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Bitfinex launches open source data transfer protocol based on P2P Cryptocurrency Exchange

June 26, 2020

Cryptocurrency exchange Bitfinex has launched an open source peer-to-peer data transfer platform (P2P) that enables users Share content through a decentralized network.

The protocol code Bitfinex’s “Dazaar” was uploaded to GitHub, A decentralized network in which node vendors store information that is shared by users.

In an ad, Bitfinex claims that the creation of the platform was motivated by increasing dependence on centralized platforms such as search engines, social networks and messaging apps to facilitate data exchange and communication.

Dazaar works like a P2P exchange in cryptocurrency

Bitfinex launches open source data transfer protocol based on P2P Cryptocurrency Exchange
Bitfinex launches open source data transfer protocol based on P2P Cryptocurrency Exchange

Bitfinex says the design of the Dazaar platform is similar to that of a protocol for the exchange of cryptocurrencies.

The platform was developed as an extension of the Hypercore protocol licensed by the Massachusetts Institute of Technology: an “Annex Distributed Record”, characterized by a “Lightweight blockchain technology mixed with BitTorrent”.

Buyers and sellers They connect via the platform using a cryptographic identifier called “Dazaar Card”. that sellers can buy with crypto assets or credit cards.

The platform also has one Live video streaming desktop app This allows users to set up live streams or subscribe to streams in real time without having to register.

Competition between streaming platforms

The announcement of Dazaar arrives in an intense competition between streaming platforms.

Cointelegraph reported in May The streaming application Esports Theta.tv with crypto technology would be integrated into 75 million Samsung devices Worldwide. By promoting Theta 2.0 on May 27, token prices have risen more than 1,000% since Black Thursday’s fall in mid-March.

In April, Tron has partnered with the Refereum gaming platform to offer streamers and players rewards in the form of Tron (TRX) or BitTorrent (BTT) tokens.

Despite the competition Bitfinex believes that Dazaar can reach new users by offering Fiat currency ramps and strong user privacy. It states that the protocol “introduces those who are unfamiliar with the cryptocurrency world while removing an entry barrier where users only have to use a project’s platform token for payments.”