Popular cryptocurrency exchange Bitfinex has announced that it is launching an open-source, peer-to-peer (P2P) marketplace for data streaming. The new platform, called Dazaar, will go live on June 25, 2020.
According to the official announcement, Dazaar was created out of the desire to democratize access to information. The name was derived from “Data-Bazaar” with inspiration from the book “The Cathedral and the Bazaar.”
Dazaar is built as an extension to the Hypercore Protocol – a secure, distributed append-only log that makes it easy to develop fast and scalable P2P applications.
Unlike other open-source data sharing, Bitfinex claims 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.”
Users of Dazaar 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 via “any cryptocurrency” to eliminate intermediaries as well as to encourage the use of cryptocurrencies for payment. Credit card payments may be added in the future.
Data sellers are expected to install Dazaar and choose their preferred payment method. Once that is done, the protocol will generate a cryptographic identifier dubbed “Dazaar Card,” which sellers can share to groups and other places for buyers to find.
Buyers, on the other hand, will be able to connect with sellers via the information on the Dazaar Card and then pay the fee. Once the seller verifies the payment, the buyer will receive the data in streams.
Additionally, the Dazaar open-source protocol also supports a live video streaming desktop application called “Dazaar Vision.” Users will be able to set up live broadcasts or subscribe to stream in real-time without the need to sign up.
Dazaar Vision also works without intermediaries as users can make or accept payments via Bitcoin. Support for many more cryptocurrencies will be added soon, the report said.
Bitfinex said the new data streaming protocol is part of its effort to give back to the community by introducing innovative products.
“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,” the exchange added.