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Factom Protocol Newsletter

July 15, 2019

Welcome to the July 15th, 2019, edition of the Factom Protocol newsletter. In case you missed it, here's the July 1st edition.

Usage and Development

The Factom Protocol continues to see real-world usage with more on the horizon. The protocol metrics site Factoshi showcased a rise in cumulative entries from 17,974,175 to 18,213,344 over the last 30 days.

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Total chains saw an increase from 13,322 to 24,355. "Chains" are client-defined sequences of entries (I think of them as mini blockchains) relevant to an application.

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"Who," the Core Developer from Factomize, wrote a blog post titled Gossip Optimization Part 2: Breaking the Hub. In case you missed it, his last blog post can be seen here.

The Triall Foundation announced the world’s first clinical trial in production on a public blockchain. And that blockchain is the Factom Protocol.

The Factom Protocol now anchors into Ethereum in addition to Bitcoin.

De Facto launched Factom.world which is an application hub for the protocol.

Governance

Newly elected Authority Node Operators Factable Solutions and Hash Quark were fully onboarded into the Authority Set.

Doc 107 - Factom Grant Process was successfully amended by consensus of the Standing Parties to allow for the Automated Grant System to be utilized this coming grant round.

General Happenings

The Marketing Committee chose Wachsman as the PR firm for the Factom Protocol.

Niels Klomp, one of the elected Guides of the Factom Protocol posted part 1 and part 2 of his vision for the Factom Protocol. They're well worth a read.

Quarterly reports are starting to roll in from a host of Authority Node Operators.

An article was posted on Factoshi's blog titled, Why I Like Factom.

Interviews

I reached out to Colin Campbell of Federate This which is the Authority Node Operator creating Off Blocks.

Q. What is Off-Blocks and how did you come up with the idea?

A. Off-Blocks is a Mobile App for Digital Signatures on Factom. It gives users the ability to sign anything, however presented to them. The idea was born out of a real pain-point in my workplace.

During the early stages, the idea quickly expanded as we realised it's potential beyond one use-case. Today, we are building for iOS and Android, on both Mobile and Tablets.

The app is now accompanied by a Web Platform - where we can use the extra screen space to provide 'senders' of documents a nicer experience, rather than just the 'signers' on a mobile device.

Q. Can you give us an example of a problem Off-Blocks solves for companies?

A. There's many. Blockchain allows us to expand the concept of what a signature is, by enabling the signature of any digital object.

Once you realise you can represent anything as a digital object, the only limit is your imagination; In terms of both what you are signing, and where.

What's a Digital Object? For example we can sign a QR code, or a Barcode.

Where? This could be shown on a delivery package, my iPad for in-person signing, on TV or a projector.

What could that represent? Proof of delivery, attendance, room service, voting on decision, sales channels, or just a boring old document.

Of course signing documents and digitising workflows is the main use case. We’re building a platform with all the tools and functions you’d expect - making for the most secure, versatile and cheapest solution available in the ever growing eSignature industry.

Like I said, we can sign ANY object - which could be a Movie, or Photograph. Securing your Digital Rights before publishing to Youtube etc. This has already been seen in Court Cases in China. We provide an easy user interface for this, rather than doing it manually which would be too high a barrier for the majority of creative work.

International Courts, Judicial Systems, and Police Departments are also understanding it's benefits - as we allow mobile users to capture evidence, such as a picture or audio recording (testimony, interviews, crime scene, undercover work, whistleblowers) that would stand up in a trial, at least to a level far above today.

Crucially - we can also anonymise the information, allowing for publication of this submitted evidence, mandatory in some organisations, without fear of reprisal.

Q. Have you signed any clients?

A. Yes. We have a range of opportunities available, from direct sales to resellers, and affiliate partners with several more in the pipeline. We're pretty pleased given we haven't released the product yet.

High-touch sales are a chance to build relationships and onboard lucrative LTV clients. However, my goal is to launch a low-touch sales operation alongside.

What that means is - a simple SaaS website - where anyone can research and learn about the product, then sign up for a monthly subscription without any need for a sales representative, or account manager. It's a lower margin, but with the automated tools available today is a more scalable model, and will allow us to reach a wider audience.

Q. How much has it cost to develop Off-Blocks?

A. The figure is rising all the time. We're currently up to $395,000, increasing by about $38,000 per month funding a team of 5 developers, external design and other services. I expect to need at least another 2 months of this outlay, before having the product ready for release.

Q. What made you choose the Factom Protocol over other blockchains?

A.
1. The transaction costs; they are both low and fixed. It allows me to pass this certainty on to clients and customers without worry about future prices.


This is why general adoption is so low for actual solutions: If you don't use Factom, either one of two things will eventually happen: You pass on a fixed price to your clients = you go bust. Or you pass the variable price, and they will all run away = you go bust.

2. Not having to handle cryptocurrency. Again, both as a business and for clients - the avoidance of cryptocurrency is important in the current regulatory and tax environment.

As a business providing a blockchain solution - you MUST be using a two token system to protect against these above risks; Currently only available with Factom.

I'd like to again thank the Factom community for their support. We will return the investment.


We'll see you in a couple of weeks.