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.
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.