BLOCKCHAIN DIRECTION FOR FACTOM
BLOCKCHAIN DIRECTION FOR FACTOM
An interesting topic has been raised on Reddit about how services using the Bitcoin blockchain feel about the ongoing block size and scalability issues. Although there are multiple solutions available to solve the Bitcoin blockchain issues, rumours are circulating of how Factom could move to a different blockchain solution. In fact, there seem to be concrete plans to anchor into the Ethereum blockchain as well, which could be quite interesting in the future.
There are a few things regarding this announcement by Factom that need to be made clear from the start, though. First of all, there are absolutely no plans to drop the Bitcoin blockchain as a publishing platform by any means. Despite all of the issues going on with scalability and the Bitcoin block size, the blockchain will always remain an integral part of what Factom is trying to accomplish.
That being said, the company is well aware there are other technological advancements in existence which could make their service more versatile. A recent post on Reddit by BrianDeery mentions how Factom has plans to anchor into Ethereum and its blockchain as well, in due time. No official dates have been announced or confirmed as of yet though.
When this integration happens, any application built on top of the Ethereum blockchain will be able to follow historical Factom consensus, without seeing anything on the Bitcoin blockchain. This parallel approach to using all of the versatile blockchain solutions available brings more decentralization to the Factom project as well, which can only be seen as a positive thing.
Moreover, people need to keep in mind Factom was originally designed to alleviate the block size problems plaguing the Bitcoin industry right now. Despite all of the positive attention on blockchain technology over the past few years, the current crisis as not averted, even though many industry experts predicted something like this would happen if the proper action was not taken.
In conclusion, Factom is keeping an eye on what is happening in Bitcoin and Ethereum, as both blockchains have their strengths and weaknesses. By anchoring into both blockchains over time, Factom will become more versatile in the future. But it is also positive to see the company stick with the Bitcoin blockchain, despite all of the problems surrounding the technology right now.
BLOCKCHAIN DIRECTION FOR FACTOM
Reviewed by mir khaleq ali
on
May 07, 2018
Rating:
Reviewed by mir khaleq ali
on
May 07, 2018
Rating:
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