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Factom Protocol
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November 28, 2018, 08:49:37 PM
 #1

Factom Protocol

The Internet's Data Integrity Protocol


About

The Factom protocol is an open source data integrity protocol built by a coalition of technology companies that extends the security of blockchain to any type of data.  Development began in 2014 and the previous Bitcointalk thread can be found here. With the release of Milestone 3, the Factom Protocol became one of the most decentralized blockchain projects in existence.  As there was no longer any central authority to update the previous Bitcointalk thread, it became outdated.  Therefore, the Factom Protocol Marketing Committee will be regularly updating this thread and shares this login.

As a pure data blockchain protocol, the use cases are limitless.  For example, Equator, a leading provider of residential loan default software and marketing solutions for many of the country's top mortgage servicers, real estate agents and vendors recently signed with Factom Inc.  This video below showcases how the Factom Protocol can be utilized to revolutionize the mortgage industry.  But this is the tip of the iceberg.


Token and Tokenomics

While the Factom Protocol is a two token system, only the Factoid (FCT) is transferable and able to be traded on exchanges.  Entry Credits (EC) are obtained by burning FCT and are used to enter data into the Factom Protocol. Entry Credits are $.001 each and that price is fixed.  Therefore, if FCT is worth $1.00 and you burn it, you receive 1,000 EC.  If FCT is worth $10.00 each and you burn one, you receive 10,000 EC.  This brilliant two token system allows for:

1.  The value of FCT to increase the more the Factom Protocol is utilized.
2.  Companies and governments can effectively budget for entering data onto the Protocol based upon their estimated usage.
3.  Subscription systems can be setup with 3rd parties where companies and governments don't have to hold cryptocurrency if they don't want to or can't for compliance reasons.  FCT are still burned for EC by the 3rd party company but the subscriber is charged a small markup for the service.


Major Exchanges

Poloniex | Bittrex

Empowering Business and Government

By providing high throughput, low fixed cost, and secure data entry that easily integrates with your existing systems, the Factom protocol solves the data integrity needs of today. Using Blockchain technology, the Factom protocol enables efficient, immutable publication of data, benefiting people and companies by providing a source of indisputable truth and verification to all parties.  Learn more.

Technologies

The Factom protocol enables developers to build powerful open source technologies and infrastructures using its efficient pure data structures. The Factom protocol’s unique two-token system lowers the barrier for enterprise companies to build applications that require cost stability and ease of integration with existing system

Tokenization
The Factom Asset Token protocol (FAT protocol) is an open source tokenization protocol built on the Factom blockchain that is efficient, modular, composable, and extensible allowing developers to layer token functionality to meet their specific use case. The FAT protocol is built around a set of open source standards that establish a pure-data tokenization implementation directly within the efficient data structure of the Factom blockchain.  Learn more.

Voting Protocols
Flexible on-chain voting protocols integrate seamlessly into your applications with a variety of voting systems. Quickly and easily enable your applications with with the most cost effective fully audit-able, immutable, and censorship resistant blockchain voting protocol.  Learn more.

Smart Contracts
The Factom protocol enables a myriad of smart contract technologies. Build cheap and fully auditable stand alone smart contracts that keep all of your data private, or integrate into the FAT protocol to create self executing smart contracts.  

Identity Solutions
The factom protocol is the optimal platform to build identity solutions, and provides a robust set of infrastructure for digital identities. With the factom protocol’s pure data implementation it’s easy to build decentralized identifiers, auditable attestations, and self sovereign identities.

Many more to come!  

Authority Node Operators

A coalition of 26 (eventually 65+) companies called Authority Node Operators (ANOs) provide the infrastructure to decentralize the Factom Protocol.  These companies also "further the protocol" in whatever way they pledged.  If they do not provide stable infrastructure or do not further the Protocol, they can be removed.  In return for their services, these companies split 73,000 FCT per month which provides a minor inflation for the protocol.  This inflation is reduced by usage of the Protocol as, in order to enter data into Protocol, you have to burn FCT for Entry Credits.  The following are the companies that make up the current Authority Set  

ANO-|Team|Website|Twitter
BedrockSolutions|Team|-|-
BIF|Team|Website|Twitter
Blockrock Mining|Team|Website|-
BuildingIM|Team|Website|Twitter
Canonical Ledgers|Team|Website|Twitter
Crypto Vikings|Team|Website|Twitter
Cube3|Team|-|Twitter
DBGrow|Team|Website|Twitter
De Facto|Team|Website|Twitter
Factom Inc.|Team|Website|Twitter
Factomatic|Team|Website|Twitter
Factomize|Team|Website|Twitter
Factoshi|Team|Website|Twitter
Federate This|Team|Website|Twitter
Go Immutable|Team|Website|Twitter
HashnStore|Team|Website|Twitter
LayerTech|Team|Website|Twitter
LUCIAP|Team|Website|Twitter
Matter of Fact|Team|Website|Twitter
Multicoin Capital|Team|Website|Twitter
Prestige IT|Team|Website|Twitter
RewardChain|Team|Website|-
Stamp-IT|Team|-|Twitter
Syncroblock|Team|-|-
TFA|Team|Website|Twitter
VBIF|Team|Website|Twitter

Committees and Working Groups

Due to the Factom Protocol being one of the most decentralized blockchain projects in existence with no central authority to make decisions, a series of committees and working groups were established to handle various tasks.  These committees are made up of people from Authority Node Operators and members of the community.  The current committees are:

- Core and Technical Committee
- Documentation Committee
- Exchange Committee
- Legal Committee
- Marketing Committee

Grants

Authority Node Operators select an "efficiency" by which they operate at.  Whatever efficiency they choose, of the 1,123 FCT they are to receive per server per month, that percentage of FCT is instead placed in the Factom Protocol Grant Pool.  Every few months a new grant round starts where people and companies can submit their grant proposals for ways to further the Factom Protocol.  The last grant saw more than 140,000 FCT awarded worth well over 1 million dollars.  The recently awarded grants were:

- Decentralized Identifiers
- Factom Core Development
- Factom Protocol Website
- Bug Bounty Program
- Open Source Alfresco Integration
- Factom Protocol Courtesy Node
- Ledger Nano S Factom Identity
- Core Development
- Factom Asset Token Protocol
- Marketing Committee
- Exchange Listing Fees
- Anchor Master
- Oracle Master
- G Suite Service
- Guide Compensation

If you have an idea as to how you can further the Factom Protocol, be sure to keep an eye out for the next grant round.

These are exciting times for the Factom Protocol.  We hope you'll take a deep dive and learn more about what we have to offer.
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November 28, 2018, 09:03:07 PM
 #2

Placeholder for more information.
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November 28, 2018, 09:11:49 PM
 #3

It has been a while actually since the last time I heard anything about Factom and seems like Factom did a good job a couple weeks ago when we were in the decline.
You have been away for far too long.
Let's get it started again Factomers!

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November 29, 2018, 05:40:52 AM
 #4

I'm David Chapman, CEO of Factomize LLC, one of the Factom Protocol Authority Nodes.  I wanted to let everyone know that many of the ANOs are taking part in an AMA over on Reddit located here. Come ask some hard questions and we'll start to answer them on November 29th starting at 18:00 UTC.
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November 29, 2018, 01:52:33 PM
 #5

Why the new thread and why is a newbie account making it? Now you don't have the ability to add graphics/logos to the thread. All of the history of the old thread is gone now too.

Can you at least link to the old thread?

Also, can the team please keep this thread up to date with regular updates and interactions with forum members?

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November 29, 2018, 02:59:06 PM
 #6

Why the new thread and why is a newbie account making it? Now you don't have the ability to add graphics/logos to the thread. All of the history of the old thread is gone now too.

Can you at least link to the old thread?

Also, can the team please keep this thread up to date with regular updates and interactions with forum members?
The old thread was created by Factom Inc.  Since Milestone 3 was released where Authority Node Operators now provide the infrastructure to decentralize the Protocol, the Factom Protocol has become one of the most decentralized blockchain projects in existence.  It's important that decentralization is not just technical, however.  If a single entity controlled important communication mediums like this one, that would be problematic.  As such, in the spirit of decentralization, this login is shared among the entire Factom Protocol Marketing Committee which Factom Inc (which is now an ANO) is also a part of.  While we may have been able to take over the Factom Inc account, there's a variety of reasons we chose not to do that such as then we'd have access to their private communications which isn't fair.

Once this account becomes more established, we'll add graphics.

The old thread is linked in the second sentence of this thread.

We will absolutely be updating this thread on a regular cadence!  Smiley
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November 29, 2018, 06:09:02 PM
 #7

The Factom Protocol Authority Node Operator AMA has begun.  Come take part!

https://www.reddit.com/r/factom/comments/a13ywf/ama_were_authority_node_operators_the_coalition/
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November 29, 2018, 06:50:49 PM
 #8

What is the team working on this Factom Protocol project?
I looked at official website and could not find any information about team members.
Maybe I missed something....

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November 29, 2018, 07:22:39 PM
 #9

What is the team working on this Factom Protocol project?
I looked at official website and could not find any information about team members.
Maybe I missed something....
Greetings!  There isn't a single team building the Factom Protocol but a coalition of companies called "Authority Node Operators" (ANOs) as we're one of the most decentralized blockchain projects in existence.

You can see those companies here.  Eventually, there will be 65+ ANOs

There are a handful of Core developers from different companies and they should be listed on the website in the next few weeks.
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November 29, 2018, 08:21:18 PM
 #10

My ANO (Factomize) just showcased our Proof of Concept during the AMA:

Quote
FuseNet - A Content Publishing Protocol on Top of the Factom Protocol

When people think of the Factom Protocol, they think of validating data by entering a hash into the blockchain. While that's a huge use case for Factom, as the announcement of the tokenization and smart contract FAT Protocol showcases, it is far from the only use case for the Factom Protocol. Factomize would like to showcase a Proof of Concept (PoC) we built called Fusenet.

Fusenet is a content publishing protocol on top of the Factom Protocol. This is merely a Proof of Concept (PoC) showcasing how much more is possible with the Factom Protocol due to its brilliant pure data design. If you proceed to this link you will see the PoC. What you see looks like a forum and it is, but the data is 100% on chain. What you see is a fully decentralized, censorship resistant, immutable forum running on top of the Factom Protocol.

Factomize chose to showcase a forum as its PoC as that's our primary area of expertise and it was easy to integrate into our existing forum platform. But as I said, FuseNet is a content publishing protocol. More specifically, FuseNet is a protocol for Factom on-chain content, based on the idea that anyone with access to the Factom network can easily create their own or contribute to existing content. FuseNet consists of several independent Products which are interpreted by Clients, which provide a front-end. Clients may combine any product as they see fit and have full control over how to interpret the protocol.

Think of Products as standards. You can have a forum Product as we've shown, blog Product, website Product, etc. And then however many Clients that compete for customers that want to use their version of the Client to showcase that content. So you could have a decentralized Reddit with 50 different Clients all competing for how to do it better but using the same content. Different ranking algorithms, different looks, fewer ads, etc, and they all use Entry Credits. Or you could have a decentralized blog and switch between Clients. So if you got sick of medium.com maybe you switch to whatever.com's blog client which incentivizes you somehow. And your content is still there, tied to your identity. Heck, maybe even a decentralized ebay or amazon could somehow be devised.

Here's the current FuseNet spec.

In closing, the Factom Protocol is more than just hashes in a blockchain. It's more than tokenization and smart contracts. Due to its brilliant design, it can reshape how the internet works. The use cases are limitless, you just have to use your imagination.
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November 29, 2018, 09:07:36 PM
 #11

The dLoc application by Linxens which utilizes the Factom Protocol has been released to the Google Play Store.
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November 30, 2018, 05:02:41 PM
 #12

Announcing Factom Open Node

Factom Authority Node Operators Bedrock Solutions, CryptoVikings, De Facto, and The Factoid Authority are proud to announce the availability of Factom Open Node!

The Factom Open node is a high-availability Factomd API endpoint located at:

Some features include:
  • Multi-cloud provider
  • No single point of failure
  • Automated monitoring and pool management
  • Multi-dimensional scalability with use

This effort is backed by a Factom Grant.

Please take a look at the official release below @ Reddit

https://www.reddit.com/r/factom/comments/a1rxjg/factom_open_node_released
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November 30, 2018, 05:41:27 PM
 #13

Great job on Factom Open Node!  It'll no doubt be valuable infrastructure for the Factom Protocol Ecosystem.
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November 30, 2018, 11:54:38 PM
 #14

A great tweet from Equator: https://twitter.com/AskEquatorPro/status/1068587230447300608
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December 01, 2018, 04:41:10 PM
 #15

New thread for Factom Protocol project.
Consequently, FCT rocketed recent hours.
It is unimaginable effects from the open of new thread.

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December 02, 2018, 01:31:10 AM
 #16

New thread for Factom Protocol project.
Consequently, FCT rocketed recent hours.
It is unimaginable effects from the open of new thread.

It's unlikely that it's due to this new thread Smiley My personal opinion on the reasoning for the price rise over the last couple of weeks is:

Extremely oversold in my opinion for all that's going on in the ecosystem. This article talks about that: https://medium.com/@niels.klomp/visionary-704c72a66521

Equator was announced as a client of Factom Inc: https://www.factom.com/company/news/press-release/equator-blockchain-solution/ (this is very big)

Ledger Hardware wallet integration was finally released.
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December 02, 2018, 04:01:02 PM
 #17

During the last Bull run FCT hit $80 odd dollars at its peak.
Based on all the development and use cases since, what kind of price would you think it could peak at during the next run?
It still staggers me how little supply the project has.

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December 03, 2018, 03:12:20 PM
 #18



Today @YooyaChina announced their adoption of the Factom Harmony platform as their blockchain solution delivered through @Wancloud_, Factom's re-seller in China. See the full press release here: https://bit.ly/2U9WeFE
#blockchain #Factom

https://twitter.com/factom/status/1069609768355094528

Blog-Post:

Yooya Adopts Factom for Online Video Performance Verification in China
https://www.factom.com/company/news/press-release/yooya-adopts-factom-harmony/
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December 03, 2018, 10:10:30 PM
 #19

The Factom Protocol Authority Node AMA has concluded.  Be sure to check out the great questions and answers.  There's some exciting tidbits in there.
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December 04, 2018, 03:54:46 AM
 #20

Congrats to the devs and investors, this is the only coin who's mooning with the current market...
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