The software tokens, called “Factoids,” can be purchased using Bitcoins through the Koinify platform.
Factoids will enable users to access the Factom open-source software platform in order to permanently record information on Factom’s blockchain data layer. Factoid holders will have a first glimpse into the future of Blockchain technology with Factom.
Peter Kirby, president of Factom, said:
The Factoid sale provides the endowment necessary to advance the Factom Project and build a permanent, decentralized, record-keeping system. All businesses are giant stacks of records, so this technology can be applied to nearly every aspect of commercial, institutional, and governmental processes.
As the host of the sale, Koinify promises to ensure transparency and accountability by giving Factom the funds one-third at a time as they complete milestones, like the deployment of the beta client, the front end and additional federated servers and finally, a fully decentralized network.
The purchased tokens will be recorded in a public Factom ledger during the sale, according to both companies. The Factom software beta is released after the software sale, and tokens will be sent to the purchasers’ wallet addresses.
Factoids are available for purchase in unlimited quantities during the sale. After the sale, Factoids can be purchased directly from users or earned through running the hardware backbone of the system.
Factoids (FACT) will initially be offered at a discounted price of 2000 FACT to one Bitcoin, or approximately $0.12 each at the start of the sale. The price will increase weekly throughout the sale to finally land at the standard price of 1500 FACT to one Bitcoin.