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.

FCT/BTC chart

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Kiana Danial

Kiana Danial is an award-winning, internationally recognized personal investing and wealth management expert. She is a highly sought-after professional speaker, author and executive coach who delivers inspirational workshops and seminars to corporations, universities and entrepreneurial groups. She is a frequent expert on many TV and radio stations and has reported on the financial markets directly from the floor of NYSE and Nasdaq. She is a weekly investment expert guest on Tokyo’s #1 Investment TV Show. She has been featured in The Wall Street Journal, TIME Magazine, CNN, Forbes, The Street, and numerous other publications. Kiana’s book "Invest Diva's Guide to Making Money in Forex" was picked by McGraw-Hill only two years after she first moved to the US, and was an immediate domestic and international success. At a young age, she has won numerous awards including Best Financial Education Provider at Shanghai Forex Expo in 2014, New York Business Women of Influence Honoree in 2015, and Pro Bono Humanitarian Award by IA Bar Association in 2013. Born and raised in Iran to a Jewish family as a religious minority, she was awarded a scholarship from the Japanese government to study Electrical Engineering in Japan, where she obtained two degrees in Electrical Engineering and researched on Quantum Physics in classes conducted in the Japanese language. Being the only girl and foreigner in her classes made her decide to dedicate her life to empowering minorities, especially women in male dominated industries. As the CEO of Invest Diva, Kiana’s goal is to empower and educate women to grow their wealth by investing like a ROCK STAR.

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