Bitfinex has announced the launch of Dazaar, an open-source and peer-to-peer platform for the exchange of digital assets, which will host a decentralized data marketplace.
Specifically, Dazaar, developed as an extension of the scalable, fast, peer-to-peer Hypercore protocol, will allow individuals and organizations to monetize their ideas and data without relying on a trusted third party – i.e. in trustless mode.
Dazaar Vision will be the public application of Dazaar’s open-source video streaming protocol, allowing content creators to open a marketplace, for example, and publish videos and live streams delivered directly to their audience.
The protocol is based on a model where each user is the owner of their data, and can freely choose the payment method required to allow others access to their proprietary information. Alternatively, the data can also be shared for free.
Additionally, it is an agnostic model, which allows developers and users to add support for various payment methods, including Bitcoin, Ethereum, Lightning Network, ERC20 tokens, as well as credit and debit cards via payment gateways. In other words, its success does not depend on a specific token.
This open-source model will also facilitate the continuous integration of projects by the community, as each project can be configured seamlessly to address the desired audience or a specific demographic group.
For example, it will allow websites to be published, information to be transmitted or services to be provided in a peer-to-peer mode.
The users themselves will be allowed to decide the next possible evolution of the platform.
Vendors will simply install Dazaar and choose the payment method (e.g. 10,000 Satoshi per minute): the protocol will generate a unique cryptographic identifier, called the Dazaar Card, which can be sent and published anywhere.
Buyers simply click on the Dazaar Card, make the payment, and receive the data in streaming after the seller has verified the payment.
The primary objective was to offer universities new opportunities to monetize their research, as they often do not find intermediaries able to successfully monetize the data they generate.
Another objective is decentralized finance (DeFi), as it will offer market data providers the opportunity to be paid by, for example, hedge funds or professional traders to provide services such as trading signals.
One of Dazaar’s leading developers, the CTO of Bitfinex Paolo Ardoino, said:
“We believe Dazaar represents what the internet should be, open, free and hyper-scalable. All parties involved are proud of this community effort and we look forward to the use of this technology evolving in ways to the great benefit of society. Adoption will be driven by a growing awareness among users that the current incarnation of the internet is centralized, lacks privacy and is in the hands of the few”.