Factom Protocol: An Outstanding and Avant-Garde Blockchain
Understanding the Concept
Data provides a critical foundation for every operation of your organization. Protecting and using it securely is central to a zero-trust strategy. Secure data solutions help one to gain greater visibility and to investigate & enforce real-time controls & compliance. Redressing this issue, worldwide oracles and blockchain work in tandem, ensuring data protection.
‘A Giant Leap for Mankind’ has been made possible not just on the moon but very much on the earth by Techie Oraclers, who envisioned data security with an all innovative and modernized solution, “Factom Protocol.” This revolutionary platform is even harnessed by the US Department of Homeland Security and the esteemed Bill and Melinda Gates Foundation.
SAGA Behind the Curtain
Factom Protocol is the nuptial of 27 companies, “Authority Node Operators” (ANOs), who are masters in the field of blockchain facilitating dApps. Founded in 2014 and with a launch of its mainnet in May 2018, Factom has actively pioneered through SegWit.
Currently, prevailing blockchains are one-token-based blockchains, and they can be vulnerable operating on a single-layer. Factom emerges as a leader offering security at the second layer with the following benefits:
- Twin-tokenized System
- Worldwide Security at the Second layer
- Secure data integration
- Rapid Synchronisation of massive databanks of companies
- Facilitating companies build digital identities over web layers
- Building second-layer apps and platforms
- Home to Peg Net and FAT
Plethora of Advantages
This Protocol also offers proficient and inexpensive ways of issuing flexible non-fungible tokens and much more. Regularising Company’s audit trails or even, for that matter, building dApps was never before so fast and secure. The salient characteristic of Factom Protocol has its basis on a two-token system, which are Factoids and Entry Credits.
More popular as FCT, these tokens are created directly by the network. These are not common to all companies but to only those who are operating on the Factom servers. Being variable in price and versatile in nature, they are designated as “Variable price” tokens.
More popular as ECs, these specific tokens are only pertinent to Factom registered Blockchain-related data for spending. The capacity of single individual Entry Credit is 1 KB of data that can be loaded on the blockchain. Unlike FCTs, ECs are not variables. These are fixed-price tokens.
As it is evident, both tokens can not run simultaneously on the same chain. Only when FCTs are burnt, ECs come to the fore for execution. There is always a prompt by the software while creating EC on the rate of conversion between FCT tokens and Entry Credits. This cost is preset by oracle and hence enables the companies for meticulous planning in their budget, keeping all blockchain expenses in perspective.
Another safe and secure advantage with ECs is the non-transferability application. Once an EC has been created, it can not be transferred. With more and more ANOs getting added, all ratifications and due diligence measures are conducted and put on public platforms. The Transparency and feedback mechanism are critical factors in the recipe of Factom Protocol.
Factom also works as a sole data storage pedestal. In other words, it gives nothing but data. As regards being flawless, the question of errors does not occur mainly as the network is not using the data as instructions. Another obstacle that companies usually combat is to retain cryptocurrency for varied reasons. This is although they certainly wish to have the advantageous decentralized blockchain. Ultimately they are dependent on private players. For companies using Factom, Entry credits can be bought from any token holder via fiat currency mainly because ECs are non-transferable.
Organizations want to use the Factom Protocol to secure their data to purchase Entry Credits from any token holder via fiat money. The holding of Entry Credits is not considered crypto because they are non-exchangeable. The users can also seek the help of an external Factom Protocol service provider as BAAS for an agreed fee. The attribute of “hashing” has a prominent roleplaying in Factom because highly active and powerful network like Bitcoin necessitates it.
The Super power Factom Realtime Explorer ‘explorer.factom.pro’ is an automatic confirmation element that ensures post every 10 minutes of transaction it is confirmed. Hence no bottlenecks or ambiguity pose any botheration.
For all fungible and non-fungible FAT (Factom Asset Tokens), there is a FAT wallet and also Factom native tokens as FCT and EC. Just like any other bank transaction, here you can track your balances, history of transactions, and all in a highly understandable and accessible to grab manner. One has the liberty to send and receive or even create tokens at a little cost.
The Factom protocol enables us to build decentralized identifiers, auditable attestations, and self-sovereign identities. The Blockchain offers many other benefits in its kitty. Digital signatures and other contracts like standard technology, signed images, QR codes, audio, and virtually any kind of data across all devices can be safely stored here. Smart contracts can be made in almost any language on FAT through WASM.
Using Fat System
Issue>> Mint >>Transact>>Buy peace of mind
The safety and security of FAT tokens are simply indisputable. You don’t have to run to alternate Crypto exchanges as all transactions here are sorted in 3 quick steps here.
No anonymity issues occur while observing voting protocols with Factom. Voting protocol is categorized as initiation, commitment, and reveal. By creating a list of voters and storing it on-chain, the participants are free to register a coded version of their vote on-chain and then reveal.
Right Out of the Factom Oven:
Liquid, a cryptocurrency exchange platform operated by QUOINE, has enabled Factom trading, deposits, and withdrawals! There have been challenges galore to compete with prevailing lightning networks. This, by no means, has marred the spirit of Factom, nor has it swayed from its core focus of bringing both Stability and Scale to its users.