By Ifaenyi Egede (Nigeria)
One of the world’s leading crypto exchange platforms, Bitfinex, has announced that it is planning to launch an open-source peer-to-peer marketplace. According to the exchange, the platform which will be known as Dazaar will debut on June 25, 2020. According to the announcement on the exchange’s website, they noted that the idea of the platform was created out of the need to democratize access to information.
Furthermore, the statement said that the name of the platform was gotten from Data-Bazaar, with inspiration gotten from the book, “The Cathedral and the Bazaar.
The platform is built to eliminate third party, Bitfinex claims
Dazaar is a platform that is built and developed as the extension of the Hypercore protocol which is secure and distributed append-only that makes it easy to develop and run a fast and scalable P2P application. Bitfinex says the platform, unlike other open-source data sharing, will provide its client base “a base hyper-scalable, decentralized, and privacy-oriented protocol that can be implemented in any existing project making it ready for the peer-to-peer internet.” The firm also noted that their client base will be able to perform their transactions without the need for a third party.
Bitfinex also noted that the platform will use time base small payments via digital assets to eliminate the need for a third party while encouraging the use of crypto on the platform. Furthermore, the firm says it is currently looking into payments via credit cards to add it in the coming years. If you are a data seller, you just need to install Dazaar and choose your payment options. After choosing your payment options, you will get your cryptographic identifier known as the Dazaar card, which you can share into groups in order to get buyers. Buyers will be able to get through to sellers via the information on their Dazaar card and then pay for it. Once payment is confirmed, the buyer can get their data streams.
Also read:Bitfinex set to unveil Dazaar Vision
Bitfinex also noted that coming with the new Dazaar platform is an open-source protocol that supports a live streaming desktop application known as Dazaar Vision. Clients on the platform will be able to either set up or join a live stream in real-time without the need to sign up. Dazaar vision also uses the protocol of the platform as it eliminates the need for third parties or intermediaries as payment via Bitcoin is accepted. According to the report, the firm noted that Bitcoin is the only digital asset accepted on the app, and they are working to add other assets in the future.
Bitfinex has said that this new innovation is part of the new innovation that they have promised their clients since inception. The firm said the new development was a way to give back to their community of clients and followers. “We’re convinced that Dazaar will be a useful tool for organizations, such as universities to create and promote new projects and research to the public. At the same time, we also believe that Dazaar’s use cases are not limited to certain parties,” Bitfinex said.
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