Factom launches Milestone 3: Fully Autonomous Protocol

Company Updates | May 3, 2018
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Austin, TX (May 2, 2018) – Factom has been on a four year journey. A journey of discovery, challenges and monumental innovation. These years of work have culminated into the third and final milestone of the Factom Protocol, a fully distributed and autonomous blockchain protocol without any central control.

This is the third and final milestone for the Factom Blockchain Protocol as outlined in the white paper. Using a distributed consensus model that combines elements of proof of stake, proof of usage and additional anchoring to provide proof of work. The Factom network is able to balance power within the system, disallowing people to gain 51% of power to then control the network. Factom began with the idea that unchangeable data and audit trails are the foundation for supporting the enterprise markets in the use of Blockchain technology.

The “Federated” version of the Factom network (previously known as “M2”) was the second major version of the Factom open source software. The first version Factom “Genesis” has been live over 2 years since September 1, 2015. The Genesis version bootstrapped the Factom network with 1 Federated Server providing the anchors into Bitcoin, and anyone could run a node.

“I really need sleep,” said Paul Snow, CEO and Chief Architect of Factom. “Our team of developers have been working around the clock to make M3 happen and we’re thrilled M3 is finally a reality.”

It includes several protocol changes and a networking change that gives us the ability to do further upgrades on the following:

  • Authority Servers – No longer ran by Factom Inc. Distributed across 9 Countries.
  • Confirmations In Seconds Instead of Minutes – 600X improvement
  • More Transactions Per Second – 5X improvement.
  • Merkle Proofs More Accessible – Proof of Existence made easy with the factomd API.
  • Distributed Peer to Peer Network – Resistant to denial of service type attacks.
  • Graphic Control Panel For Nodes – Easily see the activities of the Factom network.
  • BIP 44 Wallet Support – Factoids can now be integrated into a wider range of wallets.
  • Robust Testing Infrastructure – New public test net and suite of testing tools.
  • Support For Multiple Blockchains – Bitcoin and now the Ethereum network.

About Factom, Inc.

Factom, Inc. is an Austin-based blockchain technology company that is on a mission to provide blockchain data provenance for complex industries. Factom specializes in building scalable blockchain technology to handle complex enterprise data and volume. With clients such as the U.S. Department of Homeland Security and the Bill and Melinda Gates Foundation, Factom is the recognized leader in providing blockchain solutions in order to preserve, ensure and validate digital assets. For information, please visit factom.com.

POSTED: May 3, 2018 BY Crystal Wiese IN Company Updates
ABOUT THE AUTHOR

Crystal Wiese is the Director of Marketing at Factom. Working within the startup tech scene for the past 10 years she has become passionate about taking great ideas and building a strong comprehensive narrative. Graduating from the Art Institute of Portland with a degree in Design Management, Crystal has always seen the value in creating strong ties between the technical, creative and business.