Accumulate’s story starts with the founding of Factom in 2014, a data publishing layer atop major blockchains. In 2021, Factom was acquired by Inveniam Capital Partners, bringing along lead engineers Paul Snow and Jay Smith. Inveniam Capital Partners created the Defi Devs subsidiary to be lead developers in the Accumulate community.
The Accumulate protocol is based on many of the best concepts that came of the Factom protocol, including data and identity focus while combining the components in a new and unique configuration.
The Accumulate protocol is designed by Paul Snow. Paul Snow is the Chief Blockchain Scientist at Inveniam and Defi Devs. Previously, he was the CEO and chief architect of the Factom protocol and co-author of the Factom White Paper, developing and implementing a “multi-leader” consensus algorithm for the blockchain network. Of note, he was founder and chief architect for DTRules, an open-source project providing decision table-based rules engines. He is listed as inventor on many of Factom’s 40+ patents, both issued and in progress, which serve as a foundation for Accumulate.
From Factom to Accumulate
On November 10th, 2021, the Factom Authority Node Operators (ANOs) voted to upgrade and hard fork to Accumulate. The hard fork will be completed in September 2022.
Please visit this link for the official announcement from the Factom Council.
Community Development Partners
Accumulate is a fully decentralized protocol that is developed by various development organizations. A few key community development partners are listed below.
DeFi Devs, as part of the Inveniam Capital Partners ecosystem, is one of the largest blockchain patent holders in the United States. Defi Devs serves as a lead community developer in Accumulate. This ecosystem of rich patents enables next-gen scaling and performance for Accumulate. This chart includes awarded and pending patents.
Accumulate is a Vetted Delegated Proof-of-Stake blockchain as opposed to a Proof-of-Work blockchain. Accumulate has a small footprint and verifier node that can run on smart phones. As a result, transactions can be fully verified against the entire chain with minimal connectivity such as a mobile phone in rural areas.
Proof-of-Work blockchains require a vast amount of computing resources that consume a significant amount of electricity. As such, Proof-of-Work blockchains are less environmentally friendly. Accumulate’s Proof-of-Stake mechanism enables validator nodes using lower power consumption, which makes Accumulate an eco-friendly project.