The leading Cryptocurrency exchange, Bitfinex has announced a new open-source P2P data streaming platform, Dazaar that will allow users to share media across a decentralized network.
The code for Bitfinex’s “Dazaar” protocol has been uploaded to GitHub. It describes a decentralized network in which distributed node operators store the information shared among users.
We are officially live 🎉 Discover the power to hold control of your data and the possibility to monetise your content in an open environment with Dazaar 🎥https://t.co/0ohJg6TJu6 pic.twitter.com/2c1ptkNGVn — dazaarcom (@dazaar_com) June 25, 2020
Bitfinex stated in its announcement that the platform’s creation was motivated by the increasing reliance on centralized platforms such as search engines, social media, and messaging apps to facilitate the sharing of data and media.
The Dazaar platform is described by Bitfinex as a crypto-powered protocol for monetized data streaming.
The platform was developed as an extension to the Massachusetts Institute of Technology-licensed Hypercore Protocol, a “distributed append-only log” characterized as comprising a “lightweight blockchain crossed with BitTorrent.”
Buyers and sellers will connect over the platform via a cryptographic identifier or “Dazaar Card,” with sellers able to purchase streams using crypto assets or credit cards.
The protocol also features a live-streaming desktop application that allows sellers to manage subscriptions and broadcasts.
Dazaar’s announcement comes amid an increasing competition between crypto streaming platforms.
However, despite the competition, Bitfinex believes that Dazaar can reach new users by offering fiat on-ramps and robust user privacy, asserting that the protocol will:
“introduce those unfamiliar to the world of cryptocurrency at the same time as it removes a barrier to entry which requires users to only use a project’s platform token for payments.”
Source: Cointelegraph | Image: Bitfinex Blog