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
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
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
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
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:
… Read the rest
“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”.
1. Maximize deferment to the Protocol Grant Pool to ensure critical Protocol development.
2. Provide a highly stable, scalable Authority Node or Nodes for the Network with 24/7 monitoring and response.
3. Manage capital and expenses in a manner where the financial stability and ability to scale the Authority Node(s) is ensured no matter the price of the Factoid and Bitcoin.
4. Create a community portal to improve communication and information dissemination.
We’d like to update you where we’re at with these goals:
1. We promised a minimum of … Read the rest
The design of the Factom Protocol calls for a series of “Authority Node” servers, owned and operated by independent entities to both decentralize and further the protocol with the release of Milestone 3 (M3). The goal is to eventually have 65 Authority Nodes and 65 separate entities to operate them. As the rollout of M3 has begun, the Factom Protocol Guides finally selected the first round of Authority Nodes Operators; 21 in total. Once these 21 Authority Node Operators are up and running, more elections will be held with the eventual goal of all 65 Nodes operating independently. Many of the entities below will strive to become large blockchain players like Factom Inc. It’s extremely exciting for the … Read the rest
Factom held an AMA today with their Vice President of Sales, Jason Nadeau and their new CMO, Jay Smith which you can read here. Below are some of the more interesting tidbits that make me feel the Factoid (FCT) should be a top 20 token when compared to the tokens with higher market caps. And I’m not the only one who likes what they see with Factom; the cryptocurrency hedge fund, Multicoin Capital is also bullish.
The token for the Factom protocol that trades on the exchanges is the Factoid (FCT). You can burn FCT for Entry Credits (these are not transferable and are not traded on exchanges) which allow you to enter data into the Factom blockchain. … Read the rest
The Factom Protocol with its’ Factoid (FCT) token is a global utility that aims to be the means by which the world ensures data integrity and and finally secures identities. As an open protocol anyone can utilize, the possibilities are nearly endless. Factom Inc., is developing enterprise level applications that will utilize the protocol and establishing highly strategic partnerships in the process. One such partnership is with Smart Trac who have developed dLoc, a RFID-based means of authenticating documents and so much more. For a 3 minute overview of this technology, see this video:
As the Smart Trac website says, “Leveraging SMARTRAC and Factom technology, any institution that issues vital records – governments, banks, hospitals, universities – can use … Read the rest