InfoByte | Factom (FCT)

The Global Transparency Movement

 

dribbble_factom-logo-inc

“Factom removes the need for blind trust by providing the world with the very first precise, verifiable, and immutable audit trail.”

– Factom Whitepaper


Information + Resources

 

OFFICIAL SITE
FACTOM.COM
 
WHITEPAPER
Business Processes Secured by Immutable Audit Trails on the Blockchain
 
BEGINNER’S GUIDES
Factom FAQs
A Beginners Guide to Factom – Steemit
 
NEWS SOURCES
Factom Newsroom
Factom Press Releases
Official Blog
CoinTelegraph

 

SOCIAL MEDIA
TWITTER
FACEBOOK
SUBREDDIT
 
WALLETS
OFFICIAL WALLET

 

DEVELOPMENT ROADMAP
Factom Past, Present, and Future (July 5, 2017)
 
WIKI
//

C-_JckgV0AIeTCE.jpg

Description

Factom is an Austin Texas-based blockchain project built on the Bitcoin blockchain’s OmniLayer protocol. It will soon will also use Ethereum blockchain to make the platform’s security more robust. Factom is fairly simple, it provides an immutable records system so that important information like government, school, and health records cannot be lost or altered – taking advantage of Bitcoin’s extremely powerful and mostly unhackable decentralized network.

The platform goes a lot farther by providing a sort of all-purpose information layer over the bitcoin blockchain, allowing all kinds of non-cryptocurrency applications from the financial to the public and entertainment sectors. This information “transaction” is handled by Factom’s FCT token to utilize Bitcoin’s raw power.

factom uses.png

The company behind Factom aims to increase government or organization transparency by applying newer telecommunications ideas like distributed consensus and client-side validation. This will help keep governments in check so things like voting or public records cannot be tampered with without real consensus validation and clear paper trails. This will especially help in future networks where A.I. could forge or impersonate just about anything or anyone, as if trust in others isn’t low enough these days. This is exciting stuff, Factom has a lot of forward momentum and places like Dubai are already looking to adopt such kinds of systems to create “smart cities,” so expect Factom to catch a wave of demand sometime soon. Factom partnered with Honduras in 2015 in an experiment to help with land title corruption, but the project has since stalled. The company is building significant partnerships in China for land title databases as well.

xp2p-overlay.png.pagespeed.ic.H89nWIVuzd.png
Protocols like Factom’s allow different layers of connectivity over the internet for different purposes

Expect to hear more about Factom in due time, everything blockchain-related is early still and applications are mostly in development without much implementation. The team has about 38 members as of June 27, 2017. Their ethos seems really positive for reducing global corruption and bringing more people into a global participatory economy.  I hope they preserve that moving forward as blockchain tech has massive potential but could just as well be monopolized, since implementation is fairly inaccessible, expensive, and experimental right now. This will change as economic efficiency via computer tech becomes radically more accessible as silicon chips get cheaper and blockchain tech is refined. As always, we’ll see where this takes us.

Future: Dat paradigm shift

decentralized-energy.jpg


// Written June 27, 2017. Price at the time: $25.58 / FCT

// Edited Sept 27, 2017. Price at the time: $19.43 / FCT

 

 

2 thoughts on “InfoByte | Factom (FCT)

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s