Blockchain Innovations Company, Factom's Jay Smith Joins Kiana
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!
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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.
When asked about how Factom adds value without removing the things people like about blockchain (control, privacy, etc.), Jay bluntly states “What we’re about is truth. What we do is enable truth.” Factom helps entities create strong digital identities, enabling them to stay secure and also comply with various regulatory challenges. These changes make it possible for businesses to jump from the proof of concept (POF) stage into actual construction.
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Should I bootstrap my own company or pursue venture capitalists?
One of the first things we discussed with Jay was whether he prefers working with venture capitalists or “bootstrapping” and financing projects on his own. Naturally, we agreed that both financing approaches have their share of pros and cons. While relying on venture capitalists has admittedly given Jay less freedom, he claims his financers have been “kind” to him and have empowered him to pursue bigger projects.
Taking a Closer Look at Factom (FCT) Price Action Versus Bitcoin
The FCT/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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🐦Follow Jay on Twitter: https://twitter.com/JaySmithNotes
Learn more about Factom: https://www.factom.com/
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.