Factom is a decentralized means to package, collect and secure data in the Bitcoin blockchain itself wherein it addresses the challenges like cost and speed in the BTC blockchain, with its own specific protocol built on top of the Bitcoin’s blockchain technology. Factom is an open source public utility, wherein anyone can publish data in the blockchain securely. Factom’s network would enable businesses to store data on the blockchain easily and with much lesser cost.
Currently, Factom is working with the Department of Homeland Security to help in producing audit trails for the data collected at the US Border. Even the Gates Foundation partnered with Factom to build a prototype for storing medical records for the individuals staying in the remote parts of the world.
Currently, Factom (FCT) is trading at $2.40 with FCT price 17.73% down today. The market cap of Factom is USD 21,285,082 with 8,877,796 FCT circulating currently. The 24-hour price movement chart indicates that $1,140,589 worth of FCT was trading.
Factom was founded by Paul Snow, the current CEO Of Factom, who was previously the organizer of the Bitcoin Conference in Texas. Factom operates on the hash technology where Factom stores very little on the blockchain but at the same time places the data in its own structures, shared over the distributed hash table in a secure manner. To put it simply, Factom shares data on a P2P network.
Factom secures data in the BTC blockchain with the help of federated servers, which take turns for being responsible for different aspects of the system. Not a single server is in complete control of the entire system and the responsibility of the servers vary every minute. Because Factom is built on the BTC blockchain, there is no possibility of it shutting down and even because it creates a safe and secure way of keeping records.
As Factom and Bitcoin are correlated, there are many widespread speculations revolving around the potential of Factom. Factom ICO price and rating were also high. Let us check what the major price prediction sites have got to say:
Wallet Investor is a crypto prediction website that is known to give a conservative prediction. They've predicted that by the end of 2020, Factom might reach $0.253.
Digital Coin Price has given quite an optimistic prediction for Factom, where they believe that Factom can reach $5.28 by 2020.
Coin Fan is a daily cryptocurrency price prediction site that believes that by 2020 end, Factom might reach as much as $44.05 and as low as $34.47, wherein even the lowest figure shows a lot of optimism.
Crypto Ground has given a detailed prediction on Factom on a yearly basis where it stated that in a year, FCT might reach $4.89 and in 5 years, it might reach $59.36.
Factom’s P2P network has two goals: communication and data preservation, which is very similar to Bitcoin’s network. They have two separate tokens on their network called Factoids and Entry Credits, which operate in their own chain and the users receive Factoids as an incentivizing reward for maintaining the network. The Factoid community is planning to work on appointing 65 nodes/servers to manage the platform functions, where the nodes/servers are categorized on three different aspects: Federated nodes, Follower nodes, and Authentication nodes. By 2020 end, Factom might reach $52.79.
Staked, a startup that targets institutional investors of proof-of-stake cryptocurrencies has plans of supporting some of the digital cryptocurrencies, which includes Factom as well. By 2020, Factom might be one of the performing digital assets, with lots of partnerships and updates. The BTC factor would always give it a big boost and it might soar high up and reach $52.79. It might even get more recognition all over the world, especially in the department of defense.
In 5 years time frame, Factom might get high adoption rate and its use case might increase substantially. Not only that, Factom can even go up the ranking order and its value is bound to increase once it gets its deserved audience. In 5 years, Factom might grow exponentially and its value might reach $108.87.
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