THELOGICALINDIAN - Factom to accept a alive artefact by end of year
By Alberto Mata
Revealed on October 27, Factom hopes to accept a alive artefact 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 area Kirby talks about Factom, its progress, and timeline.
“Factom is a agreement on top of blockchain which gives us the adeptness to accomplish faster, added amount effective, and bloat-free transactions,” says Kirby. It solves three problems with Bitcoin — acceptance times are slow, authoritative bags of affairs is costly, and block admeasurement is too baby for autograph bags of transactions. Targeted at Bitcoin 2.0 applications, Factom makes it beneath big-ticket to body applications on top of blockchain that can abundance lots of abstracts while abrogation minute aisle and active defended affairs in aloof seconds.
Factom will be acclimated to prove abstracts existed. It will not abundance clandestine documents, but Factom will abundance a assortment that proves the certificate existed at some point. Proof of certificate actuality can advice accumulate organizations like banks break honest because a certificate cardboard aisle will abide deeply on the blockchain.
Factom is a decentralized appliance as authentic by David Johnston’s whitepaper on DApps . It is accessible source, decentralized, apprenticed by a badge that captures value, and has a accord mechanism. Just like Bitcoin rewards miners to run the Bitcoin system, Factom rewards bodies for active the Factom system.
Formerly Notary Chains, the Factom aggregation is composed of industry leaders Paul Snow, Brian Deery, Jack Lu, Ethan Reesor, Peter Kirby, David Johnston, Manuel Aroaz, and Steven Sprague.
Photo Source: Factom.org
