Bitfinex Launches Open-Source Crypto-Powered Streaming Protocol

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.

Even in such fierce competition in the market, Dazaar makers are still optimistic to stand among its competitors. Bitfinex believes that they can provide a platform to its users that is secure and has an unbreakable privacy policy. Since the protocol is available to the public, it has the potential to introduce cryptocurrency to the unknowns.

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.

World’s Largest Pension Fund Lost the Equivalent of Bitcoin’s Entire Market Cap in Just Three Months

The world’s largest pension fund has lost nearly $164.7 billion within the first three months of 2020 and has suffered its worst full-year investment loss. The loss observed by GPIF is close to the entire market capitalization for Bitcoin. The Government Pension Investment Fund or GPIF of Japan has witnessed a decline of 11% in the first quarter, falling to $150.63 trillion. It is said to the steepest quarterly fall that it has seen since 2008 when the fund saw a 9.3 trillion yen loss and a -10.3% return during the financial year that ended in March 2009. 

The President of GPIF, Masataka Miyazono, announced that the domestic and foreign equities have resulted in the negative return in the first quarter of 2020. Overseas bonds were the only asset to give a positive return during this period giving a return of 3.55%. Even though the equity market performed extremely well in 2019 during the U.S. China negotiations, the global COVID-19 pandemic has led the investors to be more cautious.

GPIF is not the only stock to experience poor performance after the Coronavirus pandemic spread across the world. Other major stock indexes, such as Dow Jones, are also seeing the poor performance in the first quarter of 2020. But, what is surprising is that Bitcoin also saw a similar dip in performance where it fell by almost 11% in the first three months of 2020. In this case, it would not be safe to say that Bitcoin is a safe haven or the best investment opportunity, at least now. If GPIF had invested about 0.1% of its asset or $1.5 billion in BTC during the first quarter of 2020, it would have put a lot of buy pressure in the world market. The result would be a Bitcoin Bull Run and high returns for the pension fund’s portfolio belonging to the crypto segment. 

Even though the scenario may seem unlikely as pension funds are among the most conservative investors, most investment trusts in Japan has only a small portion of their funds in crypto assets, which includes BTC. They are apprehensive that cryptocurrencies are more speculative and have high price fluctuation and liquidity risks that they do not want to take. In addition, purchasing 208,000 BTC amounting to $1.5 billion would have been a Hercules task for the investors during that short period of time.  

The GPIF claims that the pension reserve fund is managed with a long-term perspective. They believe that the pandemic will only cause short term losses, and the investment is rather immune to volatility in the long term and will provide a positive return in the long term without any problem. With the improvement of the global economy and the domestic equity market, experts believe that the investment performance should return to normal, but it is yet to be seen. The GPIF annual return since it was created back in 2001 is 2.58%.