You’ve heard about China’s Ethereum. You’ve also heard about the new-age Ethereum that’s looking to be the first mover with sharding technology. Beyond NEO and Zilliqa, as well as other well-known Ethereum substitutes, you may not yet know much about Factom.
First, and foremost, it’s not a network. It’s an addition to the Bitcoin as well as the Ethereal blockchains, which directly means that it can’t be shut down unless these networks are somehow shut down.
Secondly, they claim that their major use case is in providing a place for data to be stored, immutably and simply, in an even better way than the Blockchain can, in itself, in general. On top of this, they aim to be the go-to source for data provenance.
To expand upon this, Coin Central reports that Factom offers advantages related to: speed, cost and what they call “bloat.”
In terms of speed, one current report confirms that Factom is running on, at least, 10 transactions per second. Bitcoin, on the other hand, per current numbers on Blockchain.info, which measures Bitcoin transaction rates, sits around 3 transactions per second.
Judging by an announcement in May on their website, Factom will soon have increased their potential transactions per second exponentially, due to changing their hybrid consensus protocol as well as enabling further distribution of their servers and other factors.
With all of this in mind, you might still be wondering: what do we mean by data provenance?
It all comes down to the fact that they aim to eventually be the Blockchain company that provides the most accurate record of company data, including its origins. Therefore, it can only serve them well to continue to increase their transaction speed as well as the overall performance of their network.
To be the leader in data provenance, Factom will have to be a mixture of a better Ethereum and a better, more secure IOTA. If you’re not already aware of where the connections lie, related to these three networks, then keep in mind that they have to do with two key factors.
First of all, Ethereum was built to be the foundational network that can support many interconnected networks. Second of all, IOTA was built to survive and thrive under the pressure of rapid, myriad data transfers from a wide variety of devices.
Therefore as Factom moves forward, if they do not achieve status as this sort of hybrid network, then they will be hard pressed to find success in the business sector as an enterprise grade, Blockchain solution.
By: BGN Editorial Staff