What is the use case of the token?
Factom is a company that was established in 2014 that currently serves two product lines. The first one is called Factom Harmony, which is a blockchain based document management enhancement solution. The software provides an easier way of performing audits and improves the efficiency of the document management process. The second product line is called dLoc by LINXENS and is a product that is offered in partnership with LINXENS, an RFID manufacturer. Through this technology security chips can be inserted into products that can include contextual information. The data in the chip is linked to a unique ID that makes every item identifiable.
What does the technology behind look like?
Factom is building a distributed, autonomous protocol linked to the Bitcoin blockchain. Through an API provided by Factom hash functions can be created which are thereafter anchored in the Bitcoin blockchain.
The currently existing Factom product lines are directed at enterprise users. The technology that is offered in combination with LINXENS can be used to avoid counterfeits and illegal duplicates. The unique identifier ensures the integrity and originality of the product, which is very useful in the pharmaceutical industry and the high value consumer brand market segment. The RFID technology seems to be similar to the approach that other platforms such as Waltonchain pursue. However, the market is likely big enough to support a number of platforms operating in this space.
How is the User Experience?
Factom tokens are stored in a wallet called Enterprise Wallet which is still in beta. A command line tool exists to run the wallet and as well a desktop app. Users need to have a basic technological understanding before using the wallet.
Team & Developer Community
The Factom team has around 30 team members which includes people working on development, marketing, business development, communications and product management.
Paul Snow is the CEO of Factom. At the same time he acts as the President of the Texas Bitcoin conference. He previously held several positions as a software architect and engineer. Paul Snow snow graduated from Texas A&M University with a master’s degree.
David Johnston is the Chairman of the Board at Factom. He serves in this position since December 2014. He previously worked as the Managing Director at Yeoman’s Capital. Additionally he is the advisor of other blockchain projects.
Zachary Lynde is the CFO at Factom. He was a previous Advisory Board member at Arena Online and a consultant at Capital Privé Suisse. In addition to that he hold a number of CFO and treasury positions before joining Factom. He completed an MBA in entrepreneurship.
Among the advisors of Factom is Matthew Roszak, the co-founder of Bloq, which is an enterprise blockchain development company working for companies such as Citigroup, Foxconn and Barclays and collaborating with professional service firms such as PwC and Deloitte. Further advisors are Jason Nadeu, the Chief Digital Officer at Fidelity National Financial, Bruce Fenton, a blockchain advisor, and Roland Hicks, a blockchain investor.
The tokens that power the Factom network are called Factoids. In order to put Entries into Factom users need Entry Credits. Users can convert Factoids into Entry Credits. Entry Credits can then be used to pay for Entries in the Factoid Chain.
Progress History, Achievements and Road Map
Factom is at a more advanced stage compared to other blockchain projects, since the company is already operating for four years. The company offers already two functional software products, which is Factom Harmony and dLoc by LINXENS. The Factor protocol was released in April 2018.
Factom has two product lines which means there are two independent revenue channels for the project. In case there is an issue with one, there is another product line the company can focus on.
Factom is listed on several major exchanges including Poloniex, Bittrex, Upbit, and Cryptopia.
Factom counts with a fairly active reddit community with more than 8,000 subscribers and the official Twitter account has more than 75,000 followers.
An obvious advantage of Factom is the advanced stage of the project, with already two functional products. Apparently Factom Harmony is already used by the mortgage industry. This implies less risks for investors, since the team has already shown that it is capable of implementing complex technical solutions and bring them to market.
Total Score: 7/10
* The information contained in this article is for education purpose only and not financial advice. Do your own research before making any investment decisions.