Factom easing Complex Data Transactions
The ICO was conducted on March 31st, 2015.
The investors funded the sale with 2278 BTCs.
A total of 8,75,9968 Factoids(FCT) were created.
The total coin supply does not have a cap.
The servers receive native tokens( Factoids) as a reward for maintaining the network. The network releases these rewards at a fixed rate of 73,000 FCTs per month.
The network also has tokens named” Entry Credits”. They are non- transferable. One can use them to pay for entries or to vote for Federated Servers.
They have low intrinsic value. A user will need to spend entry credits to add data to the blockchain. The factoids used to buy credits are burnt when an entry credit is spent.
Consensus Mechanisms in the Factom Network
- Proof of Existence
- Proof of Process
- Proof of Audit
Also Read: Interview with UTIX Founder & CTO Dylan Haupert
Servers in the Factom Network
- Federated Servers
They are the primary servers running the network.
Only Federated servers can write data to the blockchain and acquire rewards.
- Audit Servers
They double check the work of the Federated servers.
They don’t receive rewards for their work.
- Follower Servers
These servers can only make transaction requests.
After receiving an entry they forward it to a Federated server.
Working of the Factom Network
Image Courtesy: Coinsutra
Use Cases for Factom
The possible use cases include the creation of –
- Immutable Audits
- Immutable Medical Records
- Transparent Voting Systems
- Easily transferrable Property Titles
- Enhanced Legal Applications
- Better Journaling Applications
- Robust and Transparent Service Level Agreement (SLA) Logs
Factom – Transforming the Mortgage Industry
Video Courtesy: Youtube
Factom Harmony is an enterprise-grade solution. It can integrate effortlessly with existing services to create blockchain- powered audits.
More importantly, it allows developers to use blockchain without dealing with cryptocurrencies. The users can build portable and archivable cryptographic proofs. They can use them as trusted inputs for audits- internal and external.
“The mortgage industry has a trust problem that results in costly audits and re-audits during the origination process and over the life of the loan. Blockchain can put an end to the redundancy of current audits and result in more cost-efficient and streamlined processes,” said Laurie Pyle, COO of Factom.
The other products include-
- dLoc SMARTRAC – A document/product authentication and verification tool.
- Apollo – A database auditing tool.
- Iris – A tool to track true identity and ownership of IoT things.
- Hera – A tool to build private and permissioned blockchains.
Image Source: Coinsutra
One can store Factoids on –
- Desktop Wallets
- Paper Wallets
The currency has seen a remarkable rise of 700% in the price of each Factoid and the future look promising. The prices are invariably destined for a bull run as the platform matures.