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Factom Protocol Newsletter

August 15, 2019

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

Usage and Development

The Factom Protocol continues to see real-world usage with more on the horizon from initiatives like PegNet. The protocol metrics site Factoshi showcased a rise in cumulative entries from 18,213,995 to 18,544,866 over the last 30 days.

Screenshot 2019-08-14 at 12.08.15 PM.png

Total chains saw an increase from 24,363 to 28,350. "Chains" are client-defined sequences of entries (I think of them as mini blockchains) relevant to an application.

Screenshot 2019-08-14 at 12.10.09 PM.png

"Who," the Core Developer from Factomize, wrote a blog post titled PegNet Part Two: Probabilities. In case you missed it, his last blog post can be seen here.

PegNet is now mining on testnet and the mainnet launch is scheduled for around 17:00 UTC on Monday the 19th. The block height it goes live is 206,422. For those that want more info on PegNet, check out the FAQ and join us on the PegNet Discord.

Factom Badges were released. These are badges that can have their authenticity verified by the Factom Protocol.

General Happenings

The Standing Parties are currently voting on the recently proposed grants. You will be able to see the results of those grants on August 16, 2019 at 23:59 UTC on this page. Thereafter, those who are awarded grants will be expected to post regular updates in this area.

Paul Snow of Factom Inc was interviewed in this podcast.

An in-depth article on how the Factom Protocol works was published on Factoshi.

Interviews

I reached out to David Johnston, Managing Director of Yeoman’s Capital, and asked him about PegNet after noticing his activity on its Discord.

Q. David, what is it about PegNet that makes you so interested in it?
A. PegNet has me excited because it’s the culmination of my interest the last 8 years wanting to see real world assets available on the blockchain. With each project over these years aimed at issuing gold tokens, digital dollars and other assets on the blockchain, we have encountered different challenges. Centralized Custody, Real Time Audits That Verify a Reserve, and the complexity of Smart Contracts just to name a few. I believe PegNet solves many of these fundamental problems in a very simple and elegant way and is the most decentralized method to self issue digital assets ever created. Having PegNet built on Factom is natural given Factom has seen years of usage for immutable oracle prices from different global markets and has the security advantage of anchoring into both Bitcoin and Ethereum. This architecture gives me an extremely high level of confidence in the market price data that underpins the PegNet.


Q. Are you seeing any interest from others inside and outside your circle?
A. I’m seeing a lot of interest in PegNet because it opens up participation to anyone with a laptop with a normal CPU. Having an open competition for non professionals reminds me of the early days of Bitcoin where anyone could get involved and participate in securing the network and be rewarded for doing so. It’s great to see PegNet embracing this community type of approach.


Q. Anything else you'd like to add?
A. I’d encourage the community to explore the uses of these 32 assets that will be enabled soon on PegNet. With a payment rail on Factom and multiple store of wealth options such as Gold, it will be exciting to see the new applications people come up with.


We'll see you in two weeks.