By: Patrick O’Meara, Chairman and CEO, Inveniam
In March (or April, I don’t recall) of 2017 I first spoke to Paul Snow about what we were doing at Inveniam and he shared with me his vision for Factom.
In late 2019 we began supporting Paul and Jay Smith on their work on a number of Patents.
In 2020 we teamed up and acquired the assets of Factom, Inc, the creator of the Factom protocol. We invested some time, money, tech, and supported them as we spun them out as Defi Devs with the goal of re launching an blockchain built as a universal layer 2, designed from the ground up to meet the needs of enterprise clients.
Today, (October 31st, 2022) Accumulate the new blockchain protocol serving enterprise clients, is launched as a hard fork of Factom. Accumulate represents a major architecture upgrade from Factom, incorporating the features that made Factom successful, while improving security, scalability, resource management, and more. Features like digital identity, URL addresses for blockchain artifacts, on chain tokenization, and key book security make Accumulate more intuitive for users and easier for developers to leverage.
These attributes make corporate adoption of DLT capabilities easier and serves as an onramp to most other Layer 1 Chains. It is noteworthy that Accumulate positions itself as a universal Layer 2 protocol. Accumulate delivers the platform and tools to connect the many isolated island blockchain ecosystems into a single interconnected internet of blockchains. Accumulate will allow smart contracts, across multiple ecosystems to orchestrate with one another to safely deliver DeFi at enterprise scale. Several of Inveniam’s clients will be leveraging Accumulate’s high traffic capabilities, fixed cost model, and secure interconnections to solve real world problems like private asset market liquidity, and of course we will use it for proof of process and our meta-chain for everything we do.
Congratulations, Paul Snow, Jay Smith, Michael Creadon, Sundar Padmanabhan, – you guys are amazing, and to the rest of the team, thank you!