Factom is utilizing the ‘Master Protocol’ in trying to solve some of the big problems of Bitcoin. If successful, could be bullish for Mastercoin and beneficial to the Maidsafe Core Team (David Johnston is the ‘Chairman of the board’)
Reddit Ask Me Anything (AMA) session
Maidsafe and StorJ have potential to store Factom data as well. Those technologies are coming later though
Factom Secures Data With The Blockchain
Factom allows you to build applications on top of the Bitcoin Blockchain. Factom provides a simple API that lets you build projects that were not possible before while still harnessing the trust and security of the Blockchain.
Use Cases for Factom
- Real time auditing of exchange (preventing a future Mt. Gox)
- Proving the time documents were created (preventing robo signing
- Tracking of all business processes (preventing future Deepwater
Horizon Oil Spill type events where sub contractors fail to meet
The Factom Peer-to-Peer Network
Factom will have a peer-to-peer (P2P) network which accomplishes two goals: communication
and data preservation.
Factom Peer-to-Peer Communications
Factom will have a P2P network very similar to Bitcoin’s. It will consist of full nodes which have all the Factom data. The full nodes create a mesh network which will flood fill valid data throughout the network. The Federated servers would be full nodes, but not all full nodes are Federated or Audit servers. This is very much like Bitcoin, where miners are full nodes, but not all full nodes are miners. This will limit the ability to DDOS the Federated servers individually.
They can connect anywhere inside the network to acquire the data needed to build the data structures. As the servers are coming to consensus and disseminate their signed data, they would publish the data over the P2P network. The P2P flood filling also limits the ability of Federated servers to censor based on IP addresses, since valid traffic is mixed together by the nodes they connect to. It also helps to prevent censorship, since the Audit servers can see the Entries which should be included in the Entry Blocks. The Audit servers have an incentive to bring bad behavior to light, so they can be voted up to a Federated server.
Data Preservation and Dissemination
Factom data structures (Directory Blocks, Entry Blocks, Entries) are needed for Factom to be useful. They are public and will be preserved in two places. The Federated and Audit servers need to maintain this data to make correct decisions about adding new Entries. Since they have this data, they can provide it as a service, as part of being a full node. There will also be partial nodes, which share only part of the Factom dataset. The partial nodes could share only the data which is relevant to their specific application. Peer discovery for the partial nodes is handled by
a Distributed Hash Table (DHT).
Making exchanges honest is one of the first projects that’s being done on Factom. You can run a proof-of-audit on steroids – letting you produce a true audit trail of every transaction at every moment. That’ll really get businesses to sit up and notice. The other application that will pop up right away is title records – because they secure such a large portion of a country’s wealth
Factom, Proof of Existence, Proof of Process, Proof of Audit
Rivetz and Factom Add Device-Level Security to the Blockchain Ecosystem
Today, Rivetz (http://rivetz.com/), and Factom (www.factom.org) announced that Factom has selected Rivetz to integrate world cyber-security for the Factom applications, and that Rivetz has selected Factom to assure the global integrity of attribute data for Rivetz-protected applications.
This collaboration will leverage Rivetz’s Trusted Execution model for the secure protection and processing of data and collection of user intent with Factom’s data layer on the blockchain to provide organizations in the financial, manufacturing, distribution and wholesale industries with the efficient means of verifying processes and registering data.
David Johnston, chairman of the Factom Foundation board of directors said, "We are excited to integrate Rivetz’s capabilities to bring world-class protection of users’ identities and private keys as an option for all of Factom’s users.
Rivetz is providing a fundamental technology that will benefit all new blockchain-based applications."
“Rivetz is pleased to partner with Factom to bring a new capability to all applications – the ability to store a fact. We look forward to integrating Factom’s capabilities into our solution to protect and attest to the attributes of modern devices for security, convenience and privacy,” stated Rivetz CEO Steven Sprague.
Factom uses blockchain technology to innovate how organizations can manage and record their data. Businesses can now reliably look to Factom and Rivetz for highly secure, decentralized record-keeping using their API, without having to ensure their information is being stored in a compliant and private manner.
All the data managed by Factom is hashed (a process by which mathematical algorithms encode data into a different form), resulting in an indistinguishable string of alphanumeric characters, rendering information such as names, addresses, transactions and finances impermeable.
Only the person who sent the information into the Factom layer is aware of what data it contains. Rivetz provides the local environment which assures that the information being protected was what the user intended, and enhances the quality of the hash signatures by incorporating cyber-security controls for the local keys and identity information.
Rivetz believes that keeping both the data and the location of the data private is essential to many business and consumer transactions. Rivetz allows the assurance of the Factom network to meet all of the global requirements for protection of identity keys and encryption process. Together, the solution will meet the needs of the most demanding customers and substantially reduce the cyber-security risks which face so many solutions today.