Interesting, so proof of existence will perform similar function as Factom?
Yes, the result will be similar, but the implementation is different. My understanding is that Factom is a hybrid system that uses the blockchain for storing hashes, and Factom servers for file storage / hashing / verification. My implementation is 100% decentralized, and does not rely on any servers, but because of that, it is best suited for shorter text documents and document/file hashes. Truth be truthful, I have not spent too much time understanding the nuts and bolts of how Factom works. Once Phase 2 is out, you will be able to do document hashing and verification directly from the SmartChain client.
Factom implements a node network that distributes the data hashed across the network. How and the order of data hashed involves (ultimately) 32 federated servers making that call. But all nodes in the network verify and validate the result. And every 10 minutes a merkle root is written into the Bitcoin blockchain. This is done so that all the data collected and organized by Factom can be validated against Bitcoin and to detect any attempt to fork Factom.
Currently we are working on distribution and the elections of the servers. It remains that Factom is secured by Bitcoin though, and even without decentralization, trust of a central party is eliminated by anchoring into Bitcoin.
Any entry in factom has a Merkle proof against Bitcoin; factom isn't required for proof of existence.
Proving a chain of entries is also possible against Bitcoin and the Factom data structures (which are distributed to all nodes). You need the directory blocks, and the data of the entry chain of interest.
RADON looks cool, but I haven't read the whitepaper as of yet.
Paul Snow
Factom
