The First Factom Protocol Grants of 2019 Have Been Awarded

The final scores are in, and the first grants of 2019 have been awarded by the Standing Parties of the Factom Protocol. More than $750,000 worth of FCT at current prices will be disbursed. The grant recipients in order of score are:

  1. Factom Inc Protocol Development Continuation – Covers a couple month gap where Factom Inc did not receive compensation for the Core development work they were performing.
  2. Factomize Core Development – Factomize LLC’s lead developer will work on Core full time.
  3. Factom Inc Protocol Development – Factom Inc’s Core development efforts will be funded for an additional three months.
  4. FAT Protocol Development – Development of the Factom Asset Token (FAT) Protocol was funded for an additional three months. Learn
Read the rest

Factomize October 2018 Update

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 … Read the rest

Factomize September Update

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 … Read the rest

How to Apply to become a Factom Authority Node Operator

Authority Node Operators (ANOs) are the block validators of the Factom Protocol and Candidates are those companies trying to prove their worth to the ecosystem in an attempt to get promoted to ANO via the ANO Standing System. In return for providing the servers to decentralize the protocol and furthering the protocol in whatever way they see fit, ANOs are compensated 2,246 FCT per month minus efficiency.

An ANO’s “efficiency” is the percentage of FCT they set to forego receiving from the protocol as they don’t need it to operate because they are so “efficient”. This FCT instead goes into the Factom grant pool. You can see the current ANO efficiency rates here. What this means is that if you’re … 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:

————————————————————————————————————————————–

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