Description
The Factom Protocol is an open-source, decentralized blockchain designed for data integrity, security, and verification. It allows businesses, governments, and developers to build applications, create audit trails, and issue tokens on a secure and scalable data layer. A key feature is its two-token system: a volatile token (Factoid) is burned to create non-tradeable Entry Credits with a fixed cost, which stabilizes the price of writing data to the blockchain. This design lowers the barrier for enterprise adoption by abstracting away cryptocurrency volatility. The protocol's architecture, a 'chain of chains', enhances efficiency by allowing applications to sync with only relevant data, and it anchors its data to the Bitcoin and Ethereum blockchains for added security. Factom supports various technologies, including the Factom Asset Token (FAT) protocol for creating fungible and non-fungible tokens with WASM-powered smart contracts, the PegNet stablecoin network for DeFi, and Decentralized Identifiers (DIDs) for self-sovereign identity solutions. The protocol is maintained by a community of developers and Authority Node Operators (ANOs) through a decentralized governance system.