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INTRODUCING HONESTY TO RECORD KEEPING
#factom is a system for securing millions of realtime records in the blockchain with a single hash.
This gives you the tools to build applications with all of the security of the blockchain without the speed, cost, or size limitations.
Our goal is to involve the Bitcoin and Crypto community to engage with us, look at our work, and collaborate with developers across the industry
and beyond.
Factom is a next generation platform for creating enterprise tools and applications using Blockchain technology.
Factom allows you to build applications on top of the Bitcoin blockchain. Factom uses a simple API that lets you build projects that were not possible
before while still harnessing the trust and security of the Blockchain.
Factom is a solution to:
- Blockchain bloat
- Off chain transactions
- Use cases and project ideas for hashing data into the blockchain
In a nutshell, what is Factom?
Factom is a system to record entries in a way that makes the list unique (everyone gets the same copy) and allows anyone to add to the list, but does
not allow anyone to change entries once they are in the list.
As a designer of business applications, why should I consider using Factom?
Factom is a method of creating an immutable audit trail. It is also a mechanism to communicate changes in a system. If your application needs a
central server to coordinate processes, you might be able to eliminate the central server in favor of using Factom.
Does Factom use a cryptocurrency?
Yes. You can use Factoids (the Factom currency) to purchase Entry Credits with a simple transaction. The protocol does the conversion, so you
effectively purchase the Entry Credits from the protocol. You assign those Entry Credits to a public key.
Who controls Factom?
Factom is a distributed, decentralized protocol running on top of Bitcoin. That means nobody controls it, but that it is software that people all over
the world run to make the protocol work.
Factom.org is releasing and maintaining the software. But the software is open source, and anyone is free to use it for any purpose.
With Factom is really possible to build safer and more secure record keeping on a truly global scale.
There are three types of proof that allow Factom to do that:
- Proof of Existence: a document existed in this form at a certain time.
- Proof of Process: a document existed and is linked to this new updated document.
- Proof of Audit: an updated document can be verified to have changed according to a set of rules.
Check the Factom website at: http://factom.org/