This new platform is a part of the company’s goal to increase the end user’s control over their own data
Bitfinex, the popular cryptocurrency exchange platform, has announced the launch of an open-source peer to peer (P2P) marketplace for data streaming. This new platform, called Dazaar, will go live tomorrow.
The official announcement states that Dazaar was created as a way to democratise access to information. The name was derived from the two words ‘data’ and ‘bazaar’; inspired by the book, The Cathedral and the Bazaar.
The book is based on the author’s observations of the Linux kernel development process, as well as his experiences in managing an open-source project.
Dazaar is developed as an extension to the Hypercore Protocol. This is a secure, distributed append-only log that makes developing fast and scalable P2P applications simpler and easier.
Compared to other open-source data sharing, Bitfinex claims Dazaar offers greater nuance by focusing 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.”
With Dazaar, users have more control over their data and will be able to monetise it without third parties. This is because interactions are exclusively between buyers and sellers. The application uses time-based micropayments through cryptocurrencies to eliminate the need for intermediaries. Developers are also looking to add credit card payments in the future.
Users who want to sell data will need to install Dazaar and then select their preferred payment method. After this, the protocol will generate a cryptographic identifier that the developers have called the “Dazaar Card,” which sellers can share with clients, groups, and marketplaces for buyers to find.
Conversely, buyers can connect with sellers through the information on their Dazaar Card. Once they pay the fee and the seller verifies the payment, the buyer will receive their data in streams.
The Dazaar open source protocol is also capable of supporting a live video streaming desktop application called “Dazaar Vision.” Users can set up live broadcasts or subscribe to stream content in real-time without having to sign up.
Dazaar Vision can also function without intermediaries since users can make or accept payments through Bitcoin.
“As it is powered by Dazaar, it also comes with the easy-monetization middlemen-free feature allowing users to accept payments in Bitcoin with many more cryptocurrencies to be added in the near future.” the report explains.