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A collection of guides and tools that will have you developing on top of the Factom protocol in no time. The Factom Foundation is a nonprofit that is dedicated to supporting and maintaining the Factom Protocol and Network. Have you been through the guides and still have questions?
No problem, we'd be glad to help. Want to build a blockchain solution? The Factom Blockchain is an open source project. It was built to secure data and systems. Often it is described as a publishing and auditing engine. It allows users to write data to its ledger for a small fee.
Learn more by checking out our GitHub. The Bitcoin Blockchain has several core issues. Factom was built in order meet these needs. Entering data into the Bitcoin blockchain is prohibitively expensive at volume.
Additionally, the Bitcoin blockchain cannot handle high transactional volumes. The Factom Blockchain is orders of magnitude less expensive and has orders of magnitude more capacity for transaction volume. Factom also has built-in layers of redundant security that other blockchains do not offer. The layering effect of security ensures the immutability of its blocks. This enables the ability to chain together data you care about and forget the rest of the data set. Unlike the Bitcoin Blockchain that requires you have all of the data to prove any of the data, Factom allows you to prove your data set without needing all the data in Factom.
Factom provides a distributed mechanism to lock in data, making data verifiable and independently auditable. This simple function is extremely powerful when applied to business transactions and processes. Factom is a technology used by applications. Factom serves as a protocol for applications to provide functions and features beyond currency transactions.
Factom constructs a standard, effective, and secure foundation for these applications to run faster, cheaper, and without bloating the Bitcoin Blockchain.
Commercial applications sit on top of the Factom protocol, which in turn use the Bitcoin Blockchain to secure its own data also known as "anchoring". 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. Banks are just collections of databases. They trust themselves to be honest, but not their peers.
Factom is a distributed, decentralized protocol running on top of Bitcoin. The Factom Foundation is releasing and maintaining the software. However, the software is open source, and anyone is free to use it for any purpose.
If there is a central party, they get to filter spam from valid usage. Disfavored parties can be treated as spam and censored. Factom bounces control around to 32 independent parties, which makes it difficult to censor specific users. Individuals wishing to run Factom Servers will set up a profile in Factom to be specified , and recruit user support. The top servers ranked by user support will be the Federated Servers, followed by the Audit Servers that stand by to step in were a Federated Server to lose support or is offline.
You can find the full coding tool set on GitHub. You can also find some developers guides at https: No, sidechains are about moving Bitcoin value off of the Bitcoin Blockchain. Factom is about moving non-value transfer operations off the Bitcoin Blockchain. Factom is made as irreversible as Bitcoin itself, because Factom records its state in the Bitcoin Blockchain every 10 minutes. Factom is not sidechains: Factom can use sidechains: Is Factom primarily about proof of publication, proof of process, or proof of audit?
Factom is about all three. We prove the existence of each entry in a Chain. This is proof of publication. We group all the entries in a Chain which allows them to be enumerated, the order examined, and the validity of each to be determined. This is proof of process. Lastly, a Chain is immutable, so it can be presented at any time. This is proof of audit.
The consensus algorithm Factom uses is faster, cheaper to run, and is more appropriate for a publishing platform. Anchors in Bitcoin make it so that Factom cannot change its own history.
Factom puts very little data on the blockchain. Instead, Factom places data in its own structures, which are shared and secured over a distributed hash table much like torrent files. Factom is not intended for data storage. Factom is for packaging data to be shared on a P2P network. The intent is to make a system that is simultaneously censorship and spam resistant.
It is a method for disparate parties to agree on one version of history. That said, Factom will hold the data as long as the protocol and Bitcoin are running. Even if Factom went away, the data can be validated as long as the user kept a copy of their data, and the user has access to the Bitcoin Blockchain.
That would allow another entity to request the update, validate it, and use it. The Factom Chain not only allows validation of records, but provides notification of changes to records.
What if Factom is being used to record a series of events, and an event is recorded incorrectly? How do I fix that?
Factom reflects the way the real world works. Pretty much any mitigation technique for errors used today would work in Factom, except for changing historical journals. If someone is using a Factom Chain to track ownership of an asset like gold or silver, could a malicious Factom server steal my gold?
Transactions have to be signed to be valid. You will immediately know that they are doing that if they do. Once you get your confirmation, the order of transactions cannot be altered. Validate your chain, and if that checks out, you are good.
Not if you have the Chain, and validate the transaction. Once a transaction is entered into a chain, the order is fixed, and will never change. With Bitcoin, a transaction can be trusted with more levels of confirmation.
Is that true with Factom as well? When you reveal your transaction on a chain, you get a receipt. That is level one. After a few seconds, if none of the servers have issued a Server Fault Message SFM , and you have three more messages from the server handling your Chain. That is level two. The Directory Block is issued. That is level three. The Anchor is submitted. That is level four. The Anchor makes it into a Bitcoin Block. That is level five. From here, you can wait for as many Bitcoin confirmations as you like.
Factom uses consensus between the Factom Servers for the 10 minutes until an anchor is set, and then the Bitcoin Blockchain forever after. What if someone posts something obnoxious to a Chain I am using, like links to porn in my Chain? If the chain does not validate according to the rules of your application, you can note the entry as invalid, ignore it, and remove it from your system. Is there a notion of a fork or blockheight for this period, for example if multiple servers send competing entries to bitcoin network?
Factom uses a deterministic selection to select the server to post the anchor to the Bitcoin network. No other server can validly post an entry without causing a Server Fault and becoming booted from the active Federated Server pool. This process repeats until a proper anchor is set. As long as most of the Factom servers are honest, the correct anchor will be posted. But to be unique, we need a publishing mechanism that cannot be altered.
This allows audits over time in a way that the Factom consensus algorithm does not allow.