Bitfinex, the cryptocurrency trading platform, announced the launch of a new platform for decentralized data tracking.

The new platform is called “Dazaar” and it is a platform for decentralized data tracking by relying on peer-to-peer protocol.

Bitfinex’s new P2P platform aims to democratize the way data is accessed and information shared without relying on centralized servers.

The Dazaar platform enables the creation of scalable P2P applications and also supports live video streaming services.

For your information, Bitfinex is one of the largest and most popular cryptocurrency exchanges in the world.

The “Dazaar” platform became operational yesterday, June 25, and according to the official announcement from “Bitfinex”, the main purpose of “Dazaar” is to democratize the process of accessing and sharing information.

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It can be said that the “Dazaar” platform basically represents “Data-Bazaar” which is a name derived from the book “Cathedral and Bazaar”.

Bitfinex revealed that Dazaar is built using the secure and decentralized Hypercore protocol.

This protocol makes it easy to create fast and scalable P2P applications.

Data is currently the main driver of global economic growth, especially with huge volumes of information being shared daily, most of which remains on central platforms.

Thus, the user remains scattered among large chunks of search engines, messaging apps, and other social media platforms to get data.

The “Dazaar” platform from Bitfinex aims to change the rules of the game for the better, by offering a decentralized system devoid of any centralized services.

This P2P network also consists of distributed nodes that store all the information.

in the post The official blog post, Bitfinex says:

We will focus on providing a scalable, decentralized, privacy-oriented core protocol that can be implemented in any existing project making it Internet ready for peer-to-peer.

The Dazaar platform offers the possibility of monetizing data without third parties:

A P2P network maintains interaction between buyers and sellers only.

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Thus, it helps the platform users to monetize their data without any third party interference.

To further eliminate middlemen, Dazaar uses crypto payments and aims to push the adoption of cryptocurrencies in financial transactions.

Data sellers first need to install Dazaar and choose their preferred payment method.

Next, Hypercore will generate a cryptographic ID called Dazaar Card.

By using the “Dazaar” card, buyers can communicate with the seller and pay the required fees to them.

After the seller verifies the payment, the buyers start getting the data.

In the future, Bitfinex also plans to add credit card payments to its P2P network.

Video streaming app:

With the OTT streaming platform getting huge traction, Dazaar is also planning to offer some video streaming services.

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The open source Dazaar protocol has its own live video streaming app called Dazaar Vision, where users can stream in real time and set up live broadcasts without the need for a subscription.

All initial transactions on Dazaar Vision will be done in Bitcoin, and more cryptocurrencies will be supported at a later time.

Bitfinex said about its new project:

We are convinced that Dazaar will be a useful tool for organizations, such as universities, to create and promote new projects and research for the public.

At the same time, we also believe that the use cases of “Dazaar” are not limited to certain parties.

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