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Factom is a block-chain technology that secures any document by providing an unchangeable record keeping system. Cryptography uses the blockchain to store different documents beyond the financial and currency seen in currencies. It is a technology that secures information and data in organizations with special software created. Factom works on top of classical block chains to make the data safe and use it. Factom Technology is used to protect the security and confidentiality of the users in the increasingly digitalized world and to keep the integrity of the stored data intact.

 

Factom technology means a decentralized, decentralized protocol that works on Bitcoin to work on this protocol, which is not controlled by anyone. Any technology that is open source software can be used by anyone for any purpose.

The Bitcoin blockchain keeps a record of financial transactions, while Factom (FCT) holds a record of all kinds of information. This has made Factom (FCT) an ideal platform for keeping track of virtually all information except financial systems. Factom technically lists entries in the system first and then stores them in a file. Anything that can be recorded can be stored on this platform. No information on the list can be deleted and no one has authority. It is open source and any stored documents will not be changed and will be audited by everyone. In short, the Factom platform has given users unlimited blank notebook pages. It is possible that the user has filled out these pages and resubmitted them, and this information can no longer be changed.

How does Factom work?

what is factom cryptocurrency
what is factom cryptocurrency

 

Factom does not write directly to the Bitcoin blockchain (or alternate blockchains such as Ethereum) because the data is inefficient and minute consumes most of the limited and valuable transactions.

Rather, it writes a data record stored in Factom (FCT) to Blockchain, creates a record that can be used to control any arrangement, and confirms whether it is unauthorized.

It is clear that Factom (FCT) does not provide data validation services in the technical review. It must be done by the current authorities (lawyers, courts, managers with due diligence, etc.). Factom (FCT) is what you can do to record any arrangement you have made and to prove that the same document is the same document at two different times.

“Factoids” and “Entry Credits”

Factom (FCT) uses two types of tokens;

Factoids (FCT), other cryptographic currencies, fiat currencies, etc. For Factom (FCT) crypto money and commercial are convenient.

Entry Credits (EC)

Factoids work very much like BTC or ETH, but finance the operation of Federation Servers. However, you will need the Entry Credits, which are purchased using Factoids to use the data security services of the Factom (FCT) protocol.

Each Entry Credits blocker allows you to write 1 kb of data. The supply of the factoids is controlled because buying an Entry Credits with Factoids “burns” the Factoids, the demand for Factoids is kept high because this is the only way to get Entry Credits.

The Factoids have a fixed wavy faction like any cryptocurrency on the market, but the fixed price of Entry Credits is $ 0.001.

When you write Factoids to get Entry Credits, you get an Entry Credits amount that is based on the market price of Factoid, not the number of Factoids sent to you. This keeps Entry Credits stable and provides budgeting and cost control. At the same time, this allows the prices of the Factoids, which make it a valuable commodity beyond their role in the Factoid protocol, to change.

When was Factom established?

what is factom coin
what is factom coin

In 2014, the Factom (FCT) idea was born during a conversation between the current company’s CEO Paul Snow and the current chairman of the board, David Johnston, and sold the first tokens in 2015. When Factom was first established, it established partnerships with the Honduran Government and the US Department of Homeland Security. With the Government of Honduras, to protect land register records and to prevent fraud. Factom, the data does not write to the bitcoin blockchain. Instead, it writes to Blockchain the mixed data stored in Factom (FCT) and creates a record to check.

Thus it checks for unauthorized registrations. Factom cannot provide data verification services. Factom is to prove that the two documents recorded at two different times are the same document to record any arrangement made. Factom (FCT) technology can also be used to control the intellectual property of art, literature, and music. It also guarantees land ownership and records birth records of people as well. At this point, Factom’s honesty, trust, and invariance characteristics can be mentioned.

What are the tokens used by Factom?

Factom (FCT) uses two different tokens. The first is Factoids (FCT), a digital paradigm that connects to the Factom protocol. It is a convenient currency for other cryptographic currencies and price currencies. Second, Entry Credits (EC) are purchased using Factoids to use the data security services of the Factom (FCT) protocol. Entry Credits allow writing 1 kB of data to the blockchain. For this reason, the supply of Factoids is kept under control but the demand of Factoids is kept high. That’s the only way to get Entry Credits. Factoids have a rippling feat like other crypto money on the market. However, Entry Credits are fixed at $ 0.001.

How can Factom Mining be done?

factom coin review
factom coin review

Today, investors are investing in many cryptocurrencies and mining of many crypto money. One of them is Factom mining. Factom mining is a curiosity because they will start new. Factom mining is growing and Factom coin is emerging. Factom coin is the digital money that emerges or is processed during mining. One of the Blockchain investment system is Factom mining. Take information about cloud mining.

The data stored on the Factom platform is stored in a way not to be deleted or changed. Factom mining, which has a decentralized structure, generates profits from companies’ stocks. Factom mining is short-term term but a profitable system in the long run. Because the system feature is not a system that varies according to necessity. For this reason, if the Factom mining is traded in a short period, the profit rate also decreases. 

Future for Factom

Factom’s newest product is Harmony, a data management tool for the mortgage industry. In the past, Harmony has provided transparency and trust in a sector where even significant providers are exposed to fraud.

Factom is continuing to grow and expects to separate its activities into two organizations:

  • Factom Inc produces tools and applications for data management in the blockchain
  • The Factom Foundation, which pushes the open source side of Factom, offers the Factom protocol that everyone can use.

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About the author

I am graduated from the faculty of communication. I have worked for major companies in the communication field, and acquire more than 12+ years of experience. I like to read empowering books, traveling and researching useful stuff on the internet. For a few years now, I have cultivated and developed a passion in the cryptocurrency world. I have decided to dedicate my time to create some posts on my blog about cryptocurrencies in general. Cryptocurrency World is growing fastly and will have longevity future however it has just born. I intend to improve myself on blockchain technology and share my knowledge.

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