FCT (Factom) cryptocurrency review, FCT to dollar rate chart and capitalization online

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Factom is a cryptocurrency that has appeared relatively recently in the virtual space. Despite its youth, the new type of digital currency has already gained the necessary popularity among users. It was developed and is based on the Factom platform, used to conduct transactions using blockchain technology. Cryptocurrency is blocks of encrypted information obtained by performing computational processes using special software. Thus, it cannot be faked.

History of origin

The fact appeared in September 2020 and its developers are Peter Kirby, Paul Snow. Their goal was an attempt to expand the capabilities of the blockchain for storing and processing information. The problem, according to the developers, was that a standard block in the blockchain system can contain no more than 1 megabyte of information. Factom is designed to solve this problem by using sidechains to create what is called an information layer. The task of the information layer is to create the necessary hash code that will connect the original block with all the additions attached to it, which do not have a size limit. Thus, it is possible to maintain the structure of the network, improving the capabilities for storing and transmitting data.

The Factom cryptocurrency itself allows you to solve the disadvantages of Bitcoin associated with the slowness, complexity of mining and problems during transactions.

The history of the Factom cryptocurrency

The start of the Factom project is marked as January 25, 2014. The goal was to create a system that would solve existing problems with block size. By creating an open source platform, the developers sought to expand the scalability of the decentralized network.

The main task of the team is to implement a project that would allow storing more information, but would preserve the structure of the blockchain.

Aspects of maximum security, anonymity and distributed control were taken into account.

FCT Project Team

The Factom team consists of 8 founders and a group of developers, marketers, analysts, and managers. Principal Directors and Advisors:

Paul Snow is a director, open source technology expert, evangelist, and chief architect of DTRules, which he founded back in 2004.
David Johnston is the chairman of the board, manager of the first venture fund Dapps, investing in blockchain projects, co-founder of BitAngels. Known for his work in the field of biotechnology.
Brian Deery is the research director. The Lotus Elise Roadster was born thanks to this man. He is a true technology innovator.
Jason Nadeau is an advisor responsible for business development, strategic partnerships. He joined Factom from Corsair Associates, where he worked as a senior director. He was also president of Stewart Title and founder of the Black Knight company, where he and his team developed one of the largest affiliate networks for the mortgage industry.

In total, 34 people are working on the development of the project. Specialists are focused on creating effective technology that will help users around the world interact with the database, make the best decisions, adapting to any field of activity.

Benefits of Factom

The most important advantage of the presented digital currency is the use of a decentralized data storage database. Information is recorded on many servers in different parts of the world. After saving a certain part of the data, its hash is formed. Each successive segment of information is recorded on a new server with the formation of its own hash number. At the end of the database formation process, a common hash is created, which is attached to the data block in the blockchain system. It is used to search for all available segments. Thus, decentralized information storage is the best protection system against data theft.

The advantages of Factom currency compared to Bitcoin come down to the following features:

fast mining – earning currency through computational operations;
accelerated transactions between network clients;
unlimited possibilities for recording information into blocks of the blockchain system.

Also an undeniable advantage of Fact is the complete openness of the system. Developers are ready to provide the original API, which allows you to independently develop and adapt the capabilities of the network to your own needs. This greatly simplifies working with the platform and the currency unit and is the key to Factom’s popularity.

Factom

Factom (FCT) is a system for securing millions of records on a blockchain in real time using a single hash. This system provides the tools to create applications with all the security of the blockchain without restrictions on speed, cost or size. Our goal is to get the Bitcoin and crypto community involved in our cause, learning about our work, and collaborating with developers both within and outside the industry.

Factom is a next-generation platform for creating enterprise tools and applications using blockchain technology. This platform allows you to build applications on top of the Bitcoin blockchain. Factom uses a simple API that gives you the ability to create projects that weren't possible before, while exploiting the reliability and security of the blockchain.

Rate as of 08/14/2020

Rate:
1.671490 USD
Symbol:
FCT
Rating (CMC):
396

Algorithm

Factom is a system for writing input data (list elements) in a way that makes the list unambiguous (everyone gets the same copy) and allows anyone to add elements to the list, but not change those already in it.

Factom is a method for creating an immutable event log. It is also a mechanism for communicating changes in the system. If your application requires a central server to coordinate processes, you can eliminate the central server in favor of using Factom.

Does Factom use cryptocurrency?

Yes. You can use Factoids (Factom currency) to purchase entry credits through a simple transaction. The protocol does the conversion so you effectively buy input credits from the protocol and assign those credits to a public key.

Blockchain Information Layer

Trust is a rare commodity in today's global economy. However, we have to trust various parties in order to participate in this increasingly computerized market. Until recently, electronic records have been particularly difficult to secure, synchronize, and audit, in large part because they are easily modified. We have used heavy regulation to try to minimize failures, and massive insurance systems to cope with failures that do occur.

However, Bitcoin introduced blockchain. Blockchain is a distributed mechanism that locks data, making it immutable, reliable, and independently verifiable. The Bitcoin blockchain was used to create a secure digital currency and payment system.

But think of the benefits you would have if you were able to use blockchain for general purpose data security and verification!

Factom gives you this opportunity.

“Bitcoin is used to transfer currency between parties. Through Factom, we can leverage this powerful ledger for general purpose data security.”

It's easiest to understand Factom as a protocol that provides an unlimited number of books with blank pages. Users of this protocol can pick up a book, give it a title of their choice, open the book, and write on the page. Once a page is submitted to Factom, it cannot be modified or deleted. No one can carry out the village retroactively. All data written to the book is stored in the order in which it was presented to the Factom protocol.

“Factom does virtually nothing. However, because it is limited to simply recording and storing data, almost anything is possible with it.”

Factom is designed to scale. Just as you can go to the library and select only the books that interest you, Factom allows protocol users to select only the books that are of interest to their applications. They don't need to download and process the entire library.

Factom is similar to a library in other ways. A library can support the documentation of everything from fiction to romance novels, scientific journals to history books. Factom can also support absolutely any application that needs to document the past.

All decisions are made based on data. To defend a decision, confirmation of the data on which the decision is based is required.

Factom is becoming a technology that can be used by applications to validate and validate the creative process of creating works of art, music and literature. It is becoming a technology that allows for tracking the licensing of creative works. Factom can even be used to track their usage.

It also provides a technology for protecting land ownership while ensuring that records belong to the people. Entries cannot be changed without actually adding the corresponding changes to the ledger. This ensures consistency of records in case fraud occurs.

They say that history is written by the winners. However, Factom lays the foundation for technology that prevents people from selectively recording the past, changing the past, or making up the past. Factom provides the means to create records fairly and reliably.

Factom's Alpha API is available today, and many developers are already starting to work with it. Open source, cryptocurrencies and distributed applications are changing the world. However, this is just the beginning.

Paul Snow, Founder and CEO of Factom

Factom business opportunities

This fact opens up wide opportunities for representatives of the business sphere. For example, using blockchain technology with an unlimited limit on recording volumes, you can store various contracts and personal data of clients with a guarantee of their safety and security. In addition, the decentralized storage network and reliable cryptocurrency algorithms will allow you to quickly verify the authenticity of a document through the use of the concept of “trusted third parties.”

The data stored in Factom cannot be falsified, and only the person who created the blockchain with the information recorded on it can have access to it. The system of decentralization of data storage acts as the best protection. The technology is of interest to corporate customers of various levels and is suitable for storing and auditing legal documentation of varying complexity. Based on cryptocurrency, databases of personal files of clients of banks, insurance companies, enterprises and other objects can be created. Many are now ready to invest and are putting money into this project, hoping to receive both financial benefits and the opportunity to expand their own business opportunities through the use of cryptocurrencies.

History of creation and development of Factom

If we measure the age of this startup based on trends in the cryptocurrency market, then it is no longer so young. The year of his birth is 2015. At the origins of the development is a team of developers from the USA led by Peter Kirby and Paul Snow.

The team’s main plans at the initial stage were entirely focused on expanding the existing blockchain capabilities in the field of data storage and processing. It is worth noting that at that time the cryptocurrency market was not so developed and few people realized that Bitcoin had a problem associated with a limited block size of 1 MB. But this team was able to foresee troubles, which most learned about much later. Therefore, their pre-developed solution brought recognition to programmers and popularity to the platform.

At the ICO stage, good results were demonstrated, based on popularity among large companies. Over several stages, it was possible to raise more than $11 million, and among the investors there was even one medical fund that was interested in implementing medical documentation on the blockchain.

The focus on big business has borne fruit. The greatest interest in the “brainchild” of American programmers was demonstrated by large corporations, for which the ability to store large volumes of information without the involvement of additional technologies and colossal amounts of funds is a result that is worth the investment. Moreover, the data will be protected from viewing and unauthorized modifications thanks to the blockchain. There is information that even Microsoft and several large global banks are thinking about the need to use this platform as an alternative database for their corporate information.

Disadvantages you may encounter

Cryptocurrency and the Factom system provide its users with many opportunities to earn money and use virtual funds, as well as use network tools for business purposes. The only drawback is the relatively low popularity of Fact at the moment. As a result, there are some difficulties with the use of cryptocurrency for conducting financial transactions and withdrawing funds in real money. The processing of virtual coins is carried out by a limited number of operators, which will probably expand to acceptable volumes over time.

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Registering a wallet in the system

Registering your own Fact wallet is quite simple. To do this, you need to go to the official website Factom.com and register in the system. After authorization, the client has the opportunity to choose a wallet of a convenient format.

The following options are available to choose from:

mobile version – for smartphones based on IOS and Android;
computer version – support for all popular operating systems is provided, the computer version is tied to an IP, which means the wallet can be used only from one workstation;
The online version is the most democratic option, allowing you to use the wallet using a browser and access it through a computer or mobile device. It is worth clarifying that this version has a number of vulnerabilities and it is worth using the wallet while observing precautions.

The developers tried to take into account the interests of all users, providing the ability to quickly and conveniently access the wallet from any platform. The wallet itself in the system is called Factom wallet, it has a fairly simple interface and a wide range of functionality. It is most convenient to use the computer version, which has the widest functionality and the highest level of protection against hacking or tracking of personal data.

How to mine Factom

Mining of the presented cryptocurrency is carried out by carrying out the necessary computational work. Calculations do not require human participation; they are performed by the computer’s video card processor. Considering the complexity of computing processes and processing a large amount of information, high-quality work is only possible with the use of relatively modern and powerful video cards. On weak devices, mining will take an excessively long time, lead to overload and overheating of the processor, and in general will not be profitable in terms of payback.

Payment is made every second for each bit of information processed. Payment volumes depend on the current exchange rate and overall Factom market volumes. To get started, you will need to download a special utility for your computer on the official website. The program provides connection to servers, receiving and processing data for computational work.

Mining Fact, like any other digital currency, cannot be called completely autonomous. Human participation will still be required to configure interfaces and optimize the operation of the software. You will also need to regularly check the stability of operation, the absence of failures and errors.

Purchase methods and price dynamics

Factom has the exchange symbol FCT. Today, there are about 9 million units of currency in circulation, and as it becomes more popular, new coins are issued. The dynamics of the release of new units does not have a negative impact on the price, since the demand for currency grows regularly.

At the time of preparation of the material, the cost of FCT is 0.00474823 bitcoin. Trades are carried out on the exchange, where you can earn money or buy freely available currency. As the audience expands, more and more exchange offices appear. In them, you can exchange Factom for another cryptocurrency or real money and then withdraw it to the card.

The dynamics of the digital currency exchange rate are quite stable and have good growth rates, opening up profitable opportunities for users to invest or participate in exchange trading. The relevance of cryptocurrency is increasing every day and Fact offers modern solutions for interested users.

What's next for Factom?

Factom is a promising project that has a great future ahead. This is confirmed by the fact that already in the first stages of creating the project, it was estimated at more than 11 million dollars. Also, many experts who closely monitor market changes are confident in the prospects of this cryptocurrency. Now, given the growing popularity and practical implementation of many solutions, its cost has increased significantly.

Some of the main investors and players in the IT technology market are paying attention to the project. Including Microsoft, a number of largest banks and corporations who want to implement their own data warehouses with a high level of protection and quick access to information based on the Factom system.

Optimistic forecasts are also caused by the fact that Faktom has an open architecture, which means that independent developers will show interest in it, one way or another accelerating the development of the system, improving methods of working with finances and storing information. Pay attention to this cryptocurrency and the algorithm and network storage technologies it uses. In the future, we will certainly see rapid expansion and development of Factom.

Conclusion

Many experts who closely monitor market changes are confident in the prospects of this cryptocurrency. Now, given the growing popularity and practical implementation of many solutions, its cost has increased significantly.