As you may already know, Bitcoin requires an ever increasing amount of proof of work, as more and more computers are working on the problem of securing the BitCoin BlockChain. Extremely-difficult-to-compute hashes take up a huge amount of computing power in the BitCoin ledger, making them some of the most secure data structures in the world. “And yet,” says Paul Snow of FactomTM, “despite the massive amount of security that the coin has, the ledger itself is only one megabyte every ten minutes.”
To secure data, FactomTM was started up in Austin TX. They’ve been live with the FactomTM protocol since September 2015.
Paul Snow explains how it works.
“The idea of FactomTM is to provide a general purpose data-layer secured by the Bitcoin BlockChain… Basically, the data-layer exists to prove the data integrity of information that’s being exchanged via various applications.” People who run the protocol are rewarded every month with FactomTM tokens. This incentive keeps the program running. The tokens also function as an anti-spam mechanism, “to prevent people from just throwing trash into the data-layer.”
To hear more about how FactomTM is operating in the BitCoin space, hit play. And be sure to subscribe, review, and donate BitCoins if you’re able. Every little bit helps as we endeavor to produce and share quality content.