Netki + Factom Announce Partnership

Company Updates | August 12, 2015
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Netki + Factom = Human Friendly Addresses

We are proud to announce a new partnership. Netki Wallet Names now support Factoids and Entry Credits. Netki has implemented these address types into their consumer and partner offerings. All changes are live, and they have updated their API documentation. Netki users can go to their Wallet Admin, and add Factoid and Entry Credit addresses to their Wallet Name. These addresses can be static or a URL to an endpoint that dynamically generates addresses. The Factom and Netki collaboration means more friendly address for users. Netki has removed a barrier for mass-market adoption of the Factom system.

“It’s been such a pleasure to work with Netki to make Factom more user-friendly. We are pleased and honored to have a partnership with them. Netki is a high integrity partner and are also a great cultural and technology fit for Factom. Our collaboration will allow Factom users to more easily access their Factoids. Netki makes Factom addresses easy for users to read, copy and share with others.” Stated Tiana Laurence, CMO Factom Foundation.

“Working with the Factom team has been a real pleasure. Factom’s solutions supporting truth and transparency in data are a great step forward in ensuring honest use of information in corporations and governments. Adding Wallet Name Service further improves the intuitiveness and ease of use of Factom’s offering.” Said Justin Newton, CEO and Founder Netki.

Use Cases
There are four main benefits that come from the Factom and Netki collaboration.

1. Trading Factoids – Once the beta is launched, users can trade Factoids using Wallet Names for Factoid addresses. Wallet Names replaces a cumbersome and hard to remember wallet address, such as “FApLXM15vjULK3ZPGUTDMUcGATGR9xGitv” with a simple name of your choosing, such as paul.factom.bit. A Wallet Name can be used in place of a wallet address to send bitcoin via any of our participating service providers.

2. Factoid to Entry Credit Conversion – Through Netki’s Wallet Name, Factoids can be converted to Factom Entry Credits. These Entry Credits can then be used to make entries into the Factom system.

3. Buy Entry Credits – Once Factom has established the Factoid store front, part of milestone two, Netki’s Wallet Name can be used to purchase Factom Entry Credits with bitcoin. Factom Entry Credits can also be held using Netki’s Wallet Names.

4. Added Security – The solution that Netki and Factom are implementing was designed to improve the privacy and security of the existing systems. By combining blockchain technologies with traditional DNSSEC, we are able to improve the privacy and security over the current manner of sharing wallet addresses over email or text message. Further, by configuring Wallet Names to produce a unique wallet address for each transaction we ensure that people and institutions only have visibility to transactions that they are a party to, even though they have shared their wallet name with multiple people.

About Netki
Netki is making digital currencies human. The recent introduction of digital currencies such as Bitcoin, represents another turning point in history, as Blockchain-based technology promises to alter and advance the global financial system in many of the same ways that the internet changed how we gather and share information. Realizing the implications of this powerful new technology, Justin Newton enlisted the help of other key members of the original team at Netzero to found Netki. Applying many of the same principles that helped the internet go mainstream, Netki was created to invent and provide solutions for the evolving digital currency ecosystem, removing barriers to entry and working toward mass-market adoption.

The experienced and innovative team at Netki is focused on building reliable, scalable, secure, mass-market solutions that will help digital currency reach its full potential. They are here to support the community and help bring another truly game-changing technology to the world.

About Factom Inc.
Factom is the first usable blockchain technology to solve real-world business problems by providing an unalterable record-keeping system. Factom is an immutable and time stamped data layer for the blockchain that allows users to publish and verify any digital information. Factom technology is especially compelling for those who want to build trust with users by providing complete transparency and real time audit ability of their systems of record while at the same time maintaining user privacy. Factom’s distributed ledger technology secures millions of real-time records in the blockchain with a single hash. Businesses and governments alike can use Factom to document their information so that it cannot be modified, deleted or backdated. Factom’s technology decentralizes record keeping by ensuring that the integrity of stored data remains intact, providing complete transparency while at the same time maintaining user privacy.

POSTED: August 12, 2015 BY Tanner Evans IN Company Updates