look at this news
https://www.bourse.lu/blockchain-press-release
"Ethereum is a decentralised platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference. By introducing Etheruems blockchain technology into the certification process, LuxSE is providing a "digital signature" that will ensure authenticity and proof of existence of all documents filed in the OAM."
if we have this on Ethereum directly, what do we need Factom for, if I may ask
https://www.bourse.lu/blockchain-press-release
"Ethereum is a decentralised platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference. By introducing Etheruems blockchain technology into the certification process, LuxSE is providing a "digital signature" that will ensure authenticity and proof of existence of all documents filed in the OAM."
if we have this on Ethereum directly, what do we need Factom for, if I may ask
A good question and I actually appreciate your insights. These guys are giving you a hard time LOL.
But storing data on Ethereum is much more expensive than storing data on Factom. The reason is that in Ethereum every node processes every call and store every piece of data. Factom has a quite efficient federated mechanism that makes storage cheaper without any validation possibility.
Factom also creates software that harmonizes the auditing/review process within industries (well, one service they provide). This makes it much easier for regulatory agencies to do their jobs.
And companies/cliënts don't have to buy any cryptocurrency - so not carrying any currency risk - by using Factom.
And so on...
Music to my ears
