Bitfinex Launches Open Source Crypto Powered Streaming Protocol

One of the leading cryptocurrency exchanges named Bitfinex launches open source and crypto powered streaming protocol to GitHub. The P2P data streaming protocol was announced earlier this week and is said to allow users to share media across a decentralized network.

The code for the “Dazaar” protocol by Bitfinex has been uploaded to GitHub and the cryptocurrency news describe it as a decentralized network where distributed node operators store the information shared among users.

An announcement also shows Bitfinex stating that the platform’s creation was motivated by the increasing reliance on centralized platforms including search engines, social media, and messaging applications in order to facilitate the sharing of data and media.

Bitfinex describes the Dazaar platform as one that has a crypto-powered protocol for monetized data streaming. The fact that Bitfinex launches open source platform with these capabilities comes on top of the fact that the platform was developed as an extension to the Massachusetts Institute of Technology-licensed Hypercore Protocol – which is basically “a distributed append-only log” that is characterized as comprising as a “lightweight blockchain crossed with BitTorrent.”

Dazaar’s announcement also comes amid some stiff and increasing competition between several crypto streaming platforms. One of them was Theta.tv, which was featured in May by news outlets sharing the blockchain news that it would be integrated onto 75 million Samsung devices worldwide. The hype for Theta’s May 27 2.0 launch drove the prices of its tokens up by more than 1,000% since the Black Thursday crash which occurred in mid-March.

Now that Bitfinex launches open source platform, it also comes in direct competition to Tron and its partnership with the gaming platform Refereum to offer rewards in the form of Tron (TRX) or BitTorrent (BTT) tokens to gamers and streamers.

Despite all of this, Bitfinex is sure that Dazaar can reach new users by simply offering fiat on-ramps and robust user privacy. They also said that the protocol will “introduce those unfamiliar to the world of cryptocurrency at the same time as it removes a barrier to entry which requires users to only use a project’s platform token for payments.”

All of this is good news in the gaming and streaming space, which has benefited a lot from crypto-related technologies in 2020.