Bitfinex Launches Open Source Data Transmission Protocol Based on P2P Exchange of Crypt Currencies

The Bitfinex Cryptcoin Exchange launched an open source, peer-to-peer (P2P) data transmission platform that will allow users to share content over a decentralized network.

Bitfinex „Dazaar“ protocol code was uploaded to GitHub, a decentralized network where node traders store information shared among users.

In an announcement, Bitfinex states that the creation of the platform was motivated by the growing reliance on centralized platforms such as search engines, social networks and messaging apps to facilitate data exchange and communication.

The data seems to contradict Bitfinex’s story about the decline of its Bitcoin deposits

Dazaar works as a P2P exchange of crypto currencies
Bitfinex says that the design of the Dazaar platform is like a protocol for exchanging cryptomoney.

The platform was developed as an extension of the Hypercore Protocol licensed by the Massachusetts Institute of Technology: an „attached distributed registry“ characterized by comprising „lightweight blockchain technology mixed with BitTorrent.

Buyers and sellers are connected through the platform by a cryptographic identifier called a „Dazaar Card“, which sellers can purchase using cryptography or credit cards.

The platform also features a desktop live video streaming application that allows users to set up live streams or subscribe to streams without the need to register.

United States sets new record for Bitcoin P2P trading

Competition between streaming platforms
Dazaar’s announcement comes amid intense competition between streaming platforms.

In May, Cointelegraph reported that Esports’s streaming application, which uses crypto technology, would be integrated into 75 million Samsung devices worldwide. Advertising for the launch of Theta 2.0 on May 27 caused token prices to rise more than 1,000% since the Black Thursday crash in mid-March.

LocalBitcoins says that transactions on its site from darknet markets fell by 70%

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

Despite the competition, The News Spy believes that Dazaar can reach new users by offering fiat currency on-ramps and strong user privacy, stating that the protocol „will introduce those unfamiliar with the world of crypto-currency while removing an entry barrier that requires users to only use a project’s platform token for payments.