This platform is part of the company’s goal to give end users greater control over their data
Bitfinex, the well-known cryptocurrency exchange platform, has announced the launch of an open-source, peer-to-peer (P2P) marketplace for data streaming. The new platform, called Dazaar, will be operational starting tomorrow.
The official statement explains that Dazaar was created to democratize access to information. The name combines the words “data” and “bazaar” and was inspired by the book The Cathedral and the Bazaar.
That book draws on the author’s observations about the Linux kernel development process and his experiences managing an open-source project.
Dazaar is developed as an extension of the Hypercore protocol. Hypercore is a secure, distributed log designed specifically for applications, making it simpler to build fast, scalable P2P software.
Compared with other open-source data-sharing systems, Bitfinex says Dazaar provides additional features focused on “a hyper-scalable, decentralized, privacy-oriented protocol that can be integrated into any existing project, making it ready for a peer-to-peer Internet.”
With Dazaar, users retain greater control over their data and can monetize it without third-party intermediaries, because interactions occur directly between buyers and sellers. The application leverages micro-payments enabled by cryptocurrencies to remove intermediaries. Developers are also working to add credit card payments in the future.
Users who wish to sell data will need to install Dazaar and select their preferred payment method. The protocol then generates a cryptographic identifier called a “Dazaar Card,” which sellers can share with customers, groups, and marketplaces to attract buyers.
Buyers can connect with sellers using the information on a seller’s Dazaar Card. After the payment is made and verified by the seller, the buyer receives the data via streaming.
The open-source Dazaar protocol can also power a desktop application for live video streaming called “Dazaar Vision.” Users can set up live broadcasts or subscribe to real-time streaming content without creating an account.
Dazaar Vision can operate without intermediaries as well, since users can send or receive payments using bitcoin.
“Powered by Dazaar, it also includes an easy monetization feature without intermediaries that allows users to accept payments in bitcoin and many other cryptocurrencies that we will add in the future,” the announcement explains.