Factom Releases Genesis Beta, Joins Plug and Play Accelerator for Funding Access

Factom, the blockchain-based data layer project, is rolling out its live beta version, dubbed Genesis, according to the project team. The Factom client and related software will also be released in an incremental fashion over the coming weeks.

To celebrate the newest iteration of its software, Factom has added  “The Universal Declaration of Human Rights” in 443 different translations to the Bitcoin Blockchain.

The Bitcoin Blockchain has limited capacity to hold data. Factom’s goal is to design a platform that permits identity, sensitive corporate records, titles, and other large, significant forms of data to be entered into the Blockchain for security and immutability.

The startup’s open source project has garnered attention of the media, governments and venture capitalists that want to tap into the innovation of blockchain technology. In recent weeks, Factom was inducted into the fintech incubator at Plug and Play to raise additional seed funding for the project’s corporate entity, Factom Inc.

Plug and Play is a funding platform that connects prominent investors with startups that are influencing financial industries. Inductees are selected from thousands fintech startup applications globally and will have access to USAA, Citi Ventures, Capital One, Deutsche Bank, JCB, Banco Original, Intuit and Assurant.

Factom joins Plug and Play

Factom joins Plug and Play

Along with the Plug and Play Accelerator, Factom has partnered with Kenyan bitcoin remittance firm, BitPesa, and nonprofits, the BitGive Foundation and The Water Project, on a pilot relief project. The joint effort is using Factom technology and the Blockchain to create transparency in how donor funds are being used in Africa to provide safe water. By tracking donations through Factom’s Blockchain platform, they hope to demonstrate a new level of transparency that will bring real-time assurances that donations help accomplish missions they are intended for.

With its own project beta release, Factom’s first federated server goes live, and beta testers and early adopters can begin downloading the Factom Genesis client.

Subsequently, Factom’s broader community can begin checking their balances of Factom’s proprietary tokens, Factoids, on the project explorer website and users can begin making entries into the Factom Network. The Factoids, which permit access to the software, were sold in a Koinify-based crowdsale in May, which raised 2,278 BTC. Factoids can be sent between peers who have their Factoid wallet installed.

Factom’s project team noted this regarding the beta release:

We will be continuing to update the Factom software running on the 1st federated server as we move forward on a weekly basis. We will also be monitoring the flow of entries into the Factom Genesis network and expanding capacity as needed. As our code base matures, we will begin the process of adding servers run by other parties.

Documentation for testing Factom is available for download from GitHub. The Factoid wallet is currently only a command line interface, and initially the installation will be very technical.