalization condition:
\[
\int_{-\infty}^{\infty} f(x) \, dx = 1
\]
This condition ensures that the total probability is 1. Since $f(x) = 0$ for $x$ outside the interval $[0, 1]$, we can simplify the integral as follows:
\[
\int_0^1 K(1 - x^3) \, dx = 1
\]
Now, compute the integral:
\[
\int_0^1 K(1 - x^3) \, dx = K \left[ \int_0^1 1 \, dx - \int_0^1 x^3 \, dx \right]
\]
The first integral is:
\[
\int_0^1 1 \, dx = x \Big|_0^1 = 1
\]
The second integral is:
\[
\int_0^1 x^3 \, dx = \frac{x^4}{4} \Big|_0^1 = \frac{1}{4}
\]
Thus, the equation becomes:
\[
K \left[ 1 - \frac{1}{4} \right] = 1
\]
\[
K \times \frac{3}{4} = 1
\]
Solving for $K$:
\[
K = \frac{4}{3}
\]
Therefore, the value of $K$ is $\dfrac{4}{3}$.