Factom and Factoids: Storing Data in the Blockchain

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As of today, the sale of Factoids has begun via Koinify, a market for decentralized applications. The initial sale will last until May 15 and will be separated in the 4 different stages shown below:

  1. Early Bird Mar 31, 2015 08:00:00 PDT

    25% OFF final rate – 2,000 Factoids per BTC.

  2. Open Season Apr 07, 2015 08:00:00 PDT

    Factoid count starts falling by 100 per 7 days.

  3. Never Too Late May 5, 2015 08:00:00 PDT

    Final 10 days at 1,500 Factoids per BTC.

  4. End of Sale May 15, 2015 08:00:00 PDT

Once this pre-release sale is over, Factom will partner with other companies such as ShapeShift to provide instant acquisition via Bitcoins and other crypto currencies. This will mark the beginning of the actual Factom beta release and those who pre-purchased Factoids via Koinify will receive them starting that day.

Factom expects to launch a storefront for direct sale of Factoids and their conversion to Entry credits on Q3 2015 and on Q4 the entire protocol is expected to be up and running, ready for mainstream users.

WHAT ARE FACTOIDS?

Factoids are the cryptocurrency that will both power and give access to the open-source Factom protocol, a data layer built on top of the Blockchain that will allow all sort of users to secure records, documents and any other kind of information as chains of entries stored in single hashes.

The possible applications of the Factom network are staggering: following the decentralized Blockchain standards, it serves as an “immutable audit trail“, a mechanism for communication and the coordination of processes.  The protocol is meant to serve as the backbone of public applications and the team behind Factom has stated they provide some samples for proof of publishing, proof of process, etc. upon launch.

Users in possession of Factoids (which will be freely traded after a launch phase) will be able to use them to acquire Entry Credits into the network and those Factoids in turn will be used to reward the people who lend their machines as Factom servers and help power the network.

Essentially Entry credits are meant as a Factoid extension for those individuals or businesses who would prefer to avoid using crypto currencies directly and will be both non-transferable and destroyed upon use for the placement of entries in the Factom network.

FACTOM IN ACTION

A demo of the Factom protocol was able to store 28,000 books from Project Gutenberg on the Blockchain using only four hashes and the Factom team has put together a series of videos to show how their technology could’ve helped prevent Bank of America from losing $17 billion due to recordkeeping mistakes and even the incredibly-publicized Sony hack.

https://www.youtube.com/watch?v=lAhLqEn87kM

You can download Factom’s whitepaper here or take a look at their official GitHub repository.

Coinbuzz

CoinBuzz provides news and analysis on Bitcoin and other digital currencies. Founded in 2014, the site has quickly become a leading source of information on digital currency technologies, businesses, markets, and regulation.

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