Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Bitfinex’s new P2P network aims to democratize the way of data access and information sharing without relying on centralized servers. The Dazaar platform allows building scalable P2P apps and also supports live video-streaming services.
Bitfinex, one of the world’s most popular crypto exchanges in up for a new mission. The crypto trading platform announced its new peer-to-peer open-source marketplace for data streaming dubbed Dazaar, which will go live today onwards from June 25. The official announcement from Bitfinex says that Dazaar’s basic purpose is to democratize the process of information access and sharing.
Dazaar basically represents “Data-Bazaar” a name derived from the book “The Cathedral and the Bazaar”. Bitfinex also revealed that Dazaar is built using the secure and distributed Hypercore Protocol. The protocol makes it easy to build scalable and fast P2P applications.
Data is currently the key driver for global economic growth. With massive gigabytes of information shared daily, most of it remains on the centralized platforms. Thus, the user remains distributed in large chunks on search engines, messaging apps, and other social media platforms.
Bitifinex’s Dazaar P2P network aims to change the rules of the game for the better. The Dazaar network offers a decentralized system free from any central serves. This P2P network also comprises of distributed nodes that store all the information. In the official blog post, Bitfinex says that it focuses “on providing a base hyper-scalable, decentralized, and privacy-oriented protocol that can be implemented in any existing project making it ready for the peer-to-peer internet.”
Dazaar from Bitfinex Offers Data Monetization without Third-Parties
The Dazaar P2P network keeps the interaction solely between the buyers and sellers. Thus, it helps platform users to monetize their data without any third-party interference. To further eliminate the intermediaries, the Dazaar platform uses time-based micro crypto payments. It also aims to push cryptocurrency adoption in mainstream transactions.
Data sellers first need to install Dazaar and choose their preferred payment method. After this, the Hypercore will generate cryptographic identifier called “Dazaar Card”. Using the Dazaar card, buyers can connect with the seller and pay them the desired fee. After the seller verifies the payment, the buyers start getting data in streams. In the future, Bitfinex is also planning to add credit card payments to itsP2P network.
Video-Streaming Application Dazaar Vision
With the OTT streaming platform getting tremendous traction, Dazaar also plans to offer some next-generation technology services. The Dazaar open-source protocol has got its own live video-streaming desktop application called the “Dazaar Vision”.
With the Dazaar Vision, users can stream in real-time and set up live broadcasts without needing to sign up. All the initial transaction on Dazaar Vision will happen in Bitcoin, later supported by more cryptocurrencies. Speaking about its new project, Bitfinex said:
“We’re convinced that Dazaar will be a useful tool for organizations, such as universities to create and promote new projects and research to the public. At the same time, we also believe that Dazaar’s use cases are not limited to certain parties.”