Bitfinex is opening a new, decentralized streaming platform, with several other options.
Bitfinex was founded in 2012 and offers its services to users from all over the world. In the past, it used to be the number one exchange, but today it is still a big player on the market. The exchange recently announced the creation of a new peer-to-peer data streaming platform. The platform is to allows users to share media in a decentralized network.
More and more decentralized platforms
Censorship, removal of some content, and promotion of others for reasons known only to each other. These are just some of the aspects that are pushing more and more people towards decentralized solutions. The recent case with Twitter, which marked Donald Trump’s posts, fits well here. It caused a storm on the Internet. Vitalik Buterin, on this occasion, spoke about the need for decentralized social media.
Bitfinex responds to the market
The code for the Bitfinex “Dazaar” protocol has been uploaded to BitHub. It is designed to create a decentralized network in which distributed node operators store information that is shared by users. The reason for this is the growing dependence on centralized platforms.
A new revolution is coming soon, @dazaar_com marketplace, how the internet should be, open, free and hyper scalable!
Hold the power to control your data and share innovations in an open environment 🔐
— Bitfinex (@bitfinex) June 23, 2020
Dazaar is to replace search engines, social media, and messaging applications. It is also an encryption protocol for streaming money data. Transactions are to take place on the network through the platform with the help of a cryptographic identifier or “Dazaar Card”. Payments will be made as cryptographic or credit cards.
The protocol also includes a live-streaming desktop application. It allows sellers to manage transmissions and subscriptions. Will Dazaar be able to beat the competition? Bitfinex believes in its project.
The competition is big
There are many platforms that have noticed this opportunity on the market. For example, in April Tron established a partnership with the game platform Refereum, offering prizes in the form of Tron tokens (TRX) for streamers and players.
The streaming application Theta.tv version 2.0, which integrates with 75 million Samsung devices worldwide, is also trying its hand. This resulted in a renewed interest in its chips and a significant increase in their prices.
What will the future bring?
As you can see, there is quite a need for more and more decentralized platforms. Which company will achieve the greatest success and will we be using only such solutions in a few year’s time?