Factom – Securing Data with Bitcoin

Finding Genius Podcast

Richard Jacobs

Medicine, Health & Fitness

4.4 • 1K Ratings

🗓️ 6 June 2017

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

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.

Transcript

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0:00.0	Welcome to Almost Here, Around the Corner of Future Technology Podcasts with Richard Jacobs.
0:07.0	Future Technologies is poised to transform our lives for better or worse for the focus of this podcast. Almost here
0:14.3	means these technologies are now here and starting to be used. We're just around the
0:18.8	corner. For Bitcoin to Artificial Intelligence, 3D printing, blockchain, virtual reality, and more.
0:25.4	Hey this is Richard Jacobs with Future Tech Podcast almost here around the corner
0:30.3	technology and today I have Paul Snow at Factum, Paul, instead of me bungling it.
0:37.0	Would you tell people what Factum is and what it does?
0:40.0	Okay, well, we're a startup here in Austin, Texas. We've been live with the
0:47.8	Factum Protocol since September of 2015 and just got through doing one of our major updates and continuing to work on the protocol, making it faster and better and easier to use. The idea of Factum is to provide a general
1:09.0	purpose data layer secured by the Bitcoin blockchain and we are building a platform that will
1:18.9	eventually be distributed and autonomous across quite a number of parties.
1:27.0	It will have users that are using the protocol, driving the process of selecting who runs the protocol and moving it forward that way.
1:45.0	So basically people that use the protocol are the ones that are calling the shots to decide who runs the protocol.
1:52.0	The ones that run the protocol get a certain amount of reward every month to incentivize them to want to run the protocol?
2:02.0	When you say reward, do they get factoids?
2:04.8	Yeah.
2:05.8	And the fact them has a token and the token's existence serves two purposes.
2:11.2	Primarily, it provides an incentive for people to run the
2:15.9	factum servers that are central to the protocol's existence and and
2:21.4	secondarily to act as a anti-spam mechanism to prevent people from just throwing trash into the data layer because basically the data layer exists to create a level of data integrity,
2:39.7	a mechanism to prove the data integrity of information that's being exchanged via various applications.
2:49.0	Okay, so if it was free, there's a potential for abuse, but it has probably some small costs.
	...

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