What is Factom (FCT)?
Factom is a data layer for the blockchain. It is based on the idea that Bitcoin is the most trusted immutable data store in existence, but it still not very useful for non-Bitcoin transactions. Fctom has created a distributed, autonomous protocol to separate the Bitcoin blockchain from the Bitcoin cryptocurrency cost-effectively. That enables a business to keep a permanent, time-stamped record of their data. Thus, it is peer to peer, open source, decentralized data validation platform, made atop Bitcoin blockchain network, and has its native token (currency) called Factoids (FCT).
Factom (FCT): History
The idea for Factom developed in January 2014, when a conversation between Paul Snow and David Johnson about how blockchains could support a form of distributed identity. The coding started on Github. The project was originally named Notary Chains. Within the first year, both the Factom white paper and version 0.1 were released. The first token was sold in March 2015. In September 2015, the Factom Genesis network went live. Factom collaborated with US Dep. of Homeland Security on a project called “Blockchain Software to prove Integrity of Captured data from border devices” in June 2016.
How Does Factom (FCT) Work?
To know how Factoids work, first, we need to understand how Factom network works. Factom doesn’t write data directly to the Bitcoin blockchain as it would be impractical and use too much of the limited and valuable transactions per minute. Instead, it Types a hash of data stored in Factom (an ‘anchor’) to the blockchain, creating a record that can be used to examine for any edits and to confirm if there have been unauthorized edits. The directory block is inserted into the blockchain network of Bitcoin and for future references, one can regain the hash for a particular file and can check it against a freshly generated hash of the same file.Once the hashes match, the file’s integrity is intact.
How to Buy Factom (FCT)?
First of all, you have to set a Factom wallet for storing your coins safe. There are three options available for storing your Factom coins such as Desktop wallet, paper wallet, and you can also store Factom at different exchanges such as Poloniex and Bittrex. Now you can buy Ethereum by using Coinbase so that we can exchange it for Factom (FCT).Then you can trade Ethereum for Factom (FCT).
Factom (FCT) Price Prediction 2018
FCT can be a profitable investment option. Factom price equal to 43.426 USD at 2018-01-23. If you buy Factom for 100 dollars today, you will get a total of 2.303 FCT. Based on our forecasts, a long-term increase is expected, the price prognosis for 2023-01-20 is 126.937 US Dollars. With a 5-year investment, the revenue is expected to be around +192.3%. Your current $100 investment may be up to $292.3 in 2022.The price today of Factom (FCT) is $44.07, and the market cap value is $385,371,284. It has a current supply of 8,745,102 FCT and the volume $10,635,000. Factom (FCT) price today, Factom (FCT) where to buy, Factom (FCT) price chart, Factom (FCT) history, Factom (FCT) market cap, Factom (FCT) exchanges, Factom (FCT) mining, Factom (FCT) mining software.