Factom is a new data layer technology that works on top of the Blockchain. Factom has designed a new platform to store any type of data into the Blockchain. Entries stored in Factom can never be changed or deleted, making Factom the perfect platform for developing a wide range of applications. Factom has developed a way to overcome the Bitcoin limitations and enhance its capabilities.
Almost two days ago, Factom crowdsale was launched and in less than 24 hours raised about 580 BTC. At the time of I’m writing they already raised 658 BTC.
The Factom crowdsale was launched on the decentralized application platform Koinify which will ensure that all proceeds received from the Factom software sale are in a multi-sig wallet that will require a co-signature of at least 2 signers out of the 3. The Factom team decided to release up to one-third of the funds upon meeting each of the proposed milestones.
Factom will be using milestone structure during the crowdsale 45 days period that ends in May the 15th; there will be 3 goals for 33% of the funds each. This is to ensure that Factom developers are incentivized to constantly improve the product beyond their initial release. Purchasers of Factom Tokens or Factoids (FACTs) will get 100% of the tokens they bought after the software sale.
The 33% milestones are for the Factom Foundation to meet in order to get the BTC collected from the sale. The Factom protocol has already been accepted by partners such as Storj, Coinapult, Tether, Serica, Tradle, and many more will be soon integrating. All these companies have agreed to start using Factom’s technology for their own services and internal processes.
Factom has already raised 658 BTC, nearly $162,000 at current market price, on the first day of its Token sale.The Factoid software sale ends on May 15th. The Factoids will go live after that date.
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