Bitfinex, a cryptocurrency exchange platform has launched its crypto-powered P2P data streaming code on the open-source GitHub. This protocol can be used to stream data through the blockchain network.
This company is known for its secure crypto exchange for many years. And now a new launch has set the crypto industry on fire just like bitcoin evolution in uk. Users can share media through a decentralized network. The company has named this protocol to “Dazaar”.
According to the company, this protocol can be accessed through GitHub, a popular open-source platform online. Dazaar connects the data will be stored in the distributed node operators.
Bitfinex claims the data is a huge part of our lives since we use the internet every day. But the information is being shared through a centralized medium. Instead of a centralized medium, there should be a decentralized platform that stores our information. Dazaar is a new and revolutionary alternative to a centralized server.
The information is transmitted through a peer-to-peer (P2P) decentralized system. That means the data transfer does not rely on a central server. When distributed nodes are used to store the data, it is possible to process the requests quickly as compared to a traditional server.
It will be easier to transmit, share, and access information without any hassle. The creators of this protocol believe it will make the internet to be open and accessible to everyone. Thus, data will be quickly scalable and accessible.
The motivation behind this invention was a regular usage of internet, messaging, social media platforms, and search engines to share numerous amounts of data every day. Dazaar is an extension to the Hypercore Protocol. But it is way more secure, can be scaled, and it works on a peer-to-peer network.
Another feature of Dazaar is the ability to monetize it. It can be used on any project to convert that into a highly scalable, secure, and decentralized one. The monetization can be applied to the protocol without the need of any intermediary. A simple layer of the time-based micro-payment of any cryptocurrency can be added to monetize the project on the go.
Bitfinex has provided a “Dazaar Card” to enable the buying and selling process between the two parties. This card is used to purchase data streams after identifying the buyer and seller. The protocol allows any credit card as well as cryptocurrency to purchase the streams.
To make the streaming of content flawless, Bitfinex has also introduced a desktop application. It provides live streaming of the media where sellers can manage subscriptions and live broadcasts.
Competitors Of Crypto Streaming Platform
Dazaar is not the only one crypto-based live streaming protocol. Many other companies are also competing in the race of crypto streaming. For example, Esports has launched its crypto-powered streaming app called Theta.tv. This app is being integrated into 75 million Samsung devices.
Theta.tv provides live streaming of sports events such as poker tournaments and more. This app rewards its users to watch live streaming in the form of tokens TFUEL. The price of Theta tokens surged up to more than 1000% since the launch of Theta 2.0.
The Esports streaming platform partnered up with a gaming platform Refereum. Now the rewards will also be available in the form of Tron (TRX) or BitTorrent (BTT) tokens. In a nutshell, the users will keep on increasing to watch live streams through this app.
Dazaar is also available without any restrictions or barrier. Because it can be used on any payment method within the cryptocurrency range. It is not limited to a specific project’s token to access payments. These additional features can be a gamechanger for Dazaar as well as the users who want to use crypto as a streaming protocol.