Greeting Entrepreneurs!
I am David Chapman, CEO of Factomize LLC. Factomize is part of a coalition of 26 (eventually 65+) companies that provide the infrastructure to decentralize the Factom Protocol. I'm here to talk about the many business opportunities within the Factom Protocol ecosystem. I first purchased Bitcoin when it was $1.00 and screamed near and far about its potential. I feel the same way about the Factom Protocol.
I will begin answering questions at 3pm Eastern Time.
Verification
About the Factom Protocol
Started in 2014, the Factom protocol is an open source data integrity protocol built by a coalition of technology companies that extends the security of blockchain to any type of data. In other words, we're working to make data trustworthy.
Factom is built from scratch and has novel design implementations that set it apart from all other blockchain projects. We are confident these features will help propel Factom to become the internet's data integrity layer.
The market traded token of the Factom Protocol is the Factoid (FCT). As of this posting, it's market cap is 92 million dollars.
Due to the novel design of Factom, it is one of the few blockchain projects seeing real world usage and interest from business and government. Entities such as Equator Homes which services 4 of the 5 biggest US mortgage companies, the US Department of Homeland Security, and the Bill and Melinda Gates Foundation plan to secure data via the Factom Protocol.
About Factomize
Factomize LLC is a Factom Authority Node Operator (ANO) that is currently focusing on developing software that will improve the transparency, efficiency, and accountability of Factom Protocol governance. Based upon the current price of FCT and our 0% efficiency, we have revenue of approximately $22,000 per month as we are awarded 1,123 FCT per server we run and we operate two. In theory, the more the Factom Protocol is used, the more that revenue should grow.
Business Opportunities
Now that we have all that out of the way, I'd like to mention some of the business opportunities there are within the Factom Protocol ecosystem.
1. Become an Authority Node Operator. Every 3-6 months a new election round for Authority Node Operators opens up. You can see the current list of ANOs here. At present, ANOs operate two Authority Servers to decentralize the protocol AND they "further the protocol" in whatever way they pledge during their campaign. In return for these services, they receive 1,123 FCT per month (minus efficiency to be explained below) to cover their bills and hopefully profit. The competition for ANO slots is heating up but if you have a talented group of people who think they can further the Factom Protocol while providing very stable, robust infrastructure, we'd love to have you campaign in the next round!
2. Apply for a grant. Each Authority Node Operator sets an "efficiency" from 0-100%. The current average efficiency is around 45%. What this means is your company decides to not receive some of its monthly FCT because it is so "efficient" and instead it goes into the Protocol Grant Pool. We just held a grant round and more than 140,000 FCT worth a current $1.4 million were awarded to companies to further the Factom Protocol in some way. Example grants that were awarded include:
If you have an idea for a way to further the Factom Protocol and the means to execute upon that idea, please apply next grant round!
3. Anyone can develop applications on top of Factom. The way Factom is designed as a pure data blockchain allows for countless unique applications to be built upon it. In my opinion, this is where billion dollar companies will emerge in the future and where I hope I generate some interest. Examples of development being done on top of Factom Include:
- Linxens with their dLoc solution which authenticates vital records.
- Sphereon is developing a host of applications that use the Factom Protocol such as an alfresco implementation.
- DBGrow has created a whole additional protocol on top of Factom called the FAT Protocol. It allows for tokenization and smart contracts that are cheaper and more flexible than even Ethereum.
These are extremely exciting times to be a part of the Factom Protocol ecosystem and I hope you will delve deeper. I welcome any questions you have and am happy to continue to answer questions for as long as people have them as I'm extremely passionate about this project.
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