On December 3, the Board of AIM-traded FastForward Innovations Limited Company confirmed that Yooya, its investee company, had adopted the Factom® Harmony™ platform.
They incorporated the platform to act as their primary blockchain solution delivered via Wancloud. Factom is a renowned re-seller in China.
The adoption aims at delivering immutable recording and corroboration of the online video content’s performance in China. FastForward has a present equity interest in Factom of approximately 2.06%. It also has an investment of US$6million under a SAFE Agreement of July 23, 2018. The FFWD Company owns 15% of Yooya.
China is ranked as the biggest online video market worldwide with over 610 million users currently. The fifty competing Chinese online video platforms account for at least 31.9 billion hours of video viewing on a monthly basis.
Thus, there are growing challenges for advertisers and brands regarding the validation of real traffic and performance data for online videos.
The adoption of Factom by Yooya for its blockchain solution will deliver data-centric and highly transparent solutions without the introduction of new, unmanageable tokens.
Also, the adoption has enabled Yooya to avoid introduction of specialized cryptos, wild price fluctuations, proprietary wallets, or any other similar overhead. Few blockchains offer scale necessary to keep at par with Chinese media demand while also creating an efficient and decentralized digital media exchange.
Harmony, resold by Wancloud in China, has collaborated with Factom enabling the latter to publish its brand on blockchain both inside and outside China. Yooya will use the Factom platform to offer a private blockchain that is fixed into the public Factom® Protocol for proof of extensive immutability, a public blockchain experience, or an entirely private instance of the platform hosted solely by Factom.
The Harmony pricing is SaaS-based with an affordable monthly fee for platform-level APIs. It features an initial number of writes ideal for publishing to the Factom® Protocol per month and buying non-compulsory packages for extra monthly writes to issue more proofs to the blockchain at mounting efficiencies.
The long-term growth of Yooya will be supported by utilizing Harmony™ that never needs customers to manage wallets or cryptos.
The CEOs Speak
Yooya CEO Rick Myers believes that Factom will be an integral component of the company’s current development of China’s first blockchain-based marketplace specializing in buying and selling of media rights in the country. Factom’s CEO Paul Snow said that they are pleased to partner with a great company like Yooya.
Yooya comprises a large business model. It has the benefits of a distributed ledger enhanced by the power of immutable data that creates significant efficiencies in building many things including a digital media exchange.
Factom’s Q3 2018 revenues rose by at least 675% from Q3 last year while looking forward to a busy 2019.
Lorne Abony, FastForward’s Chief Executive Officer, was happy to see two of their investee companies forming synergies. He noted that both Factom and Yooya have shown tremendous growth in recent years and believed that the newly formed partnership will bring further growth for all involved parties. Lorne said that his company believes that the Blockchain-as-a-service industry provides the potential of exceptional returns.
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