Factom Protocol, the open-source, enterprise-grade, developer-friendly blockchain protocol of choice for enterprises, has partnered with Sphereon to integrate the Factom Asset Token (FAT) protocol with DAML, an open source programming language created by Digital Asset for modeling smart contracts. The announcement was made today at the Voice of Blockchain conference in Chicago.
This development leverages DAML to issue and transact fungible and non-fungible tokens on any of the DAML-supported ledgers, thus allowing the issuance and management of stablecoins using DAML on a public blockchain platform.
DAML is an open-source, domain-specific, smart contract programming language for modeling, automating, and enforcing multi-party agreements. Digital Asset open sourced the DAML language in April of this year along with an integrated suite of tools designed to accelerate the development of DAML applications. The integration of DAML with the Factom Protocol demonstrates the ease with which the developer community can use DAML to develop and spin-up new applications.
“It’s amazing to see the community adopt DAML in such an innovative way. What Sphereon have done to integrate DAML with the Factom Protocol is really unique and shows the power of open source software,“ said Dan O’Prey, CMO & Head of Community Growth at Digital Asset.
This integration will also enable DAML applications to issue and transact with stablecoins on PegNet – a decentralized, non-custodial network of 32 tokens pegged to different currencies and assets that allows for trading and conversion of value without the need for counterparties.
The PegNet stablecoin system, built on the Factom Protocol, was launched in August and is a fully auditable, open-source stablecoin network using Proof-of-Work and decentralized external oracle data to converge on the prices of currencies and assets, secured by the public Factom, Bitcoin, and Ethereum blockchains at the same time.
Maarten Boender, Co-founder of Sphereon said, “We have a strong background in business process management and recognized the enormous potential of DAML for multi-party, distributed, and secure workflows, allowing participants to collaborate in structured processes as never before. By supporting DAML applications we enable enterprises to easily transact with tokenized assets, at a fixed, low cost on a very secure public ledger.”
The Factom Asset Token (FAT) is an open-source tokenization protocol that enables users to efficiently transfer and prove ownership of regular assets after tokenizing them. These regular assets can include currencies, coupons, stocks, gift certificates, and real estate among others. The integration with the Factom Asset Token (FAT) Protocol will be made available as open source to the DAML and Factom communities and will be commercially supported by Sphereon, a leading software technology provider specialized in enterprise content management and blockchain technologies.
Greg Forst, Director of Marketing at Factom Protocol said, “Today’s announcement continues the strong wave of momentum powering the ascent of the Factom Protocol in recent months. This is yet another tangible use-case demonstrating the protocol’s adaptability while strengthening the Protocol’s position as the gateway for government and enterprise-grade blockchain innovation.”
About Factom Protocol
The Factom Protocol is an open source, enterprise grade, developer friendly, ready-to-use platform to efficiently build blockchain solutions. The technology provides the necessary frameworks to create comprehensive solutions, including digital identities, smart contracts, and stablecoins. The protocol has fixed costs to accurately budget projects, as well as public and private implementations, all without the need to handle cryptocurrencies. The Factom Protocol has demonstrated its ability to act as the industry standard for government and enterprise-grade blockchain innovation with real world use in medical research, courtrooms, and border security, amongst others.
To learn more about the Factom Protocol visit factomprotocol.org
Sphereon is a software technology provider with a focus on applying blockchain technologies in business processes and enterprise content management. It offers document and blockchain services (APIs) as well as standard integrations that are used by software vendors, systems integrators and enterprises to build repetitive solutions.
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