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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.
1. Factom offers a stable and reliable smart contract network that hashes to enable interoperability with legacy networks as well as blockchain.
2. The proprietary cryptocurrency coins used in transactions tokenized on the Factoid Network are Factoids (FCT) and Entry Credits (EC).
Factom continues to update the protocol to take into account real-world uses and investments that use high profile and can last for years.
In the blockchain industry, Factom is a noble, but vast power. This emphasis on B2B and effectively executed strategic alliances would potentially help the long term usage of the protocol.
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Digital Gold of the Future, Factom is an asset that has provided financial freedom to millions across the globe. So if you believe in it, storing your Factoms is a good option.
You can trade Factom for your other favorite Defi Tokens or Alt Coins to make short term portfolio advancements and higher profits as per your needs.
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Factom is accepted globally for financial transactions online at various e-commerce sites as a mode of payment.
Don’t Worry If you are new to cryptocurrency. You can learn more about Factom and other cryptocurrencies, look for our price indicators or attend our monthly webinars to be a pro at Factom investing.
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Factom is a blockchain layer of an enterprise grade decentralized system. It serves as a workaround that enables individual nodes via the Factom protocol to connect with Bitcoin. It functions as an encrypted, immutable directory instead of storing whole archives on the blockchain. Factoids (FCT) are the indigenous Factom blockchain cryptocurrency coins.
Industries such as immovables, regulations, infrastructure and healthcare have to store and move data on a daily basis. Registration is critical, and it is impossible to trace who made it without detailed reporting in large organisations. The scalability problems were soon discovered as these industries dipped in blockchain technologies.
Leading blockchain networks like Bitcoin and Ethereum have been wildly bottlenecked, and transaction speed and cost challenges have not helped. However, companies are also searching for blockchain technologies and in 2014 in the city of Austin, TX, Factom was built to relieve problems of bloat and scalability with Bitcoin itself.
The squad, which is headed by Paul Snow, was given a grant of $500,000 in November 2016 and the U.S. by main collaborators including the Bill and Melinda Gates Foundation. DHS also awarded another $200,000 to the initiative by June 2018 from the Homeland Security Agency.
Factom offers a cloud-like blockchain solution with military-grade, end-to-end encryption. It facilitates individual access thresholds, device logging and other business resources on its own database while encrypting Bitcoin blockchain information.
It's an innovative approach to the main technical challenges and businesses like the Equator, an Altisource business unit, are now on the BaaS network for Factom's Harmony Blockchain. This attention on the sector led to the price spike for FCT in late 2018, with the rest of the cryptocurrency market dropping.
But is it adequate to support itself in a noisy, aggressive crypto market as Factom left Wanglu Software that produced Wanchain. Although numerous ventures have been focused on various markets, they compete successfully for company and customer buy-in. However, all ventures have separate aims but they don't contend directly.
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Factom is the first functional blockchain technology to address real-world market challenges by offering an unalterable record-keeping framework. Through building a data layer on top of the Bitcoin blockchain, Factom’s distributed ledger technology secures millions of real-time documents in the blockchain with a single hash using cryptographic isolation.
Both businesses and governments can use Factom to record their information in order to avoid it from being altered, removed or backdated. The technology of Factom decentralises logging, ensuring the confidentiality of stored data stays unchanged and guarantees complete accountability while preserving consumer privacy in a digital environment that is growing.
Although the Bitcoin blockchain is a financial transaction record, Factom is intended to store any kind of data. Factom is, therefore, the perfect medium for a multitude of application technologies, including financial processes, medical reports, supply chain management, voting systems, property rights, legal applications, etc.
No, mining is not possible in Factom. The Factom consensus algorithm uses quicker, cheaper and better suited to a publication site. Bitcoin anchors make it so that the proof cannot change their own history. There are some key problems in the Bitcoin Network.
In order to satisfy these requirements, the concept was constructed. It is prohibitively costly in value to access data in the Bitcoin blockchain. Moreover, large transaction rates cannot be handled by the Bitcoin blockchain. The Factom blockchain is cheaper and more scalable for exchange of date and blockchain transactions.
Another functionality that the Factom blockchain provides is its theme tracking function, which allows anyone who wants to carry out a huge number of transactions. This helps you to chain data together and to neglect the rest of the data collection.
In comparison to the Bitcoin Blockchain which needs all the data to be used to validate some data, Factom can demonstrate the data set without all Factom's data being essential.
The FCT's peak trade price hit as high as 8 January 2018 at $75.64, and since it is an OG cryptograph, we have years to measure it against pre- and post-cryptographic bubbles. It began in 2015 at about US$1 and is now approaching a constant amount of $1.60 in 2021.
As per Coingecko, Factom ROI shows a growth of 1037% with $13 Million Market Cap. This growth is an indicator that the penetration of the network is growing (though slow).
The supply of factoids is unlimited and it cannot be mined. Per month there is a fixed rate of about FCT 73,000. FCT is earned from Federated Servers which serve as the communication channel from the Audit Servers to the blockchain.
Factom is a decentralised, distributed protocol that runs above Bitcoin. This means that nobody manages it and that it is software where the protocol operates by people all over the world. The software is open-source and free for anyone to use it. Factom offers developers the tools for developing a new generation of blockchain applications. Both Bitcoin transactions are stored in the blockchain.
You can eliminate the central server by using Factom if the programme requires a central server to coordinate operations. Contrary to most databases, the blockchain is distributed over the network and can not be taken down.
Applications can put into Factom whatever Entries make sense for their application. A collection of hashes can thus be documented so easily to confirm the list of account statements as exchanges of an asset.
The performance of the rules is very effective. If the validation rules must be enforced by the distributed network, so valid all nodes must be validated.
Client-side validation only requires the systems that care about those rules to run them. Factom allows a Chain to define its rules in whatever language the designers choose, to run on whatever platform they choose, and to use any external data.
Recording speeds can be very fast since the number of checks made by the Factom server is minimal.
Proofs against any particular Chain in Factom do not require knowledge of any other Chains.
Factom provides a distributed data lock mechanism which allows data to be verified and audited independently. When applied to business transactions and processes, this simple function is extremely powerful. In fact, people and organisations may use a 'notarization' service that is mathematically proven.
The case of Factom spans from the use of several parties as a common ledger to the creation of an immutable trail to 'proof process or' standard of care, as the source of truth (secured with multi-signature keys).
In today’s world, a record system offers the ultimate response to questions. In reality, a device with Factom will post the hash of knowledge where case varies for the person. This will allow another organisation to submit, verify and use the update. Not only should documents be validated, but improvements in records are also alerted.
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