The Factom Foundation is a United Kingdom nonprofit that is dedicated to supporting and maintaining the Factom Protocol and Network. Our goal is to provide Factom as an open-source public utility where anyone can publish data, which is secured to the blockchain. We call our publishing engine the Factom Network. It is a platform for constructing precise, verifiable and immutable record systems.
The network creates a censorship resistant blockchain which is rendered immutable by the Bitcoin blockchain. It provides a platform where diverse parties can collaboratively publish and interact without relying on a middleman.
Entries into the Factom Network are collected by federated nodes and protected against change using the Bitcoin hashpower. Applications can write an unlimited number of entries into the system on their own distinct Factom chains. This allows applications to read only their own chains of data, while ignoring unrelated data, thus giving developers a scalable framework.
The entries are organized into hierarchical sets of blocks. These blocks are then used to compute for a single hash every 10 minutes. We take these hashes and anchor them into other blockchains for redundant security. This design allows applications to write transactions faster, at a much lower cost, and with greater scalability than other blockchains. It also allows users to forgo dealing in tradable tokens.
The Factom Project is open source. If you would like to learn more about the project or contribute to its development, visit our GitHub. We have built a developer sandbox, so anyone can test applications they wish to build on top of our network.
Described is how Factom creates a distributed, autonomous protocol to cost effectively separate the Bitcoin blockchain from the Bitcoin cryptocurrency. We discuss client-defined Chains of Entries, client-side validation of Entries, a distributed consensus algorithm for recording Entries, and a blockchain anchoring approach for security.