Factom’s Devs & Sphereon to Use DAML Smart Contracts for Stablecoins, Tokenization

The developers of the open-source, enterprise-grade Factom Protocol have teamed up with Sphereon in order to integrate the Factom Asset Token (FAT) protocol with DAML, an open-source programming language developed by Digital Asset (the company) for modeling blockchain-based smart contracts. 

Factom protocol developers and Sphereon announced their partnership on October 1 at the Voice of Blockchain conference in Chicago, according to a press release shared with CryptCoreMedia.

Factom and Sphereon’s team is planning to use DAML to create and transact fungible and non-fungible tokens on DAML-compatible ledgers. This will facilitate the issuance and management of stablecoins via DAML on a public (permissionless) blockchain network.

As noted in the release, DAML is a domain-specific, smart contract programming language for “modeling, automating, and enforcing multi-party agreements.” 

Digital Asset open-sourced the DAML language in April. The company has also created a suite of tools that allow developers to easily develop DAML-based applications. 

Dan O’Prey, CMO and head of community growth at Digital Asset Dan O’Prey, said:

“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.“

DAML applications will now be able to issue and transact with stablecoins on PegNet, a decentralized, non-custodial network of 32 different crypto tokens that are pegged to various currencies and assets. PegNet can be used for trading and converting between different assets without the need for trusted intermediaries. 

The Factom protocol-based PegNet stablecoin system was launched in August of this year. It is fully auditable and uses proof-of-work (PoW) 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,” the release noted.

Maarten Boender, co-founder of Sphereon, stated:

“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.”

As mentioned in the release, The Factom Asset Token (FAT) is based on an open-source tokenization protocol that allows users to “transfer and prove ownership of regular assets after tokenizing them.” 

These assets may include currencies, coupons, stocks, gift certificates, and real estate. 

The integration with the Factom Asset Token (FAT) Protocol will soon be available to the DAML and Factom communities. It will be supported by Sphereon, a software technology firm focused on enterprise content management and blockchain-based technologies.

Greg Forst, director of marketing at Factom Protocol noted:

“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.”