Factom™ is a distributed, decentralized protocol layer running on top of Bitcoin that allows data of any kind to be memorialized, anchored, time-stamped, and cryptographically secured using Bitcoin’s blockchain and tremendous network hashrate (now estimated to be 2.5 exa hashes per second!)
Due to its use of Merkle Trees, Factom makes the storage of data extremely efficient – gigabytes of data can be hashed down into 32 bits of data using Merkle Trees, and this Merkle Root anchored into one or more blockchains (bitcoin and ethereum currently).
Paul Snow, Chief Architect of Factom explains how developers can build applications using Factom’s API and/or data management and storage solution. These applications leverage the immutability of the blockchain and the scalability of the Factom™ network. Paul shares the story of Factom, how it started and where it is heading now. It’s an intriguing story and the interview is full of great knowledge.