FCT-ETH bridge

Previous Updates
Secured
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ORIGINAL PLEDGES START
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-DEVELOPMENT

--Facilitate protocol evolution through consulting of new and existing businesses

--Active development of applications running on the protocol

--Apply for a grant to develop a Factom explorer with advanced features

--Apply for a grant to develop an identity app on the Factom blockchain

--Provide up to $25,000 of self-funding for the operation of Authority Nodes, if Factomatic is operating at a net loss

--Envision & develop the on-chain voting protocol in collaboration with other community members

-TESTNET

--Operate two testnet nodes

-OTHER

--Hold at least 75% of our net income from the operation of Authority Node(s) for a period of at least one year, or 50% if OTC is utilized. Note that the Factoids received in our two coinbase addresses (FA2svZ8yzBMQ4bbuM8b1uA8j2V5ApYWRjk4N75PFnk8CU9taWUkr and FA2KA6uNfQhtUgh5kjYFBNjaAgDUKd1JetoU354DZemN9irwRKYc) will be distributed further among members of the team, but all addresses will follow the same 75%/50% policy.

--Serve as a liquidity provider for Factoid transactions handled by Decentriq AG

-PLEDGED EFFICIENCY

2 nodes: 20%
1 node: 20%
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ORIGINAL PLEDGES END
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Secured
Following a short internal discussion at Factomatic, we have decided to temporarily increase our efficiency to 25% on both Authority Nodes that we are operating. This will result in an overall 10% efficiency increase (5% per server). We deem a healthy grant pool to be of great importance to the ecosystem, and as such we are very happy to make a larger contribution to it.

Factomatic has been operating at our originally pledged efficiency of 20% since our onboarding in September 2018. At the time of our ANO application submission, the price of FCT was $25-$30 and despite the significant drop since then, we have not considered decreasing our efficiency because we believe in the long-term organic evolution of the protocol which would lead to increased usage and a predictable price of FCT. At the same time, we have been making continuous contributions on the legal, technical and community support sides of the protocol: from helping to bootstrap the testnet prior to the first ANO application round to hashing out the non-profit bylaws and making financial contributions to various activities. We also expanded our engineering team, with the addition of Peter Asenov in February. In a short time frame, he has already made major contributions to our DID grant, as well as done some excellent work on internal projects and we are looking forward to a continued fruitful collaboration.

What does the increased efficiency mean for our operations?

We are not considering slowing down and we will continue to operate in the same capacity on all fronts. In fact, we have onboarded two additional front-end developers to help with the remaining DID work and to revamp the UI/UX for our DID applications. Following, the completion of this project, we will evaluate a continued collaboration with them.

Our increased efficiency will become effective towards the end of the coming week (i.e. until July 7).
Current Update: FCT-ETH bridge
Secured
#1
We've open-sourced https://github.com/factomatic/fct-eth-bridge: an Ethereum smart contract and a reference Python implementation demonstrating exchange between FCT & ETH tokens without an intermediary. This is a proof of concept showing the feasibility of trustless interoperability between the two blockchains, which can be adapted to other use cases as well.