Factom today announced the close of its software token sale which successfully sold 4,379,973 “Factoids”, raising in excess of $540,000.
This makes it one of the top 10 most successful software token sales in the blockchain industry according to the Factom announcement.
“It has been incredibly humbling to receive such an enthusiastic welcome from the bitcoin community,” said Paul Snow, CEO of the Factom Foundation. “The Factom Foundation wants to thank each of you for helping to secure the future of the Factom Project and allowing us to bring our dream of more honest systems to fruition. Over the next few months we will continue to improve the Factom API and educate developers on how to incorporate Factom into their software.”
The Factom proposition allows the user to easily create a permanent, time-stamped record of your data on the Blockchain. By providing a data layer and API to manage these transactions, users of the platform can take advantage of the permanent and public nature of the blockchain without necessarily handling the detail of the blockchain transactions.
The company states that Factom provides an “immutable audit trail” and reduces the complexity of conducting audits, managing records, and complying with government regulations. Factoids are a central part of this mechanism, factoids are required to book entries using the Factom API.