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Factom Protocol Newsletter

February 1, 2019

News and Alerts

Welcome to the inaugural issue of the Factom Protocol Newsletter. You are viewing this newsletter which will be sent out the 1st and 15th of every month because you followed a link on social media or are a member of the Factom Community Forum.

This newsletter will contain news and alerts from the Factom Protocol ecosystem, educational material about the protocol, information for developers, and links to important conversations happening on our forum and subreddit. We hope you find it of use and welcome you to provide feedback by replying to this email, on the forum or via the Factom Protocol Discord.
The first grant round of 2019 is now live with more than $750,000 in funding available. Grant proposals have been submitted and the public question and answer period has begun in our grant forum. Come review the proposed grants and feel free to ask questions. The QA period ends February 8th, Authority Node Operators will vote on the 8th, 9th and 10th, and results will be announced on the 11th.
All five Factom Protocol Guides are up for reelection. Anyone can apply to be a Guide and the following is the election schedule:

2019-02-19 00:00 (Tuesday) Seven day candidacy submissions opens.
2019-02-25 23:59 (Monday) Candidacy submissions close.
2019-02-26 00:00 (Tuesday) The start of the four day question and answer period.
2019-03-01 23:59 (Friday) The end of the four day question and answer period.
2019-03-02 00:00 - 23:59 (Saturday) The 24-hour period for candidates to answer any remaining questions.
2019-03-03 00:00 (Sunday) The start of the three day voting period.
2019-03-05 23:59 (Tuesday) The end of the three day voting period.

At present, Guides are compensated 600 FCT per month which is subject to change every three months.

Factom Protocol Education


Ben Jeater
The Factom® Protocol is unique for many reasons, but we're going to cover the top 5 reasons without getting too technical:
  1. Fixed price per entry into the blockchain
  2. Fully decentralised blockchain
  3. Pure data blockchain
  4. No need for businesses to touch cryptocurrency
  5. Anchored into the Bitcoin Blockchain
Let’s go through each of these points in some more detail.

1. Fixed Price per Entry into the Blockchain

Most blockchains have one-token, you are probably familiar with Bitcoin, which is the token of the Bitcoin blockchain. The Factom® Protocol is different because it operates a “two-token” system; these tokens are:
  • Factoids
  • Entry Credits
The “Factoid” (FCT) is the name given to the tokens that are created by the network. These tokens are issued to the organisations running the Factom® protocol servers and are what we call “Variable price” tokens. They are called variable tokens because their price in relation to United States Dollars (USD) varies over time.

The “Entry Credits” (ECs) are the tokens that are spent (burnt) to enter data onto the Factom® blockchain. Each EC allows 1 Kilobyte (KB) of data to be written to the blockchain. ECs are a fixed-price token, which means that an EC will always cost $0.001 USD (one-tenth of a cent).

ECs are created by destroying (burning) FCT. At the time of EC creation, the software asks the blockchain for the latest conversion rate between FCT tokens and EC tokens. This rate is set by an “oracle” (software checking the current trading price of FCT). If the price is $10.00 per FCT, then for each FCT burnt 10,000 ECs will be created ($10 x 1,000 ECs per $1).

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Developer's Corner


David Chapman
Welcome to the Developers Corner where we'll include content pertinent to you developers out there. We're working hard to make the Factom protocol highly accessible to developers and invite you to visit our Developer Portal where you can find a host of information and documentation. In addition, many developers are active on our Community Discord if you have any questions or comments.

Libraries for the Factom Protocol

You don't need to learn a new language to build on top of the Factom Protocol. In fact, we have libraries for many of the languages you already utilize:

Factom.js - An interface to factomd API to make it super simple to query, create transactions, chains and entries

Java Enterprise Client Library - Java Library integrates Java (JEE & Spring) with the Factom blockchain

C# / .net Library - The .NET-library supports the complete factomd- and walletd-API.

Python Client Library - Provides Python clients for interacting with the factomd and factom-walletd APIs. The API client is fully tested under Python 2.7, 3.4, 3.5, and 3.6, and likely works with other versions as well.

PHP SDK for Factom Enterprise API - Integrate Factom blockchain in your PHP application with just a few lines of code.

Important Factomize Forum Threads

Important Reddit Threads