Technical Update: On Factoids

Technical Updates | July 9, 2015
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We are fast approaching a candidate for the Beta. This past week of testing has gone swimmingly. The Factom system is passing nearly 200 tests and growing everyday. Thanks in part to over a dozen community testers! If you would like to join our efforts, get a hold of Brian.

The new Factom token “Factoid” has been performing well during testing along with its command line wallet. Having a robust token will be key to the Beta release. After considering using other code bases, Paul Snow implemented a custom design for the token. Since Factom is completely new to the world, it required some original thinking for the subsystems as well.

There was a great internal debate over what we would call the Factom token but we landed on Factoid and Factoshi as its smallest divisible unit. To honor Grandpa Bitcoin (Paul Snow), the team has created a coin depicting his image. Being the humble man he is, he was less than thrilled with our exuberance.

In other related news, Factom Inc has nearly secured $1 million for their seed round. Check out their efforts at Bnk to the Future. These funds will allow them to grow their team and secure more customers. Also keep your eye out for Factom Inc’s new website, it will be launching shortly.

Thanks for being an awesome and supportive community.

The Factom Foundation Team

POSTED: July 9, 2015 BY Tanner Evans IN Technical Updates