Factomize October 2018 Update

1st November 2018

October was an extremely busy month for Factomize and we’re proud of the work we’ve done.

Development Work

Factomize has been hard and work designing and developing a series of software modifications that will improve the transparency and efficiency of Factom Governance. These include:

Polling Improvements – This modification allowed for Guide and ANO only votes and created a means for inputting a specific number in a poll which will be used in the current grant round to rank votes.

Timed Permission System – The Timed Permission system is a moderated discussion system for “Minor” and “Major” discussions. We found we needed to standardize discussion and vote lengths and this system does that while also implementing Robert’s Rules …

Factomize September Update

1st October 2018

As we wrote our August update approximately one month ago, we found ourselves frustrated. We were frustrated because, as an infrastructure ANO, we didn’t feel like we were contributing in an optimal manner as we have specialized skills that can help further the Factom protocol. As a result, on September 2nd, we wrote this thread where we shopped around the idea of becoming a development ANO. The reception was warm enough that we decided to proceed and on September 10th we posted our project development thread and began work. We anticipate most of our early projects will focus on improving the efficiency and transparency of Factom governance via the Factomize forum. The first project we delivered was our “Custom …

How to Apply to become a Factom Authority Node Operator

19th September 2018

Factom is a decentralized data integrity protocol that extends blockchain’s immutability and security to any form of data. To decentralize the protocol, there will eventually be 65 Authority Node Servers run by 65 Authority Node Operator (ANO) companies. To incentivize the companies to decentralize the protocol and enable them to pay their bills, the protocol rewards them with 1,123 FCT per month, per server, minus efficiency*. With the increasing popularity of the protocol and thus the potential for substantial increase in Factoid (FCT – the native token of the protocol) value, becoming an ANO is becoming increasingly popular and competitive.

Anyone can apply to become an ANO, the hard part is getting elected in competition with other teams applying. So …

Factom Has First 1 Million Transaction Customer Live on Mainnet With More To Come

3rd September 2018

World Blockchain Forum, London, September 3rd, 2018

Sphereon is happy to announce bringing its first 1 million transactions customer live into production on the Factom mainnet.

As of today, we have our first customer live in production on the Factom mainnet. The customer is expected to register an estimated volume of 1 million transactions per year, as a result of anchoring and signing its incoming documents for Proof of Authenticity and Proof of Existence.

Our Blockchain-as-a-Service solution creates digital fingerprints(hash) of documents and stores them in a blockchain. Once committed any change in the original document would create a new hash and not match the one stored in the blockchain.

This allows any stakeholder to determine if the original document …

Factomize August Update

1st September 2018

August saw Factomize reclaim its status as an infrastructure ANO after raising its efficiency back up to 60% and declaring its development of the Factomize Forum Addon complete. We believe the addon is currently the largest user of EC for the Protocol which makes us 20% proud and 80% depressed.

The reality is, at this juncture, being an infrastructure ANO is pretty damn boring. As we start to get callouses on our twiddling thumbs, we find ourselves frustrated as we understand we need plenty of FCT in the grant pool for important dev work while at the same time, we have identified processes that Factomize developers could automate for greater efficiency and transparency. In addition, we have a lot of …

Factomize July 2018 Update

2nd August 2018

When Factomize campaigned to become a Factom Authority Node, we stated the following in the development section of our campaign document:

As part of this initiative, we will be building tools that allow content submitted to blogs and forums to be easily, “Factomized” to prove ownership and that it hasn’t been modified.

Factomize and Canonical Ledgers are pleased to announce that we have successfully built and deployed an add-on that automatically submits content posted to the Factomize forum.  Here is a copy of the “press release” that was posted on FactomBeat:

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Monday 30 July 2018, Canonical Ledgers and Factomize announced a progressed partnership to develop a Factomize Forum Content Addon for xenForo forum software. The add-on secures, and …

Factomize June 2018 Update

30th June 2018

Factomize is excited to announce that in partnership with ANO Canonical Ledgers, we have developed a new project that showcases the functionality of the Factom Protocol. This add-on will automatically “Factomize” any threads or posts created on the community forum. Each thread will have its own chain on Factom, and posts within that thread will be entries in the chain. This application will use Entry Credits to add hashes of this data to the immutable ledger and demonstrates a promising use-case for this technology. With this project, Factomize is able to illustrate the potential for blockchain to be integrated into platforms such as Xenforo forum, WordPress blogging, or Drupal content management software to validate

The First Factom Protocol Grants Have Been Awarded

20th June 2018

The Factom Protocol recently went live with Milestone 3, which officially decentralized the network. The first 21 Authority Nodes were elected, and will receive compensation via the underlying token (FCT) in return for operating the servers responsible for decentralizing the protocol. The structure of Factom requires each of the Authority Node Operators to choose an “efficiency” at which they will operate. Efficiency determines what percentage of their monthly 1,100 FCT that each Authority Node Operator will leave with the protocol in the form of a grant pool. For example, if operating at 40% efficiency, an Authority Node receiving 1,100 FCT will accept only 660 FCT and the remaining 440 FCT will not be awarded to the Authority Node but instead …

Why Factom anchors into Bitcoin

11th June 2018

Factom is a publishing platform built specifically for data that enables proof of process and auditing. Every 10 minutes, Factom anchors a merkle proof into the Bitcoin blockchain via OP-RETURN. In the coming months, Factom will also anchor into Ethereum. The consensus algorithm Factom employs is what will allow it to scale to be a global utility for data integrity. If Factom used Proof of Work (PoW) like Bitcoin or was distributed computation like Ethereum, this would not be possible. Factom’s consensus algorithm ensures that all actors are acting properly in real time. Factom utilizes the Bitcoin blockchain (and soon Ethereum as well) to ensure that data is immutable; i.e. not reversible. By leveraging currently existing blockchains to …

Thoughts on Factom Inc’s Second AMA

6th June 2018

Factom is a decentralized data integrity protocol built from the ground up that focuses on enterprise-scalability. On June 6th, 2018 Factom Inc held their second AMA where they answered questions from the community. I strongly suggest you take the time to read the full AMA but I will highlight some of the more interesting points here and let the employees of Factom Inc speak for themselves, while providing some minor commentary.

Factom Inc has at least eight clients such as integration partners like FPT Software, while most blockchains have none. Most don’t know that Factom can be an ICO platform as well and that the CEO of Factom just stated that he expects the first ICO or coin offering …