April’s AMA … the Write-up

Who are we?

The Factom protocol is governed by a coalition of 27 companies, “Authority Node Operators” (ANOs), who make blockchain work in the real-world by enabling dApps and platforms to become scalable businesses with low fixed costs.

The Topics

  • FCT price, tokenomics, and the effects on the community.
  • Usage forecasts, competition with other blockchains, and sector focuses.
  • Opportunities to improve governance.
  • ANOs’ revenue sources, the possible consequences of Factom Inc. leaving the protocol, and decentralization.
  • Grants’ audits, visibility, and accountability.
  • Technical capabilities, core development, and key projects.

FCT Price

FCT has fallen in price in parallel with most of the altcoin market. The drop affects the whole ecosystem — token holders, the grant pool, ANOs — and we all share in the renewed challenge.

FCT was listed on Japanese exchange Coincheck

Usage

The Factom Protocol has a very broad range of capabilities, such as Smart Contracts, Zero Knowledge Proof, Voting, Verifiable Credentials, Supply Chain, Decentralized Identifiers (DIDs), Badges, Tokenization, and Stablecoins. Some ANOs questioned whether this is perhaps too broad, and whether resources have not been focused enough.

Governance

Decentralized governance is tough! Factom’s governance has been evolving since inception. Designed to allow us to navigate ever-changing environments, our evolving governance requires continual refinement as we learn from, and adapt to, new experiences.

ANO Questions

ANOs revenue sources come from:

Grant Questions

Factom awards grants every three months from a pool of tokens created by ANO “efficiency” sacrifices built into the protocol. Grants are the lifeblood of development and marketing projects. Since launch, we’ve attracted many grant requests that exceeded our available funds; the challenge has been how exactly to allocate these funds. They are subject to a challenging, competitive submission and voting process. Successful applicants require broad approval, and are required to provide updates and undergo an evaluation process.

Technical Questions

Core code is actively being worked on by a number of ANOs, becoming increasingly robust as shown by the reduced number of network pauses. Today the protocol handles PegNet, and other sustained loads on the network, well.

Marketing Questions

To promote usage, all of the marketing focus to-date has been on attracting enterprise usage to Factom. This has worked to some extent, but the rate of adoption of blockchain technology is very slow, and chasing only large enterprises, as was the case early on, has proven to be overly optimistic.

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Factom Protocol

Factom Protocol

Oracle to the World’s data. Building 2nd layer apps and platforms, tokens and digital ID. Home of PegNet and FAT.