What is Factom (FCT)?
Future of FCT Cryptocurrency and know how to buy FCT

#1 What is Factom?

  1. Factom is a blockchain protocol designed to assist businesses in storing their data. It separates the immutability of blockchain technology from its associated currencies, making it easier and cheaper for businesses to store data on the blockchain. It uses cryptographic isolation, which provides for the storage of unalterable records in a secure environment.
  2. Factom is an open-source software, allowing developers world over to create better versions of it. Contributors such as Paul Snow and Brain Deery created the first usable blockchain technology, since its inception on November 17th, 2014.
  3. Factoids are the Factom Tokens which give the users a right to exercise. They can use these Factoids to create the Entry Credits. The EC is then used to create entries in the Factom Blockchain.

 

#2 What are the benefits of Factom?

Factom Development

  1. The most popular cryptocurrencies, Bitcoin and Ethereum are now a part of the Factom protocol. There are millions of data blocks that are being stored in real time on its blockchain. The idea of Factom was conceived during an informal conversation in January 2014, which then became a reality in the highly digitized world.
  2. The efforts from Factom’s pioneer, Paul Snow, have made it among the more popular cryptocurrencies on the market. The team’s is to create an omnipresent platform for anyone who thinks of a digital currency transaction.
  3. Factom’s first profit was announced in 2016. It then witnessed a Series A capital raise of $4.2 million, from a billionaire named Tim Draper. The company also bagged a grant of $500,000 from the Bill and Melinda Gates Foundation to take their research and development further. Another grant was also provided by the United States Homeland Security to enhance the security of transactions.
  4. Factom’s has been working on an algorithm that can record the transactions instantly. It calls this the M2 technology, which will help in distributed processing and providing new tools to the users.

Factom Technology

  1. The technology used by the Factom protocol is the application of layers over the Bitcoin transaction. The highest layer applied is known as the Directory Layer. It has been developed to organize the Merkle Root of the Entry Blocks.
  2. The reference to the entries of data is managed by the Entry Block Layer. It organizes the references to the Entries made. Entries are the raw data that is accepted by the protocol. It can be a private hash or a group of data provided by the user.
  3. Factom employs hash technology, a cryptographic function that converts the digital data into alphanumeric strings. These strings are in the form of digital fingerprints. Factom ensures the security of these hashes in three ways:

- Proof of Existence: The protocol anchors a hash to the Bitcoin blockchain every 10 minutes. This is the proof of existence method that records the location of all the data added.

- Proof of Process: The manner and the process of the entry are also recorded. This eliminates the problem of double spending.

- Proof of Audit: By anchoring the data to the blockchain network, Factom makes the data available for audit at any time. The Bitcoin network only stores financial data. Factom on the other hand, can store all the kinds of data.

Features

  1. Faster Protocol: Factom provides the user with a faster transaction recording process. It is a dedicated protocol that allows faster and more secure transactions.
  2. No Bloating: Unlike other platforms, Factom creates a single hash. This ensures that the Factom network is devoid of bloating by a quick addition of the layer. The transaction is completed in the span of 10 minutes.
  3. Variety of Use Cases: The use of Factom is not limited to only financial transactions. There are different fields such as medical, law, information and technology which are now relying on Factom to make sure that they have a trustworthy environment.

 

#3 How to buy and store FCT

FCT is available for purchase on major cryptocurrency exchanges like Poloniex, Bittrex, and Shapeshift.io. It is imperative to have BTC to be able to trade FCT. But there are other ways to get Factom coins too, such as CoinSwitch.

  1. CoinSwitch is the most trusted and largest cryptocurrency conversion platform. On the platform, you have the option to exchange over 45,000 pairs of cryptocurrency. It displays pairs of all major exchange options. There are 300+ tokens and cryptocurrencies, with latest market prices about each of them available on CoinSwitch.
  2. CoinSwitch works as a single platform to deposit or withdraw any kind of currency you wish to exchange. You can easily exchange your cryptocurrency for FCT coins on this portal.

Factom Storage

The Enterprise Wallet is a digital wallet which can be used for storing Factom off an exchange. The wallet can be downloaded from renowned websites such as Github. This Factom wallet was developed by the Factom team.

 

#4 What is the future of Factom?

  1. Factom has been in the market since 6th Oct 2015, and it too shares the inherent volatility present in the cryptocurrency market.
  2. It launched at $0.210281 and has seen a few spikes, the first major one being in June ‘17 ~ $33.72, followed by another in Sept ‘17 ~ $31.07. It saw its all time high in Jan ‘18 ~ $79.47. It has since then declined this year and has eroded to about 5% of it’s paramount as it currently trades at $4.68.
  3. Since the team are backed by bodies such as the US Homeland Security and the Bill and Melinda Gates foundation, it is envisaged to see a rise of 2600%. The result of which may raise the valuation up to $500 if FCT Technologies retains its momentum.

Complete Analysis of Factom| Live Factom (FCT) Price Charts & Predictions

Price History (YTD)

Date

Open

High

Low

Close

Volume

Market Cap

15 Aug 2018

4.68

4.84

4.43

4.43

125,189

40,963,847

1 July 2018

8.90

9.23

8.76

9.01

71,433

77,806,832

1 June 2018

15.49

15.96

15.38

15.76

950,540

135,470,720

1 May 2018

29.11

29.19

26.02

28.75

2,200,860

254,577,968

1 Apr 2018

19.33

19.53

17.27

19.26

891,152

169,080,016

1 Mar 2018

31.44

34.23

31.15

34.00

4,560,120

274,975,232

1 Feb 2018

38.87

39.39

29.42

31.13

11,955,300

339,948,480

1 Jan 2018

58.31

78.08

52.01

64.81

104,632,000

509,929,408

 

#5 – How is Factom different than others?

Factom comes with its own set of advantages that gives the cryptocurrency platform an edge over its competitors such as Chain, Spacemash, and CyberVein.

  1. Factom is a completely decentralized system of maintaining a ledger for all sorts of digital assets - not just currency value.
  2. The Bitcoin network for example, only stores financial data. Factom on the other hand, can store all the kinds of data.

 

#6 Should you invest in Factom?

  1. FCT has immense potential and has proven itself with numerous exponential growth spurts, making it favorable for investment.
  2. There are different economic sectors that are in line for a direct impact from this new age technology. According to analysts and software programs, FCT is predicted to have a growth of 400% in the coming future.
  1. Bitcoin and Ethereum both are currently quite saturated, and it might take a while for them to grow exponentially the way they have in the past, given that they are already quite expensive cryptos. This is especially true for BTC. FCT, on the other hand is not quite as saturated, and has the history backing it up to support more investments.
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