@crypto__juju Here's an obituary that just came out: https://t.co/KQS1MNOkSm Maybe there's a lag of approximately a year longer than I thought for the prolonged crypto winter to actually finish off weak projects?
Sad to see Factom fold, but the whole idea had zero product-market-fit. Any undergrad could have stored a hash on a chain. And they lacked the aesthetic required to become a DeFi oracle.
https://t.co/CIejntbBuc via @coindesk
RT @AnondranCrypto: RIP FACTOM $FCT . One of my fav OG Alt on Polo in 2016, is entering into liquidation due to lack of funding.
This is the final part of the roadmap for every Altcoin out there sadly.
FactomKiwi2 - 3 years account age. 150 - 300 comment karma.5 months ago
The Factom Protocol is in great hands with 27 other world-class ANO's running the Factom Authority Servers and leading development efforts. This news is sad for Inc. but it does not change the positive outlook for The Protocol.
Factom Inc took venture capital to fuel growth. They had a large staff and loan to pay just as crypto winter began which likely hindered biz dev.
They simply didn’t get enough revenue in time to avoid the necessity of further funding, like most venture backed companies.
E.g if Uber doesn’t get more funding it’s immediately bankrupt. Doesn’t mean other ride-hailing companies won’t be profitable with a different strategy, or more conservative growth.
CelestrielWARNING: 6 - 7 years account age. 44 - 88 comment 5 months ago
This. Factom Inc does not equal the Factom protocol. They were only one independent party building solutions on top of the Blockchain. The Factom Protocol will still carry on and has numerous operators still actively building on it. We'll see how things play out, but it's possible that we could see the people behind Inc re-structure as a new, leaner entity and re-assimilate as an ANO back into the ecosystem. Of course that's all speculation at this stage.
SlickinfinityGold | QC: CC 51, BTC 35 | r/UnPopularOpinion 555 months ago
Years ago factom was supposed to be one of the safer bets and glad I never really got hyped about it.
"Safer Bets" lol as if there is such a thing in crypto
GBG-glennPlatinum | QC: BTC 55, ETH 41, CC 40 | IOTA 9 | Tr5 months ago
It was one of few who actually had a good reputation and partners very early on. Melinda & Bill Gates foundation, American department of homeland security for example. Honduras government to fight corruption also.
Factom could have been great had it not allowed any random company to become an authority node (or whatever factom calls them). None of the nodes had anything to lose, they were all companies created to run Factom nodes.
The partnerships and connections were there for them to have taken off, sad we don't see that.
GrossBitPlatinum | QC: ETH 364, BTC 81 | TraderSubs 10585 months ago
FCT used to be a top10 coin at its height ...
Technically FCT is a decentralized protocol and could in theory survive without Factom Inc but it’s fair to say the token will die as well