How to Apply to become a Factom Authority Node Operator

Factom is a general purpose data protocol and tokenization platform 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 and profit, 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 appreciation in value of the Factoid (FCT – the native token of the protocol), becoming an ANO is becoming increasingly popular and competitive.

Anyone can apply to become an ANO, the hard part is getting elected as … Read the rest

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

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 … Read the rest

Factomize August Update

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 … Read the rest

Factomize July 2018 Update

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 … Read the rest

Factomize June 2018 Update

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 Read the rest

The First Factom Protocol Grants Have Been Awarded

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 … Read the rest

Why Factom anchors into Bitcoin

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 … Read the rest

Thoughts on Factom Inc’s Second AMA

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 … Read the rest

Blockchain Solutions For The Medical Industry

Healthcare in the Digital Age

The information era has revolutionized healthcare. Patient records are accessible at the click of a button, facilitating better diagnoses and improving patient outcomes. Yet despite these advances, there is a long way to go. The proliferation of data services who store this critical information has resulted in a patchwork of competing systems that is difficult to navigate, hampering accessibility to patient data when crossing platforms. A recent MIT technology review found 26 different electronic medical record systems being used in the Boston area alone! Such examples illustrate the drastic need for a distributed, easily accessible network.

Blockchain technology presents a tantalizing solution to this problem. Distributed ledger technology (DLT) can be leveraged to eliminate the … Read the rest

The Top Blockchain Solution For Supply Chain Management

Global supply chains account for a total market value of $40 trillion annually, and stand to benefit greatly from the latest advances in blockchain technology. This vast global network is uniquely positioned to take advantage of the new tools being developed to improve supply chain efficiency and functionality. Deloitte recently noted the potential for blockchain to improve supply chain transparency and traceability, stating:

“Blockchain can enable more transparent and accurate end-to-end tracking in the supply chain: Organizations can digitize physical assets and create a decentralized immutable record of all transactions, making it possible to track assets from production to delivery or use by end user. This increased supply chain transparency provides more visibility to both businesses and consumers”.

Read the rest