The Factom Protocol secures thousands of data entries a day, on a robust enterprise-grade blockchain.
But it hasn’t always been so easy.
The Factom Protocol launched it’s mainnet almost two years ago. Since then, it’s had a focussed effort to bring both stability and scale.
Many protocols are quick to talk of high transactions per second (TPS); the Factom Protocol was no different with ‘sharding’ being touted as the key to near infinte TPS.
However, the difference between a central testnet with simulated loads and a live public decentralised mainnet cannot be understated.
After launch in 2018, the Factom Protocol dealt with these realities — suffering network pauses and low capacity throughout the year.
2019 saw successive releases from a dedicated development team, going through a painstaking diagnostic process after each network pause.
Today, the protocol has vastly improved its capabilities; hosting many live applications on mainnet without interruption.
The Factom Protocol is operated by a cohort of 27 independent companies (ANOs) building a variety of open-source tools and solutions, as well as operating the Authority Nodes that secure the network.
Some of the largest public projects being:
1) PegNet stablecoin network for DeFi | Today securing >$1 bn of asset conversions and transactions. https://pegnet.org
2) Factom Asset Token (FAT) | Issue and trade tokenised assets at incredibly low fixed costs. https://www.fatprotocol.org
3) Off-Blocks | Digital ID and signature platform across mobile and web. https://off-blocks.com
4) Factom Pro | Blockchain as a Service, cloud-based platform storing data to Bitcoin and Ethereum. https://factom.pro
5) Factom Harmony | Providing data registry and verifiable credential models to build or integrate solutions. https://www.factom.com
6) Signed at Source | IoT data integrity, recorded & signed within devices. https://iot-sas.tech
A mix of complex projects with a lot of collaboration and funding behind them, developed at both Enterprise and Government level.
The native token (FCT) is a gateway to secure data on the protocol, which are burnt forever when used.
The incentive to buy FCT is based on a supply squeeze. Where demand to buy the token by solution providers, in order to secure data for their customers, would outstrip available supply on an exchange and therefore increase the price of FCT until a seller was found.
In short, holding FCT is an anticipation of higher network usage to come — which would automatically drive the price up. Pretty neat.
In theory this works beautifully; in practice it needs usage at scale.
With the large projects mentioned above reaching commercialisation after years of development, the aim is to turn a corner and slowly begin to demonstrate that supply squeeze to the benefit of token holders.
To that end, known collaborations include the U.S Department of Homeland Security for security cameras, the U.S Customs and Border Patrol for supply chain, and the U.S Department of Energy for IoT devices.
The Factom Protocol governance takes place on https://factomize.com/forums/
It’s an ‘on-chain’ forum | All comments, votes and actions recorded on the Factom blockchain. It’s used for major discussions, grant awards, and election/demotion of ANOs.
More casually, the FCT community hangs out in it’s Discord server. https://discordapp.com/invite/G8gnfk6
Together, we’re bringing the promise of blockchain technology to the World through a range of commercially viable platforms and solutions.
That’s it for now. Stay tuned.