You need Factoid Addresses and Entry Credit Addresses to do anything in Factom, so I wanted to dive a little deeper. There are three parts that make up an address: the private key, the public key, and the address. The private key is the most important element and can be used to derive the other two components. The public key can be used to verify data signed by the private key as well as derive the address. The address itself is a hash of an RCD mechanism to allow for multiple authentication schemes, and it cannot be used to determine either the private or public keys.
While using Factom, you are typically only presented with … Read the rest
The Factom Open Node project is a decentralized, load balanced factomd-node located at factomd.net which provides an API to interact with the Factom blockchain protocol. It is an alternative to hosting and maintaining your own factomd-node. The infrastructure is currently provided by five different Authority Node Operator companies. I met with Jay Cheroske of Bedrock Solutions, one of those providers and asked him a few questions.
How can developers utilize the Factom Open Node?
Factom Open Node is a free factomd API endpoint developers can use to read and write to the Factom blockchain. By using Factom Open Node, in lieu of running their own servers, developers can get started right away with no additional costs. In keeping with the … Read the rest
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 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
The majority of internet traffic runs on the TCP/IP protocol yet few understand how it works or even know that it exists. Technology integrates it seamlessly so that we don’t have to. As the Factom Protocol continues to move towards becoming the internet’s data integrity layer, businesses, governments, and application builders will use it in much the same way as TCP/IP when they want to ensure the integrity of their data. For true data integrity, one must have a trustless, decentralized, immutable, censorship resistant, autonomous protocol and that is exactly what the Factom Protocol is. As Paul Snow, Chief Architect of Factom stated:
While many in cryptocurrency circles have heard of Factom, most don’t know that it actually is … Read the rest