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 Factom issued a report revealing some details of the Factoid system developing progress including a pre-release version of the Factom client the team is currently working on.

Factom is a data layer built on the bitcoin blockchain to record and securely store data using the blockchain technology. The data layer can be used for financial record-keeping by businesses and for a wide range of other purposes like medical records, voting systems, property titles, and legal applications. In April 2015, Factom started selling Factoids, special digital tokens that allow users to hash something into the Factom network. So far more than 4 million factoids have been sold.

The revenue from Factoid sales was meant to fund the new technology development. Factom promised that after the release of the Factom service, tokens would be converted into entry credits that would give users the right to publish data on the blockchain. The beta release was planned on the end of June. 

The progress report was published after releasing explorer.factom.org, the public ledger for Factom, which is essentially an extension of the Bitcoin blockchain. The pre-release testing version of Factom client is about to be launched, Brian Deery, Chief Scientist at Factom Foundation, stated in the report. It will allow developers to build faster and more cost effective applications by turning a bunch of hashes into a single, periodic hash.

Factom shared some details about their engagement with the U.S. government crypto development.
“One of the disappointments we encountered in the past few weeks is the US Government, rather how slow they are,” the report reads.

In particular, for reasons of security the U.S. National Institute of Standards and Technology (NIST) planned to develop a cryptographic hash alternative to SHA2, which is also used by bitcoin. The next generation algorithm SHA3 was to be built by the Keccak team, the winner of the open hash function competition in 2012. 

However, Factom could not use the new algorithm in their security system since the algorithm was not finalised at that point. It turned out that the standard for SHA3 was changed in 2014 and the standardisation is still in progress which resulted in more problems for the developers. Although Factom had to rethink their strategy, they plan to equip their system with extra security that will surpass even bitcoin's security.

 

 Aliona Chepel