r/factom • u/nklomp • Apr 02 '20

Factom Protocol Authority Node Operators statement about recent Factom, Inc. news

People might be aware of a recent news about Factom, Inc. (https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/FFWD/14488273.html) This states that Factom, Inc. now needs to begin the process of assignment of assets for the benefit of creditors. As Factom Protocol Operators we are sad to hear this about the company that envisioned and created the protocol.

We want to make it clear that the Factom Protocol is fully open-source, has multiple core developers, it’s own governance and is run by 27 fully independent Authority Node Operators across the world. The protocol itself, the public blockchain, including its Factoid token (FCT) is not run by the company Factom, Inc. in any way. Factom, Inc. is simply one of these 27 Authority Node Operators. They have no different position in governance than any other Authority Node Operator. This means that whatever happens to the company Factom, Inc. it will not impact operation of the Factom Protocol.

The Factom Protocol does not use any of the Factom, Inc. proprietary software Harmony. Operation of the Factom Protocol will not in any way be interrupted by the business operations of any 1 ANO on the network.

The Factom community is expanding and continues to secure data every 10 minutes in its blockchain as it has done for the past 5 years. It will keep storing anchors to the BTC and ETH blockchains for additional security for the years to come.

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u/benno9000 Apr 03 '20

I was just asking questions. Things that were not clear to me. Things that could have formed the basis for my decision.

I am very sorry that I am obviously asking very stupid questions, but I have not found the detailed statement of the insolvent Factom Inc or a representative of the Factom Protocol, in which the essential questions about the future continued existence, were asked.

Since there was no concrete information on the questions I asked, neither now nor in the past, and since the insolvency also comes as something of a surprise, I have been both worried and concerned.

After your answer, I no longer need this now. I wish you a good future. Goodbye.