Bitcoin Global News (BGN)
July 6, 2018 -- ADVFN Crypto NewsWire -- 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
News:
IOTA (IOT)
Blockchain
Ethereum
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Factom
(FCT)
Bitcoin
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