Factom

Overview of Factom

Factom inseems to be a data layer that can overcome the Bitcoin blockchain’s current constraints of speed, cost, and bloat, making good on its potential for ‘immutable record keeping.’ To the extent it succeeds, Factom is positioned to support a variety of use cases that include tracking mortgage or medical records while enabling multiple parties to access them according to prespecified permissions, managing land title ownership, empowering voting systems, or even securing the human genome.

Factom’s Phase 1 award project “Applying Cross-Blockchain Technology to Help Prevent Forgeries or Counterfeiting of Certificates and Licenses” proposes a platform that enables organizations to manage certificates and licenses associated with tracking raw material imports via an open system that ensures the provenance of issued credentials.

Factom uses three types of servers with their own consensus mechanism to operate its blockchain, in a process where raw data is hashed, repackaged it into blocks, rehashed, repackaged, until a single hash representing a large amount of original data files is anchored to the bitcoin blockchain.

Factom utilizes our blockchain solutions to create a digital process that allows each party to retain their documents, files and data securely within their data centers while providing trusted transactions with full confidence in the integrity of the information being shared or accessed.

Factom, an Austin, TX-based blockchain technology company offering data management and record keeping support for business has received a grant from Bill & Melinda Gates Foundation to secure medical records that are persistent, readily available, and reliable.

Factom is targeting industry niches that rely heavily on paper documentation, as their primary method for recording data, where multiple parties inefficiently pass paperwork back and forth collecting signatures, verification, edits, and addendums.

Factom Harmony enables organizations to better coordinate compliance audits, interact with all loan documents and data across multiple sources, deliver final documents faster and utilize resources more efficiently—all through one platform.

Factom uses the blockchain to ensure the operation of a large number of alternative applications, including systems audit, medical records, supply chain management, voting system, system of naming, legal documentation and financial system.

Factom’s goal with this work is to demonstrate how IoT devices can maintain a high standard of reliability while eliminating the ability to modify or disrupt data from ground sensors and cameras. 

Factom conducted a token sale for one of their two native currencies, Factoids, which began on March 31st, 2015 and successfully raised 2,278 BTC, valued at the time at at $540,000.

Blockchain

Factom intends to be a data layer that can overcome the Bitcoin blockchain’s current constraints of speed, cost, and bloat, making good on its potential for ‘immutable record keeping.’ To the extent it succeeds, Factom is positioned to support a variety of use cases that include tracking mortgage or medical records while enabling multiple parties to access them according to prespecified permissions, managing land title ownership, empowering voting systems, or even securing the human genome.By leveraging cryptography, Merkle trees and the bitcoin blockchain itself, Factom intends to bring efficiency, speed, security and increased auditability to workflows made archaic by blockchain technology.

Encryption

Factom brings military-grade, end-to-end encryption to a cloud-like blockchain storage solution.It supports individual access levels, system tracking, and other enterprise tools on its own servers while cryptographically hashing records to the Bitcoin blockchain.

Network

Factom Inc.is a C-corp based in Austin, Texas, that offers “blockchain as a service” type products to enterprise level clients and governments, while the Factom Foundation is a non-profit based in the United Kingdom that maintains the open source codebase and network.The project started in 2014—it was originally called Notary Chains—and the first version of Factom was launched in early 2015.The company went on to raise $1.1 Million as part of an equity crowdsale launched on the BnkToTheFuture online investment platform, and later raised a $4.2 Million Series A in October 2016 led by venture capitalist Tim Draper.This series A was later extended and $8 Million was successfully raised in early 2017.Factom is a member of the Linux Foundation’s Hyperledger project.

Support

This review demonstrated that Factom is a high potential token that has shown early signs of recovery even as other coins continue on a downward trend.Though the best place to buy Factom are exchanges that support cryptocurrencies only, do not hesitate to purchase it by first converting your cash to an alternative coin such as Bitcoin.

Transactions

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ADM: How can developers get involved and start developing Blockchain Dapps with Factom?

Forst: Developers can have a sandbox setup fairly quickly and begin accessing our APIs in no time.Our developer community is very supportive to new members.Interested developers can find out more here.

ADM: What is Factom Harmony?

Forst: Factom Harmony is Factom Inc’s Blockchain-as-a-Service platform that helps you build Factom blockchain capabilities into your applications without cryptocurrency or infrastructure.No blockchain expertise is needed to get started! We offer complete environments for exploration, prototyping, and production use cases.

What Is Factom?

Factom is an enterprise-grade blockchain layer.It acts as a crosschain solution that allows independent nodes to communicate with Bitcoin through the Factom protocol.Instead of storing entire records on the blockchain, it acts as an encrypted, immutable directory.Factoids (FCT) are the native cryptocurrency coins used by the Factom blockchain.

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Do you Work At Factom?

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What Do I Need to Issue a New FAT Token?

To issue a new FAT token you’ll need a Factom Digital
Identity.

Need Help?

See our documentation library for step-by-step how to guides for the Enterprise Wallet, Factom Explorer, Factomd Control Panel, and other useful Factom tools.

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What Is FAT?

FAT Tokens are decentralized, tokenized
assets;
Pure and simple.

What Types of Tokens Work With The Wallet?

Both FAT-0 and FAT-1 are supported.Future token standards will be implemented
as deemed appropriate and beneficial for the community.

ADM: How is the Factom protocol deployed in the fields of medical research and border security?

Forst: In the medical research field, blockchain technology in the collection and processing of clinical trial data will become the gold standard.Among other promising use cases, blockchain can provide the many stakeholders involved in a clinical trial with indisputable proof that data has been recorded at a set time under a verifiable condition.

Need Help?

See our documentation library for step-by-step how to guides for the Enterprise Wallet, Factom Explorer, Factomd Control Panel, and other useful Factom tools.

ADM:  How does Factom interact with and support its developer community?

Forst: We pride ourselves on being developer-friendly.Our developer community is integral to our success and growth.We have several channels to support our developers.The three most prominent are the Factom Discord, Factom GitHub, and Factomize Forums.Additionally, we have a developer onboarding committee, which can be contacted at developers@factomprotocol.org.

Where Can I Buy Factom?

The best place to buy Factom is on a crypto exchange.The two top crypto exchanges you can use to buy Factom are Poloniex and Bittrex.

How Would You Rate The Company Culture Of Factom?

Have you worked at Factom? Help other job seekers by rating Factom.

Why Blockchain?

Experts say the blockchain’s security and interoperability capabilities are crucial in a socially distant world.

Why Blockchain?

Factom is the first usable blockchain technology to solve real-world business problems by providing an unalterable record-keeping system.By creating a data layer on top of the Bitcoin blockchain, Factom‚ distributed ledger technology secures millions of real-time records in the blockchain with a single hash using cryptographic isolation.Businesses and governments alike can use Factom to document their information so that it cannot be modified, deleted or backdated.Factom‚ technology decentralizes record keeping by ensuring that the integrity of stored data remains intact, providing complete transparency, while at the same time maintaining user privacy in an increasingly digital world.Source: weusecoins.

How are senior leaders perceived at Factom?

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What is Factom?

Factom is a blockchain protocol designed to separate the immutability of blockchain technology from the cryptocurrencies associated with it.This makes it a reliable and cheaper option for storage of unalterable records in a secure environment.

Need Help?

See our documentation library for step-by-step how to guides for the Enterprise Wallet, Factom Explorer, Factomd Control Panel, and other useful Factom tools.

What Is Factom?

Factom is a blockchain protocol that separates the immutability of blockchain technology from the currencies that are usually associated with it.This makes it easier and cheaper for businesses to store data on the blockchain.

ADM: What applications are currently being built on Factom?

Forst: Factom plays host to a wide range of decentralized applications (DAPPS).The Triall Foundation is leveraging Factom for the world’s first clinical trial in production on the blockchain.KLM is working on a DAPP to facilitate travel between two countries without a passport.Other solutions span across industries of real estate, healthcare, security, banking, criminal prosecution, and beyond.Factom’s superior record system is appealing to an endless number of use cases.

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Need Help?

See our documentation library for step-by-step how to guides for the Enterprise Wallet, Factom Explorer, Factomd Control Panel, and other useful Factom tools.

What Is The FAT Wallet?

The FAT Wallet is a piece of software that keeps track of transactions of your
selected FAT tokens and allows you to check token balances and send tokens.It’s just like the the Bitcoin and Ethereum wallets you’re used to.It features
a user friendly interface to allow anyone to receive FAT tokens securely on
their personal computer.

ADM: What sets Factom (FAT protocol) apart from other blockchain protocols?

Forst: There are multiple factors which differentiate Factom as the protocol of choice.For starters, we use the languages that developers already know, such as Python, Java, .Net, C# or .js, making us uniquely friendly to traditional developers.We want to be the gateway into blockchain technology and are scalable from the ground up.

What Do I Need To Receive Tokens?

No more than 1 minute of your time.Simply follow the instructions when the
wallet starts up for the first time to create an address you can then share
with others.This address generated is a Factom address that can also accept
Factoids.You can also import a Factoid address if you have one already.

ADM:  What is Factom and what does it aim to achieve?

Forst: The Factom Protocol is an open-source, enterprise-grade, and developer-friendly blockchain platform, utilized by the U.S.Department of Homeland Security, the Bill and Melinda Gates Foundation, and other leading enterprises.Our technology is so appealing to these enterprises because it provides high throughput and easy integration into legacy systems, without the need to handle cryptocurrency.

What Do I Need to Send tokens?

You’ll need to purchase some Entry Credits so you can enter data into the
Factom blockchain.

What is Factom?

Factom is making it cheaper and easier for businesses to use the blockchain for data storage by separating its immutability from the digital assets that are associated with blockchains.

History of Factom

In 2015, the developers of Fantom realized that such a small block size can become a problem.

in 2018.