Bitfinex introduced its new product Dazaar, which will function as a peer-to-peer (P2P) data hosting service designed to eliminate the need for central data storage. The new product introduced to the cryptocurrency world will be available on June 25 by sharing the promotional article on the social media platform Twitter.

4.6 billion internet users worldwide produced 2.5 quintillion bytes of data in May 2020 alone. Central servers rely on central servers to capture and process data produced on central platforms such as search engines, social media and messaging applications.

Bitfinex comes up with a product that it claims to be “revolutionary” to eliminate this reliance. Dazaar, the new product of Bitfinex, keeps data in a decentralized system without relying on a central server thanks to its peer-to-peer network (P2P).

However, using an open source P2P protocol, Dazaar was designed to allow every individual in the world to access a decentralized server. Dazaar, which is an extension of the Hypercore Protocol, is able to serve more scalable and quickly.

What differentiates Dazaar from other data sharing networks is that we focus on providing 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. We also understand how important it is for users to monetize their data without intermediaries, and that’s why Dazaar integrates a layer to enable time-based micro-payments via any (crypto) currency. The interaction will be purely between “sellers” and “buyers”.  

Dazaar also designed a micro payment system for cryptocurrencies, which is completely brokerage between the buyer and the seller, for faster transactions. Communication between the buyer and seller can be done without any third party. This system will be implemented entirely thanks to the structure called Dazaar Card. The seller will set up Dazaar and choose the payment method, and then the buyer will define a Dazaar Card on the platform it can find. The buyer will also be able to directly contact the dealer without using the information on the Dazaar Card.

The Dazaar Card feature, which is not picky about payment, will accept any cryptocurrency or even a credit card. This will attract more people to the cryptocurrency world, and many more people will use Dazaar.

You can earn crypto with Dazaar Vision!

However, Bitfinex also talks about Dazaar's second feature, Dazaar Vision. Dazaar Vision, a platform built on Dazaar's open source protocol, enables people to make live broadcasts in real time without registration.

Dazaar Vision, the desktop application, can accept payments with cryptocurrencies as it is supported by Dazaar. In other words, when publishing videos, you can gain assets in cryptocurrency. However, thanks to the Dazaar infrastructure, you can take advantage of intermediate and P2P features.