Factom is considered as an enterprise-grade blockchain network. The network allows users or independent nodes to communicate even with Bitcoins through the Factom protocol. The network avoids storing the entire transaction records in its blockchain and instead acts as an immutable and encrypted directory. Fields and industries like education, law, healthcare, and real estate store and transfer data on a regular basis. In this process, it is difficult to keep track of document ownership without having an extensive documenting procedure in place. The network has its own native cryptocurrency called FCT which is used to conduct transactions in the Factom blockchain network.

After the inception of blockchain and the birth of Bitcoin as a new form of alternate currency, cryptocurrency and blockchain technologies saw a huge boom with an immense amount of investments from enthusiasts who touted it as the next biggest thing of the 21st century. This led to the rise of new cryptocurrencies that were innovative and unique in their own way to woo in investors from the big cryptocurrencies like Bitcoin and Ethereum towards themselves. Factom is one of the many altcoins the rode the wave of success that Bitcoin created. Although Factom is not a common cryptocurrency and has multiple benefits that it provides to its network users.

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In order to find a solution, industries started looking towards blockchain technologies like Bitcoin and Ethereum to solve their issues of documentation and record-keeping. But these blockchain networks instead created a bottleneck and the rising costs for their network usage were also proving costly for these sectors. This lead to the creation of Factom in 2014 which aimed to remove bloatware and scalability issues in huge networks. The Factom team, led by its co-founder and CEO, Paul Snow, provides its users with military-grade end to end encryption to cloud-based storage like blockchain network. The network supports individual access levels and system tracking on its system, while cryptographically hashing out the records to the Bitcoin blockchain network.

The uniqueness and innovative ideas that the Factom team had implemented in its blockchain network amassed a considerable amount of investments and funding from notable companies and organizations like the Bill and Melinda Gates Foundation, which awarded Factom a $500,000 USD grant in 2016. Other than that, government organizations like the U.S. Department of Homeland Security also granted Factom a grant of $200,000 USD in 2018. Factom garnered a lot of interest from the financial institutions and government organizations alike and it helped the project stay afloat even when the cryptocurrency and blockchain industry plummeted in late 2018. Factom also has a huge community on both Reddit and Discord platform. Both the Factom Reddit and Factom Discord communities actively contribute towards the development of the platform and also acts as a discussion forum to guide and advise new users and investors.

The Factom blockchain is quite similar to the BitTorrent technology and creates files with a minimal size that acts as an Entry Block to the document that is designated to it. The entry block contains summaries of the document that is attached to it and is indexed into Directory Blocks. These Directory Blocks are directed into the Bitcoin blockchain every time a block is created, i.e., every 10 minutes. The verification of all these documents is done by a variety of nodes that are present in the system, namely Federated Servers, Audit Servers, and Follower servers. The Federated servers collect FCT coins in exchange for verifying documents and writing them on the blockchain. They gather their information from the Audit and the Follower servers and take security measures like pinging servers to check for activity and shutting unresponsive servers in the network.

Audit servers do the exact same job as that of a Federated server but do not get remunerated for their work while Follower servers follow transaction requests to the Federated Servers and act as an engagement entry points for external nodes.

Factom has proved itself in the field of Blockchain networks by providing unparalleled services and abilities to its users that even crypto giants like Bitcoin could not resolve in their networks. The platform provides its services for comparatively cheaper rates and is easier to use than most blockchain networks currently in the market. Factom is also capable of providing higher transaction speeds as compared to Bitcoin’s 10 minutes for just a single transaction. The network also aims at removing the bloatware that could exceed as far as 1 MB per block size which results in capping the transactions that occur per second. Factom reduces it to a maximum size of 10 KB.

Factom has its own cryptocurrency that it utilizes to conduct transactions in the network called Factoids (FCT). They can also be traded on the cryptocurrency markets like any other altcoin that is present on the market exchanges. The coins also help in decentralizing the system and prevent fraudulent users from spamming the network with dead and unresponsive servers. Factom servers that help in maintaining the network are reimbursed with a sum of 73,000 FCT coins per month and the process is independent of the price of the coin.

As of 8th July 2020, the price of FCT in INR stands at 122.29 INR per FCT coin. The price of FCT in USD stands at $1.54 USD. The Factom Market Cap is currently at $14,275,077 USD