Factom has emerged to provide solutions to 3 core problems which exist with the Bitcoin blockchain – latency, costs, and speed. Factom puts data into different locked boxes instead of a single locker.
It is an open source platform with a nominal fee in its native currency Factoids, which will be charged to users of the platform. Any kind of data can be stored in a very secure manner, making it very useful for a variety of use cases. The team is based in Austin, Texas with further team members working from China, Honduras, and the UK.
The team performed a successful ICO, selling 1 million tokens in 24 hours. The project has also received two grants from the Bill and Melinda Gates Foundation and three grants from the Department of Homeland Security. Factom recently joined the Chamber of Digital Commerce, a respected blockchain trade association. The Factom team, partnerships and solution are well regarded in the industry and present an opportunity worth keeping an eye on.