Block Chain Startup Factom Tackles Data Problems: Bitcoin Can't Handle the Transaction Volume
Factom.org. Factom strives to become a data and record keeping layer of Bitcoin. The project has received ample attention the world over, as the startup has even partnered with the Honduras government to work on a land title initiative and with USAA as an informal consultant. The startup released the genesis block of its protocol a few weeks ago. The data on Factom is kept off block chain, and the protocol features its own distributed public data layer. Every ten minutes, Factom compiles the data in a merkle tree anchor and publishes it into the Bitcoin block chain. When you think of....
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On January 3, 2009, at 18:15:05 GMT, Satoshi Nakamoto made history by mining the Bitcoin blockchain's first block-known as the genesis block-for 50 BTC. Now, the Factom team hopes to make history again with the release of their own genesis block, bringing new life to the original ledger. Factom is a protocol and peer-to-peer network which maintains a data layer on top of the Bitcoin blockchain. Network files and applications are distilled to a single numerical hash value via Merkle trees, then inserted into the blockchain via a Bitcoin transaction. This allows a process known as proof of....
Blockchain-based data management solution Factom is set to integrate its technology with Ancun Zhengxin's electronic data notarization services in China, International Business Times reports. Earlier in February, Factom signed a deal with technology consulting firm iSoftStone to collaborate on a “smart cities” initiative for several regions in China. Factom says it wants to apply blockchain technology to solving real-world business problems. According to the company, Factom’s back-end infrastructure allows corporations, governments and organizations to securely integrate, manage and secure....
Factom to have a working product by end of year. Revealed on October 27, Factom hopes to have a working product with API calls by the end of the year. Factom blocks and chains are already operational and running. Peter Kirby, Factom President, was interviewed by Rob Mitchell on The Bitcoin Game Episode #2 where Kirby talks about Factom, its progress, and timeline. “Factom is a protocol on top of blockchain which gives us the ability to make faster, more cost effective, and bloat-free transactions,” says Kirby. It solves three problems with Bitcoin — confirmation times are slow, making....
Blockchain startup Factom has raised $4.2m in new funding to build a series of unnamed new products for its blockchain data network. The Austin, Texas-based company that lets users verify data using its Factom blockchain, fresh off winning a $200,000 grant from the US Department of Homeland Securities, now plans to scale with a series of hires to be announced over the coming months. Factom co-founder and CEO Peter Kirby said the Series A round, led by venture capitalist Tim Draper, will also be used to further develop its core technology and suite of products. Kirby told CoinDesk: "We....
Blockchain startup Factom has secured yet another significant funding round from prominent Silicon Valley investors to grow its talent pool and exploit the potential of technology. The $4.2 mln funding round led by billionaire investor Tim Draper of Draper Associates will be allocated in “aggressively growing the company,” allowing its development team to discover a wider range of business problems that can be solved with the greater transparency and security measures of a Blockchain network. “We started Factom to build a more honest and transparent world using a pretty simple approach:....