About Factom

Factom Coin Review: Mining Guide, Price & Analysis of Factom Cryptocurrency

Factom is a decentralized platform that was initially designed to help companies build their recording system. Factom is focused on resolving the problem that faces Bitcoin. Some of these issues include the transaction speed, which takes a long before transactions are verified.

Additionally, the transaction fees are also high in the BTC network. The mining cost continues to increase, as well. Moreover, Bitcoin also has network bloat and the number of transaction per second are minimal, and a long term solution is yet to be invented.

However, Factom creates a cheaper method that can be utilized by various companies. Their blockchain can be used to store data. Furthermore, the platform has an easy verification process for every data that it stores.

History of Factom Coin

The platform was introduced in the market via its ICO in 2015. The price of the token was not very appealing as it debuted at $0.21. Currently, the token has hit the $1.03 mark. It has a market cap of $9,845,853.

Factom is an open-source platform that has made many accomplishments in the market. The company is a decentralized protocol that operates on top of Bitcoin. No one controls Factom, and anybody can use the software for their own needs.

Factom does not store all the business data of a company on its blockchain. Instead, it stores minimum data in its structure. The platform is meant to store data to be shared in the P2P network. Their system is resistant to spam. Transactions must be signed for them to be valid.

Can Factom Coin be mined?

Users cannot mine FCT. The algorithm which Factom network uses is that of consensus. It is cheaper, effective, and fast. Users can only purchase FCT on various exchanges. Additionally, you can visit mining pools and exchange your mined currency into Factom.

The currency is unlike other tokens in the market. The platform offers unique services. The majority of the businesses in the world have found the Factom coin useful. They utilize blockchain technology to solve the real-time problem.

How Does Factom Operates

Factom network is accurate and secure for storing data. The network is cheap and attracts multiple businesses and companies. The platform is ideal for ventures that require storing a large amount of data. Factom ensures that your information is secure and not manipulated.

Some of the documents that require high security are land title deeds and medical files. Safekeeping this data ensures the information is accurate and immune from landing in the wrong hands. Factom offers a cheap and decentralized method of storing every hashes information.

Factom targets to resolve modern world problems. Several businesses can gain from using the blockchain of this currency. You can use the effective, secure, affordable data storage services of FTC. Some of the industry that benefits significantly from this blockchain is;

Legal Documents- Multiple documents need to be verified without certifying the person who signed them. If a business uses Factom, then the files can be proven authentic without being tampered with.

Mortgage Data- Financial institutions and mortgages store data in a centralized server. The information can be stolen or lost. These businesses serve a large number of clients, and Factom targets, making their work more comfortable and affordable.

Healthcare Record- Medical documents require high quality of security. The sector documents need validation, safe storage, and confirmation. Additionally, the information needs to be frequently updated and continuously transferred.

Factom Currency

Factom has two tokens, unlike other blockchain networks. The first currency is known as Factoids (FCT). The coin can be traded on various exchanges in the market. They prevent users from spam and decentralize the network.  Additionally, the currencies are used as rewards to maintain the platform, and Federated servers receive FCT after verifying transactions.

The other token is referred to as the Entry Credits (ECs). You can use these coins to vote for the authority node. You can acquire ECs by buying them using FCT or any other crypto of your choice. However, you can only use them on the Factoid platform.

Once ECs are used to add data to the Factom platform, the same amount of FCT is permanently burned out of the system. Since any currency can buy the Entry Credits, it allows users who do not know the crypto space to participate. Once they purchase the Factom platform burns the same amount of Factoids.

Factom Chain

Factom chain stores links, also known as hashes, to companies' documents. It helps in reducing bloat. The blockchain has chains that are like a folder, and some Entries act as files. The maximum size of the entries is very minimal can be 10KB.

The chain assists in combining the small size of entries into one large file. To ensure there is easy auditing of the documents, each chain has an ID. Additionally, there are Entry Blocks that consist of every hash in a specific Chain ID.

All Entry Blocks are combined by the Federated Servers every minute and put in a Directory Block. There are 10 Directory Blocks that are created in 10 minutes. They are then attached to the BTC blockchain by a random selected Authority node.

The Factom chain is an easy and cost-effective method to save data. The platform uses Directory Blocks and chain ID to validate a chain. BTC and other digital currencies use a whole chain to confirm data hence having huge bandwidth.

The Team behind Factom

Factom was established in 2014, and this blockchain has grown over time. The company headquarters is in Austin, Texas. The founder of this platform is Paul Snow. Paul is the founder of DTRules and BTC conference. Crypto enthusiasts believe in the success of the Factom coin.

The company has partnered with reputable organizations in the world. They also have over 11 million entries in their system. The entity has even worked with the Department of Homeland Security and the Gated Foundation to keep people's data in developing nations.

Moreover, the community of Factom is also vibrant. The success of every cryptocurrency depends on the support that it gets from its community. The platform is more focused on serving business, but still, they have large support on social media platforms. Factom Consensus Servers

How to Buy FTC

The token can be purchased on various popular exchanges like Poloniex, Bittrex, and UpBit. These are custodian exchanges that hold a large volume of the currency. It can affect the currency's liquidity to users who might need to purchase or sell a large amount of FCT.

Additionally, you can use other exchanges like Coinbase that allows users to transfer FCT from your wallet or to other users. The platform has its wallet known as the Factom Enterprise Wallet. Moreover, you can also use an offline wallet like the Ledger Nano.

Final Verdict

Factom uses federated servers similar to the Raft algorithm. Decisions are made using random elections. The Federated servers are the ones that can only write the data on this platform and receive rewards.

The company has two objectives to preserve data and communicate. The technology behind Factom is interesting and could greatly contribute positively to the world. The platform has real-time use of safekeeping documents like medical records, land grants, financial audits, which require high accuracy levels. The mortgage sector utilizes Factom Harmony.