{"id":28726,"date":"2022-05-09T17:17:42","date_gmt":"2022-05-09T17:17:42","guid":{"rendered":"https:\/\/accumulatenetwork.io\/?p=28726"},"modified":"2022-10-13T14:19:41","modified_gmt":"2022-10-13T14:19:41","slug":"factom-transition-to-accumulate-guide-faq","status":"publish","type":"post","link":"https:\/\/accumulatenetwork.io\/2022\/05\/factom-transition-to-accumulate-guide-faq\/","title":{"rendered":"Factom Transition to Accumulate Guide &#038; FAQ"},"content":{"rendered":"\n<p>Factom, originally designed to fulfill a gap in enterprise-level data and blockchain-based record-keeping, was founded by Paul Snow and David Johnston in Austin, Texas in 2014. Factom had one of the first blockchain token sales, which started on April 2015. During the first day of its launch on the dApp Koinify, Factom raised 579 Bitcoin, which was worth $140,000 at the date of the sale. Upon its launch, the pricing of Factom\u2019s native token, Factoids, had the same initial asking price as Ethereum, according to a 2015 article by <a href=\"https:\/\/www.coindesk.com\/markets\/2015\/04\/01\/factom-raises-140k-in-first-day-of-software-sale\/\" target=\"_blank\" rel=\"noopener\">CoinDesk<\/a>.&nbsp;<\/p>\n\n\n\n<h4><strong>Table of Contents<\/strong><\/h4>\n\n\n\n<ol><li>Factom Quick Facts<\/li><li>Eventual Transition Into Accumulate blockchain<\/li><li>Differences Between Factom and Accumulate&nbsp;<\/li><li>Accumulate Tokenomics<\/li><li>Accumulate Network Statistics<\/li><li>Accumulate Benefits<\/li><li>Accumulate\u2019s Roadmap<\/li><li>Frequently Asked Questions on the Factom to Accumulate Transition<\/li><\/ol>\n\n\n\n<h4><strong>Factom Quick Facts&nbsp;<\/strong><\/h4>\n\n\n\n<ul><li>The Factom whitepaper was peer-reviewed by Vitalik Buterin&nbsp;<\/li><li>One of the first token sales ever<\/li><li>Raised 579 Bitcoin on the first day of its token sale in 2015&nbsp;<\/li><li>Partnered with Gates Foundation&nbsp;<\/li><li>Grant recipient from the Department of Homeland Security&nbsp;<\/li><\/ul>\n\n\n\n<h4><strong>Eventual Transition into Accumulate Blockchain<\/strong><\/h4>\n\n\n\n<p>Generally speaking, some of Accumulate\u2019s core functionality preserves parts of Factom\u2019s more distinctive design aspects while improving on UI\/UX, its range of use cases, and scalability.&nbsp;<\/p>\n\n\n\n<p>When Factom first surfaced, blockchain development was largely explored for trustless transactions and record keeping. Factom\u2019s team of developers realized some of the inefficiencies of Bitcoin\u2019s requirements for validating data, but Factom\u2019s team used the Bitcoin network\u2019s strengths to the team\u2019s advantage. Some of the Bitcoin network\u2019s requirements were not only inconvenient but rather unsuitable for larger data sets that were utilized by enterprises. To improve on these pain points, Factom\u2019s development team improved on some of Bitcoin\u2019s weaknesses when releasing Factom, but then used some of Bitcoin\u2019s strengths to its advantage \u2013 such as the network\u2019s security and size due to the network\u2019s reliability. Factom was able to commit to Bitcoin in real-time, making Factom&#8217;s chain of chains architecture unique.&nbsp;<\/p>\n\n\n\n<p>Factom\u2019s design gave way to:&nbsp;<\/p>\n\n\n\n<ul><li>Faster indexing<\/li><li>Reduced complexity<\/li><li>Lower storage costs&nbsp;<\/li><\/ul>\n\n\n\n<p>Factom took the advantages of the Bitcoin network\u2019s security one step further with the use of anchoring, a process that Accumulate still implements today. The results of consensus on Factom were uploaded to Bitcoin&#8217;s blockchain every 10 minutes. Large amounts of data were entered into Factom and then secured on Bitcoin through a single data point. This not only gave users an immutable history of transactions, it also had lower data requirements, and only asked users to sync with only a small portion of Factom to run the application. The design\u2019s ease enhanced sharding as well. Thus, Factom\u2019s approach allowed for scaling to become more efficient.&nbsp;<\/p>\n\n\n\n<p>Then in late 2021, the Factom Authority Node Operators (ANOs) voted to rebrand and upgrade into <a href=\"https:\/\/accumulatenetwork.io\/\">Accumulate<\/a>. Accumulate was created to continue Factom\u2019s legacy with a complete rewrite of the Factom codebase.&nbsp;<\/p>\n\n\n\n<h4><strong>Differences Between Factom and Accumulate&nbsp;<\/strong><\/h4>\n\n\n\n<p>Factom\u2019s ANOs voted to upgrade and serve as the basis for <a href=\"https:\/\/accumulatenetwork.io\">Accumulate<\/a> \u2013 a faster, more widely usable, and more scalable improvement of Factom\u2013 organized around digital identities called Accumulate Digital Identifiers (ADIs). The Accumulate Protocol is an identity-based, Delegated Proof of Stake (DPoS) blockchain designed to power the digital economy through interoperability with Layer-1 blockchains, integration with enterprise tech stacks, and interfacing with the World Wide Web<\/p>\n\n\n\n<p>What is an Accumulate Digital Identifier (ADI)?<\/p>\n\n\n\n<p>An ADI (also called identity) is a human-readable URL that can represent users, institutions, devices, etc. An Identity may have accounts, which hold its assets, whether those are tokens, data, or keys. An identity can be represented as: &#8220;acc:\/\/Bob&#8221;. Identities provide structure on the Accumulate Blockchain and allow smart contracts, consensus building, validator networks, and enterprise-level management of digital assets.<\/p>\n\n\n\n<p>Accumulate architecture allows the processing and validation of identities. Every ADI on the network also has an associated set of hierarchical keys. Each key has a different priority level, allowing users to manage security settings, or organize complex signature authorization schemes. Accumulate\u2019s system anchors all transactions to Layer-1 blockchains while providing enterprise-grade security to anyone that wants it.<\/p>\n\n\n\n<p>Accumulate Digital Identifiers can:<\/p>\n\n\n\n<ul><li>Send and receive blockchain tokens like a Bitcoin address&nbsp;<\/li><li>Support smart contract rollups&nbsp;<\/li><li>Maintain legal and regulatory compliance&nbsp;<\/li><li>Maintain predictable gas costs&nbsp;<\/li><li>Multi-signature authorization for wallet transactions&nbsp;<\/li><li>Flexibility to be managed by an individual, an organization, or even a device<\/li><li>ADIs can also be transferred or controlled by multiple parties to create a consortium that manages a user\u2019s identity and data.&nbsp;<\/li><\/ul>\n\n\n\n<h4><strong>Accumulate Tokenomics<\/strong><\/h4>\n\n\n\n<p>Accumulate has a token supply that deflates with increased demand for the network. The token supply occasionally mints tokens to distribute to validators and stakers. However, at different times that vary by transaction volume, a portion of ACME tokens are burned when ADIs are created. Burned ACME tokens are reissued in future blocks. Accumulate\u2019s demand mechanism incentivizes staking and burning ACME.&nbsp;<\/p>\n\n\n\n<p><strong>Supply:<\/strong> 500M Tokens&nbsp;<\/p>\n\n\n\n<p><strong>Release at Mainnet: <\/strong>150M<strong>&nbsp;<\/strong><\/p>\n\n\n\n<p><strong>Grant Block and Dev Block: <\/strong>60M and 90M&nbsp;<\/p>\n\n\n\n<p><strong>Grant Block Breakdown:<\/strong>&nbsp;<\/p>\n\n\n\n<ul><li><strong>50%:<\/strong> Allocated to Governance&nbsp;<\/li><li><strong>25%:<\/strong> Core Development&nbsp;<\/li><li><strong>10%:<\/strong> Ecosystem Development&nbsp;<\/li><li><strong>15%:<\/strong> Business Development&nbsp;&nbsp;<\/li><\/ul>\n\n\n\n<p><strong>FCT Conversion to ACME: <\/strong>50M<\/p>\n\n\n\n<p><strong>Conversion plus Activation Block: <\/strong>200M<strong> <\/strong>of the 500M Max Supply&nbsp;<\/p>\n\n\n\n<p><strong>Uncirculated Pool: <\/strong>300M tokens (60%)<strong>&nbsp;<\/strong><\/p>\n\n\n\n<p><strong>Monthly Mint Rate:<\/strong> 1-2% of uncirculated pool tokens will be minted as ACME to create credits.&nbsp;<\/p>\n\n\n\n<h4><strong>Accumulate Metrics<\/strong><\/h4>\n\n\n\n<ul><li><strong>Community<\/strong>: Since launching, Accumulate Network\u2019s community has quickly grown to over 150,000 people.&nbsp;<\/li><li><strong>Transactions<\/strong>: One of the fastest blockchains globally with 70,000 transactions per second (TPS).&nbsp;<\/li><li><strong>Block Time Settlement: <\/strong>Near instantaneous with 1-second block settlement&nbsp;<\/li><li><strong>Node Validators:<\/strong> 30+ node validators to be <strong> <\/strong>onboarded<\/li><li><strong>Testnet Transactions: <\/strong>Accumulate\u2019s testnet has seen over 1.2 million transactions.<\/li><li><strong>Site Events<\/strong>: Growing interest in Accumulate has resulted in 172,277 site events since inception.<\/li><\/ul>\n\n\n\n<h4><strong>Accumulate Benefits<\/strong><\/h4>\n\n\n\n<ul><li><strong>Low-Cost Transaction Fees: <\/strong>Predictable, low-cost transactions average $0.025 per token transaction.<\/li><li><strong>High Scalability:<\/strong> 70,000 transactions per second enable scalability for enterprises and individuals.<\/li><li><strong>Speed: <\/strong>Single second transaction settlement speed makes Accumulate one of the fastest blockchains available.<\/li><li><strong>Interoperability: <\/strong>Anchoring with other chains gives way to an interoperable design. <strong>&nbsp;&nbsp;<\/strong><\/li><li><strong>On and Off-Chain Integration: <\/strong>A smart contract model that offers support for dApps.&nbsp;&nbsp;<\/li><\/ul>\n\n\n\n<h4><strong>Accumulate\u2019s Roadmap&nbsp;<\/strong><\/h4>\n\n\n\n<p>Throughout the rest of 2022 into 2023, Accumulate\u2019s development plan has two major components: ecosystem and core protocol. Some of the ecosystem updates that are anticipated for Accumulate include integrations with some of the most important Layer 1 protocols, as well as integrations with prominent stable coins.&nbsp;<\/p>\n\n\n\n<p>Planned updates to the core protocol include staking rewards, staging automation, validator automation, and signature chain pruning.<\/p>\n\n\n\n<h4><strong>Frequently Asked Questions on the Factom to Accumulate Transition<\/strong><\/h4>\n\n\n\n<p><strong>When did Factom become Accumulate? <\/strong>Factom will officially become Accumulate after the hard fork is completed. On November 10-21, 2021, Factom\u2019s Validators unanimously voted to upgrade into Accumulate. In the summer of 2021, Inveniam acquired Factom Inc.\u2019s 40 blockchain patents.&nbsp;<\/p>\n\n\n\n<p><strong>How many validators will Accumulate have? <\/strong>Accumulate\u2019s ecosystem has been designed to support somewhere in the vicinity of up to 50 validators when Accumulate Mainnet activates.&nbsp; However, the architecture was designed to support more validators as the platform\u2019s volume increases. Accumulate requires validators to have substantially less hardware per transaction than other major blockchains to make validator onboarding easier.&nbsp;<\/p>\n\n\n\n<p><strong>What are Accumulate\u2019s benefits? <\/strong>Key hierarchies, human-readable addresses, and its multi-chain architecture. Key hierarchies allow keys to be rotated, recreated, and redesigned, resulting in an overall safety improvement for your assets. Human readable addresses improve the current status quo of interacting with long alphanumeric text strings to send blockchain tokens to another person.&nbsp;<\/p>\n\n\n\n<p><strong>What is the ratio when converting FCT to ACME? <\/strong>Any user that holds Factom (FCT) would convert to Accumulate&#8217;s ACME at a ratio of 1 FCT to 5 ACME. <\/p>\n\n\n\n<p><strong>What do I need to do if I hold FCT for it to convert to ACME?<\/strong> If you have FCT in your own wallet, you will have to import your FCT into an ACME wallet. After the hard fork, a user would use their private key for their Factom wallet to access an Accumulate wallet that would contain the converted ACME (at a 1:5 ratio of 1 FCT to 5 ACME).<\/p>\n\n\n\n<p><strong>What do I need to do if I hold FCT on an exchange like Bittrex?<\/strong> Bittrex and other exchanges with FCT will be updated for the conversion to take place. More information will be published on this in the future.<\/p>\n\n\n\n<p><strong>Will WFCT holders convert to ACME?<\/strong> Yes, WFCT (Wrapped Factom) holders will be able to convert to ACME at the same ratio that FCT converts to ACME (1 FCT to 5 ACME). The conversion portal will be available at <a href=\"https:\/\/wfct-burn.netlify.app\" target=\"_blank\" rel=\"noopener\">https:\/\/wfct-burn.netlify.app<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Factom, originally designed to fulfill a gap in enterprise-level data and blockchain-based record-keeping, was founded by Paul Snow and David Johnston in Austin, Texas in 2014. Factom had one of the first blockchain token sales, which started on April 2015. During the first day of its launch on the dApp Koinify, Factom raised 579 Bitcoin, [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":28728,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","inline_featured_image":false},"categories":[14],"tags":[],"_links":{"self":[{"href":"https:\/\/accumulatenetwork.io\/wp-json\/wp\/v2\/posts\/28726"}],"collection":[{"href":"https:\/\/accumulatenetwork.io\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/accumulatenetwork.io\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/accumulatenetwork.io\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/accumulatenetwork.io\/wp-json\/wp\/v2\/comments?post=28726"}],"version-history":[{"count":13,"href":"https:\/\/accumulatenetwork.io\/wp-json\/wp\/v2\/posts\/28726\/revisions"}],"predecessor-version":[{"id":30023,"href":"https:\/\/accumulatenetwork.io\/wp-json\/wp\/v2\/posts\/28726\/revisions\/30023"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/accumulatenetwork.io\/wp-json\/wp\/v2\/media\/28728"}],"wp:attachment":[{"href":"https:\/\/accumulatenetwork.io\/wp-json\/wp\/v2\/media?parent=28726"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/accumulatenetwork.io\/wp-json\/wp\/v2\/categories?post=28726"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/accumulatenetwork.io\/wp-json\/wp\/v2\/tags?post=28726"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}