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Factom (FCT)

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Factom (FCT) is a blockchain-based platform for record keeping that was launched in 2014 by Paul Snow and David Johnston. Factom is aimed primarily at enterprise customers that can leverage the data registry and verification strengths of a decentralized system to make their services more streamlined. In 2017, Factom raised over $8 million in a round of funding that was led by Tim Draper of Draper Associates.

Factom’s services does not require companies to make use of cryptocurrencies, instead focusing on helping businesses leverage the strengths to enhance their current business models and workflows. Among others, Factom’s target industries and use cases are the mortgage industry, the Internet of Things and healthcare records.

Factom has two major products: Harmony Integrate and Harmony Connect. The former lets businesses build private blockchains for workflows and systems, while the latter allows them to enable blockchains in applications. Together, these products function as a Blockchain-as-a-Service (BaaS) platform that lets businesses easily deploy blockchain solutions into their services and products. Like other BaaS services, it does not require technical expertise to execute. 

Factom has been working on security and scalability improvements in Q2 2019, and the recent Protocol Grant 012 saw the team increase both considerably. In June, the team released an updated version of their Harmony Integrate product, which allowed enterprises to add data integrity and cryptographic auditability to existing processes. The rest of 2019 will see various such improvements to the network.


About Factom

26 Nov 2020 3 minute read 1 comment GetBlock

Factom Harmony is a Blockchain-as-a-Service platform that allows companies and software vendors to quickly build blockchain capabilities into their businesses with simple API calls. The Factom blockchain is designed to handle many complex business p...

Factom (FCT) Crypto Project | A Blockchain Innovations Company | Quick Review

18 Jul 2020 1 minute read 0 comments NassiroV

Image Source Factom is a great company that operates in the midst of crypto-currencies to have a finished and functional product. It is also one of the few companies to have a management team with a high average age. The project itself is nothing ve...

Factom (FCT) Crypto Project | A Blockchain Innovations Company | Team - Advantages and Disadvantages

17 Jul 2020 3 minute read 0 comments NassiroV

Image Source Team and partners By analyzing the members of the team of Factom, we realize that the average age of leaders is much higher than in other crypto-active projects. Here are the 5 most important members who are at the head of the Factom pr...

Factom (FCT) Crypto Project | A Blockchain Innovations Company | How does Factom work?

17 Jul 2020 2 minute read 0 comments NassiroV

Image Source On Factom blockchain, each information you want to store has a " chain ID ". This chain ID determines which subgroup should include this information. The data you want to store cannot be more than 10kb, but it is possible to include sev...

Factom (FCT) Crypto Project | A Blockchain Innovations Company | What is Factom?

16 Jul 2020 1 minute read 0 comments NassiroV

Image Source Factom is a protocol that separates the immutability of blockchain technology from the parts that are generally linked to this blockchain. This makes things easier and less expensive for companies that want to store data on the blockcha...

One of the Oldest Blockchain Companies Factom Inc. Files For Bankruptcy

22 Jun 2020 1 minute read 0 comments Abhimanyu Krishnan

Factom (FCT), the company behind the Factom Protocol, has filed for Chapter 11 bankruptcy, according to a CoinDesk report published on June 19. The company was unable to find new investors and pay off roughly $7.5 million in debt.  The submission whi...

Factom TPS Report

11 May 2020 7 minute read 4 comments Factomize

One of the hurdles that we frequently run into when developing is the question: “did this actually improve the product?” This can lead to some very interesting discussions about where the actual bottleneck is. One of the ways is to have a specific te...

Decentralized ANO Management

9 May 2020 6 minute read 0 comments PegNet

Currently, onboarding and deboarding of authority nodes is done by whoever has access to the network skeleton key. That key is hardcoded in the factomd codebase. Whoever has access to the private key essentially controls the authority set. There are...

PegNET: Dynamically On-boarding New Assets

29 Feb 2020 10 minute read 1 comment PegNet

At the time of writing, adding a new asset to PegNet is possible but it is a laborious manual process: Find at least two APIs that provide free and reliable* data for the market price Create a polling adapter that is able to read the API endpoint an...

4 Cryptos That Are Yet To Explode In Altseason Q1/Q2 2020

13 Feb 2020 5 minute read 39 comments Adamic0

It looks like the alt season is beginning - almost every asset is picking up and making much better gains than Bitcoin. This is the time for the ardent cryptocurrency trader who hopes to make decent returns.  There’s no way of knowing whether this wi...