Bitfinex Launches P2P Protocol for Data Streaming Dazaar

News
Tue, 06/23/2020 - 15:19
Vladislav Sopov
The Bitfinex cryptocurrency exchange ecosystem teased the launch of Tron's BitTorrent competitor. The Dazaar P2P data protocol will start operations on June 25th, 2020
Cover image via stock.adobe.com
Contents

The new product will act as a peer-to-peer data hosting service designed to eliminate the need of a single centralized storage of data.

Speed, scalability, decentralization

According to the official Bitfinex announcement, the new product is an extension to the HyperCore protocol. The team emphasizes that Dazaar will be highly focused on hyper-scalability, end-user privacy and decentralization.

Image via Twitter

Dazaar has a lucrative scheme of monetization with no third-party intermediaries involved. It will be based on Lightning-powered micropayments.

A seller of data will receive a Dazaar Card to identify their information and provide access to it for buyers. The price of access will be customized by the seller.

Once the buyer finds a Dazaar Card with the information they are interested in, they send a reward to the seller. The seller confirms the receipt of the transaction and the data stream starts.

The protocol and the application

The Dazaar protocol will be accompanied by the Dazaar Vision application. It will allow users to broadcast video streams and, thus, monetize their social exposure. 

The product will require no sign-up or registration. Both releases will be live on June 25th, 2020.

As covered by U.Today Crypto News, Bitfinex recently initiated the migration of all Ether-based USDT transactions to the Plasma infrastructure by OMG Network (OMG).

Just like the upcoming Dazaar release, the migration will solve the scalability and speed issues related to the throughput of the Ethereum (ETH) blockchain.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy