Factom is a Blockchain protocol that distinguishes the immutability of Blockchain technologies from the currencies usually associated with it. This makes it simpler and cheaper for businesses to store data on the Blockchain. In this article, as Kriptokoin.com, “What is Factom?” We will answer the question. In addition to these, we will touch on all the questions about the project.
What is Factom? What does FCT do?
Documents and data stored using FCT can be easily audited. This reduces the cost required for businesses to have a secure and accurate data warehouse. FCT is particularly useful for businesses where important data changes hands regularly. At the same time, storing data on Blockchain provides value to these businesses. Paper records are expensive to keep. Traditional digital storage, on the other hand, is vulnerable to malicious tampering. FCT specifically solves both of these problems.
What are Factom solutions?
FCT tries to solve three main problems seen in the BTC network. These:
- Speed: BTC transactions take at least 10 minutes for only one confirmation. With a community standard of 6 confirmations before a transaction is fully processed, most take over an hour.
- Cost:BTC transaction fees increase and may continue to rise as more transactions enter the network.
- Bloat: With 1MB block sizes, the number of transactions per second is limited. Even the implementation of SegWit and Lightning Network may not be enough to reduce Bitcoin’s scaling problems.
How does Factom work?
Two Tokens are used in the FCT network. These:
- Entry Credits: Factoids is used to purchase Entry Credits through the protocol. Entry Credits are non-transferable and are only used to pay for Entry or vote.
- Factoids: FCT has its own chain. It can also be freely traded. It especially decentralizes the system and prevents users from sending spam to the network.
What are its features?
- Quick protocol: Factom provides its users with a fast transaction recording process. It is a proprietary protocol that allows secure transactions.
- No Bloating: Factom generates a single hash. This is completed in 10 minutes with the fast addition of the Factom network and layer.
- Various use cases: It is not limited to financial transactions only. There are also different fields such as law, medicine, information and technology that now rely on the FCT to ensure they have a safe environment.
What is Factom? How to buy FCT?
To buy FCTs on these exchanges as a trading pair with Poloniex and Bittrex Bitcoin, you must first own BTC or buy some from a different exchange such as GDAX or Gemini. From there, you can transfer your BTC to exchange.
