In what is probably one of the most notable Bitcoin 2.0 projects in the space, Factom is building an open-source data layer for the Bitcoin blockchain. It can be used by anyone to permanently store all sorts of data on the decentralized computing network. Some of the most notable parties that have so far indicated they will use Factom include land registry startup Epigraph and the Honduran government, and cloud storage solution Storj.
Speaking to Cointelegraph, Factom's Chief Marketing Officer Tiana Laurence explained:
“There's a ton of entrepreneurs and programmers in this space, and a lot of these guys are kind of depending on us. We are the missing link for several companies, providing them with an anchor into the blockchain in a really efficient and cheap way. They are hoping that we finish as soon as possible, so that they can launch what they are doing.”
Factom's Factoid crowd sale raised over US$500K in bitcoin earlier this year. Factoids are the internal currency used for Factom, which can be used to purchase entry credits for the Factom system. Factom has now also announced that factoids will be available on both Cryptsy and Shapeshift once the beta version of the software is live, with more exchanges to be added shortly.
The Factom RC1 is currently hooked to the Bitcoin testnet, the fake Bitcoin blockchain used for testing new software without running the risk of losing real bitcoins or wreaking havoc to the actual blockchain. After testing Release Candidate One, the Factom Foundation will launch the Release Candidate Two, and thereafter a Release Candidate Three, if needed.
The Factom Foundation will launch its first beta after testing on the Release Candidate that passes all of Factom's tests is completed. The company could not yet give an estimation of how long that will take.