Reading Time
~ 3 minutes
Spread the Word
Factom

About Factom

Factom is an open-source cryptocurrency based on the blockchain model. The project was launched in 2014 by Peter Kirby. It was incorporated with an advanced technology to separate the Bitcoin blockchain and use it for difficult tasks to build a secure and immutable platform.

Factom’s scope is “to create, design and build products to make the world more transparent and honest”. The platform solves the problems from the past and creates software to predict those from the future. The team behind the project is an experienced one. The CEO assures users they have the best developers, because innovation is an important factor for Factom’s developing.

The platform is decentralized and scalable. You are charged with a small fee for taking part in Factom’s network, because there are big costs for the company to create always new integrations.

Factom’s cryptocurrency tokens are called Factoids and has the following symbol: FCT.

How does the Factom’s platform work?

The beginning of Factom’s platform is based on Bitcoin blockchain. The team has separated it in two parts: the blockchain itself and the cryptocurrency. They took the blockchain part and designed on that model an innovative protocol. Due to this step, the Factom allows individuals create their own applications.

Factom uses “hash technology” for their network. This one allows modifying any of the digital media like videos or documents into a specific alphanumeric algorithm.  You can’t reverse your actions using Factom’s platform once they are proceeded.

To check the functionality of Factom’s platform the company uses three protocols: Proof-of-Existence, Proof-of-Process and Proof-of-Audit. Everybody can use the network to create hashes. The process is being secured and assure there is no extra-costs for users. Even the Bitcoin blockchain isn’t active, users can process their data due to the audit protocol.

How you can buy Factoids tokens?

The easiest way to buy Factoids tokens is exchanging them from altcoins. For this we recommend you to use the Poloniex, Changelly, Bittrex or ShapeShift exchange platforms. You need to already have your private address. First buy some altcoins like Bitcoins, Ethereum or Litecoin with fiat currencies after what you are ready to transform them into Factoids tokens.

Where should you keep your tokens safe?

We recommend you the following three wallets that accept Factoids.

The first one is the official wallet, called The Factom Enterprise Wallet. It is available for Windows, Mac and Linux operating systems. It has a friendly interface and it guides you through the main features of it.

Next, you can keep your tokens on Jaxx Wallet. It is compatible with Factom cryptocurrencies. It’s already a popular wallet, so you should not worry about your tokens’ safety. You can download the Jaxx wallet on their website.

The last one is FactoidPapermill Wallet. You will be allowed to generate private addresses and keep them on a paper as the title says. It is available for Windows, Mac and Linux operating systems. You will find the necessary information about how to install the Paper Wallet right here.

Conclusion

Factom is for sure one of the most innovative blockchain-based platforms. The company is still promising a lot in future. You will be surprised how easy it is working with Factom’s platform and how many benefits you can get.

Read more articles related to this subject:
Notice: The information in this article and the links provided are for general information purposes only and should not constitute any financial or investment advice. We advise you to do your own research or consult a professional before making financial decisions. Please acknowledge that we are not responsible for any loss caused by any information present on this website.