What’s Been Cooking at Factom

Factom Cooking Update

Since concluding our software sale, we have been working hard to reach our first milestone–releasing the Beta. This is what we have accomplished so far.

  1. Constructing a genesis block for Factoids
  2. Developed our token
  3. Created a wallet for our token
  4. Reassignment of tokens to another address after checking cryptographic signatures
  5. Packaging user entries using Merkleized block structures
  6. Anchoring blocks into the Mainnet Bitcoin blockchain using a single server

The above mentioned features have been completed and are now in testing. We will be releasing a candidate for the Beta shortly. As with any new system, user testing is a key to its long term stability and growth. If you’re interested in testing the software or want to run your own Factom server, please reach out to us directly.

When can I trade my Factoids?

You will be able to trade Factoids with the release of the beta Factom client. We will release the beta once we have finished testing the candidate for the beta. We are still on schedule to release the beta in early Q3.

Many exchanges have expressed an interest in making Factoids tradable on their platform. ShapeShift will be one of the first groups to enable Factoid trading.

We have developed a basic command line wallet. With this wallet, users will be able to create a Factoid transaction. They can redeem Factoids for the entry credit public keys. The master passphrase can be entered into this wallet to create the crypto signatures needed to reassign the Factoids to other addresses or to purchase entry credits. Easier to use wallets will be developed later on.

When can I learn how to build on Factom?

You can start now! The full coding tool set is on GitHub. You’ll also find useful links to developer tools and documentation. You can learn more about the community and connect directly with fellow developers at www.factom.org.

What will we start working on once the Beta has been released?

Once the Beta is up and running, we will begin working on the front end and the federated servers–scheduled to be released in Fall 2015. Part of this will be creating a storefront for selling Factoids and converting them into entry credits for users. We will also be running on a P2P network and have 8 appointed Federated servers coordinating block creation–our second milestone.

Our third milestone, scheduled to be released in Winter 2015, will be a full P2P consensus mechanism. The most important things we will need to get right will be having all of Factom’s network federated servers live with a consensus mechanism. At the completion of this last milestone, the entry credit based election system will begin electing federated servers.

Everyone at the Factom Foundation would like to thank you for your interest and support in our project. We are working hard to finish testing the Beta and making Factom easier to use and build on. Please stay tuned in to learn more about partnerships, and new developments.

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