Don’t put all your eggs in one basket! Factom uses both Bitcoin and Ethereum blockchains

The Factom project has been attracting a lot of attention over the past year. It’s always exciting to use blockchain technology for purposes other than finance. The Factom team is working on anchoring sensitive data to the blockchain. However, Factom plans to use both the Bitcoin and Ethereum blockchains for their research, thanks to a new feature called M2.

Contrary to what most people think, Factom will not rely solely on the Bitcoin blockchain. Although the Bitcoin blockchain is still the most secure blockchain currently, the company will not put all its eggs in one basket. Factom will also integrate with the Ethereum blockchain to ensure that data is secure at all times. In addition, this also improves the decentralization of the entire project.

Factom embraces Ethereum blockchain

This is possible thanks to a new feature called M2. Factom organizes all network data into Entry and Chain. User data is stored in Entries, and Chain connects Entries to each other. Each Chain will have Entry blocks, with new blocks generated every 10 minutes. This seems to be consistent with the generation time of Bitcoin blocks.

However, one important new feature has been added:

“At the end of this 10-minute period, all new Entry blocks for Chain are merged into a Directory block, which is then anchored to the Bitcoin and Ethereum blockchains. If no new entries are generated in a given 10-minute period, no new entry blocks will be added to Chain.”

This is an exciting development for both Factom and Ethereum. Various companies are exploring the Ethereum blockchain for different purposes. It makes sense for Factom to do the same, so that they are not solely dependent on the Bitcoin ledger. At present, it remains to be seen when this implementation will be launched on the main network.

The current situation comes at a time when the price of Factoid, Factom’s native currency, is rising. Factoid will be used to secure information on supported blockchains. So far, the price of these tokens has been rising steadily over the past few weeks. According to observations, Factom is still in the making.