Factom

ABOUT THE FACTOM PROTOCOL


The Factom Blockchain has been developed by an American company named Factom Incorporated (founded in 2014). In April 2018, Factom Inc. has transferred the governance of the protocol to the Factom community; which is a so-called DAO; Distributed Autonomous Organization.

 

A DAO is not centrally controlled by an actor or organization, but all the entities in the ecosystem cooperate on the further development of both technology and governance.

 

The overall provision governing the Factom DAO is contained in the Factom Governance Document. The document serves as a framework that describes the selection of Authority server operators, and how much FCT is to be paid each month to the entities that contribute to running the Factom protocol infrastructure.


The governance document can be changed by an actor submitting an amendment, and subsequently the community (DAO) decided if the change is to be implemented or rejected.

 

Authority server operators can be removed through processes embodied in the governance document if they do not perform their duties satisfactorily. In future, they can also be replaced by other operators who want to take their place if they can convince the community that they will do a better job than one of the current Authority server operators.

 

The Factom blockchain main feature is to allow immutable data retention that can never be changed at a much lower price than other blockchains. This is being achieved as the Factom protocol is not dependent on generating its own Proof of Work (the background for Bitcoin's huge power consumption), but maintains its own security in other blockchains.

CryptoLogic

Stavanger

Norway