iFinex owned crypto exchange Bitfinex announced that it is launching an open-source, peer-to-peer (P2P) marketplace for data streaming. The new platform dubbed Dazaar is scheduled to go live on June 25, 2020. According to the official announcement by Bitfinex, the data streaming platform was created out of the desire to democratize access to information. The exchange revealed that the Dazaar is built as an extension to the Hypercore Protocol, which is a secure, distributed append-only log that makes it easy to develop fast and scalable P2P applications.
“Dazaar users will be able to monetize their data without third-parties.”
According to Bitfinex’s announcement, users of the data streaming platform will be able to monetize their data without third-parties as interactions will solely be between buyers and sellers. Dazaar said it uses time-base micropayments using crypto to eliminate intermediaries as well as to encourage the use of crypto for payments. Credit card payments could also be added in the future, the company added. Data sellers once install the platform then will have to choose their preferred payment method. Once the preferred payment method is selected, then the protocol will generate a cryptographic identifier dubbed “Dazaar Card,” which sellers can share to groups and other places for buyers to find.
Dazaar also offers live video streaming.
The Dazaar open-source protocol also supports a live video streaming desktop application called Dazaar Vision, the exchange revealed in the announcement. Users on the platform will be able to set up live broadcasts or subscribe to stream in real-time without signing up. Dazaar Vision also works without intermediaries as users can make or accept payments using the leading cryptocurrency, bitcoin. Support for many more cryptocurrencies will be added soon, the exchange added. One of the leading crypto exchanges in the world, Bitfinex said that Dazaar is part of its effort to give back to the community by introducing innovative products.