A collection of guides and tools that will have you developing on top of the Factom protocol in no time. The Factom Foundation is a nonprofit that is dedicated to supporting and maintaining the Factom Yuanbao bitcoin to usd and Network. The Factom protocol makes use of two kinds of tokens. Have you been through the guides and still have questions?
No problem, we’d be glad to help. Factom technology secures data for private and public organizations by publishing encrypted data or a cryptographically unique fingerprint of the data to Factom’s immutable, distributed Blockchain. Want to build a blockchain solution? The Factom Blockchain is an open source project. It was build to secure data and systems. Often it is described as a publishing and auditing engine.
It allows users to write data to its ledger for a small fee. Once information has entered into the Factom Blockchain it can’t be removed. The Bitcoin Blockchain has several core issues. Factom was built in order meet these needs. Entering data into the Bitcoin blockchain is prohibitively expensive at volume.
In addition, the Bitcoin blockchain cannot handle high transactional volumes. The Factom blockchain is orders of magnitude less expensive and has orders of magnitude more capacity for transaction volume. Factom also has built-in layers of redundant security that other blockchain do not offer. The Factom Blockchain anchors itself into the Bitcoin blockchain, among others, to take advantage of the security of Bitcoin’s hashrate.
The layering effect of security, ensures the immutability of its blocks. Another feature that the Factom blockchain offers, that helps those wishing to do large volumes of transaction, is it also has a theme tracking capability. What this enables is the ability to chain together data you care about and forget the rest of the data set. Unlike the Bitcoin Blockchain that requires you have all of the data to prove any of the data, Factom allows you to prove your data set without need all the data in Factom. Factom provides a distributed mechanism to lock in data, making data verifiable and independently auditable. This simple function is extremely powerful when applied to business transactions and processes.
What is the origin of the Factom name? Factom is a technology used by applications. Existing or new applications can publish relevant data directly to Factom blockchain using Factom API calls. Factom serves as a protocol for Applications to provide functions and features beyond currency transactions. Factom constructs a standard, effective, and secure foundation for these Applications to run faster, cheaper, and without bloating Bitcoin.
As a designer of business applications, why should I consider using Factom? Factom is a method of creating an immutable audit trail. It is also a mechanism to communicate changes in a system. Banks are just collections of databases. They trust themselves to be honest, but not their peers. Factom will be a disimpassioned 3rd party that allows banks to synchronize databases which doesn’t allow their peers to tweak history without evidence.
Who are likely to be the first users of Factom? We are working with a number of parties to use Factom technology in their applications. We should see Factom in 2016 supporting applications for asset trading and management, security applications, coordinating systems of record, simple proof of publishing, and more. Is Factom an Open Source project? Factom is a distributed, decentralized protocol running on top of Bitcoin. That means nobody controls it, but that it is software that people all over the world run to make the protocol work. The Factom Foundation is releasing and maintaining the software.
But the software is open source, and anyone is free to use it for any purpose. Why does it need to be decentralized? If there is a central party, they get to filter spam from valid usage. Disfavored parties can be treated as spam and censored. Factom bounces control around to 32 independent parties, which makes it difficult to censor specific users.