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This week, I managed to sit down with Jay Smith—one of the leaders at a company known as Factom. Factom, a self-described “blockchain innovations company” has begun making a name for itself within the blockchain space.
Jay and I discuss
– What is Factom?
– How does Factom add value to the blockchain industry?
– Should I bootstrap my own company or pursue venture capitalists?
Among many other fascinating topics.
Jay’s life experiences have helped learn about starting a new business and achieving goals in a competitive industry. In one of his proudest moments, he helped develop a two token model that solved for some problems faced by blockchain investors.
One of the reasons we wanted to speak with Jay is that his background—which includes working in finance, working with startups, and everything in between—enables him to view the development of blockchain-reliant tech with a very holistic perspective.
In our conversation, we touched on a wide range of different topics, including the ins and outs of blockchain and how new technologies have begun to change our world. Take a listen to our groundbreaking conversation and let us know what you think!
*V I D E O S Y O U’ L L L O V E*
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What is Factom?
Jay describes Factom as a blockchain company that’s unique in its approach to using blockchain for multiple different purposes.
The primary business purpose of Factom is, as described by Jay, “authentic data and authenticating additional identities. Factom is a utility token, which makes it more complex than those that store value (like Bitcoin). The “miners” are rewarded with “factoids” which encourages them to continue with the development of blockchain.
However, the company also offers an additional token that is adapted for finance and comparable spaces. In order to write on the blockchain, you need to have a (non-tradable) credit.
Factom has worked on an impressive array of projects, including projects involving the Bill and Melinda Gates Foundation and the Department of Homeland Security.
How Does Factom Add Value To the Blockchain Industry?
Jay is not shy about the fact that thanks to blockchain technology, we are able to have a reliable record of everything that has happened with various digital projects.
Taking a Closer Look at Factom Coin (FTC) Price Action Versus Bitcoin
The FTC/BTC pair has been struggling to bounce off the all-time lows. It recently broke above the daily Ichimoku cloud, only to find resistance. While the future Ichimoku cloud is bullish, the pair has formed a double top chart pattern. This is a bearish reversal signal.
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Disclaimer: I am NOT a financial advisor, and nothing I say is meant to be a recommendation to buy or sell any financial instrument. I will NEVER ask you to send me money to trade for you. Please report any suspicious emails or fake social media profiles claiming to be me. Don’t invest money you can’t afford to lose. There are no guarantees or certainties in trading or investing.
#Factom #FactomCoin #BlockchainInnovation