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Factom

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Description

What does Factom crypto do?

Factom is a blockchain protocol that targets the data storage niche for businesses. While anyone can upload data to the Factom network, the project’s main targets are businesses because Factom’s technology is best used for the storage of important information like financial documents, employee information, investment lists, land grants, and more.

The Factom blockchain has a Chain ID system which logs and records entries made to documents in a manner akin to ownership and content updates. This historical immutability is the real value the blockchain brings to the business world for storing data.

There are three basic types of servers on Factom’s network that are rewarded for their work: Federated Servers, Audi Servers, and Follower Servers. All of these servers work together to foster a robust environment.

Federate Servers are the highest level servers and are permitted to write data to the blockchain. Audit Servers check the work of Federated Servers and take over if a mistake is spotted. Lastly, Follower Servers manage and relay entry requests to the network.

What is FCT (Factom’s coin) used for?

The main tokens of the ecosystem are called Factoids. Factoids are primarily used to reward Factom servers for maintaining the network and keeping it decentralized. They are also used to purchase Entry Credits (EC), another token of the network. Each time Entry Credits are purchased, the Factoids used to purchase the EC are burned.

Entry Credits are the secondary token of Factom. EC are used to pay for fees associated with making entries (adding data) on the blockchain and voting for Federated Servers. Additionally, businesses can purchase Entry Credits directly from the Factom company to avoid any legal or financial issues associated with obtaining trading on exchanges.  

Factoids are traded on open exchanges and often used as an investment to speculate on

Factom’s success. FCT can also be used as a medium of exchange like any other currency.

How can FCT (Factom’s coin) appreciate in value?

What makes Factom unique is that it disperses 73,000 FCT each month to servers, irrespective of the current market price. This fixed amount of inflation is consistent, but never ending. As previously mentioned, FCT is burned each time Entry Credits are purchased. This means that if demand for Factom continues to grow, FCT’s price should increase because the rate of inflation is consistent.

What are the differences between Factom and its competitors?

The major crypto project competing with Factom is Tierion. Both projects’ teams have the same business goal, and Tierion’s founder used to work for Factom.

Tierion plans to differentiate itself by being more user-friendly since using Factom’s protocol is fairly complicated. Although this may prove to be an effective marketing tactic, Factom maintains a much larger presence in the space. Factom’s technology is more advanced and it has secured partnerships with reputable institutions - including a notable $500,000 award from the Bill & Melinda Gates foundation.

  • Mainnet Launch: 01.09.2015
  • Open Source: Yes
  • Consensus Type: PoS
  • Technology: Blockchain
  • Total Coin Supply: NA
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Description

What does Factom crypto do?

Factom is a blockchain protocol that targets the data storage niche for businesses. While anyone can upload data to the Factom network, the project’s main targets are businesses because Factom’s technology is best used for the storage of important information like financial documents, employee information, investment lists, land grants, and more.

The Factom blockchain has a Chain ID system which logs and records entries made to documents in a manner akin to ownership and content updates. This historical immutability is the real value the blockchain brings to the business world for storing data.

There are three basic types of servers on Factom’s network that are rewarded for their work: Federated Servers, Audi Servers, and Follower Servers. All of these servers work together to foster a robust environment.

Federate Servers are the highest level servers and are permitted to write data to the blockchain. Audit Servers check the work of Federated Servers and take over if a mistake is spotted. Lastly, Follower Servers manage and relay entry requests to the network.

What is FCT (Factom’s coin) used for?

The main tokens of the ecosystem are called Factoids. Factoids are primarily used to reward Factom servers for maintaining the network and keeping it decentralized. They are also used to purchase Entry Credits (EC), another token of the network. Each time Entry Credits are purchased, the Factoids used to purchase the EC are burned.

Entry Credits are the secondary token of Factom. EC are used to pay for fees associated with making entries (adding data) on the blockchain and voting for Federated Servers. Additionally, businesses can purchase Entry Credits directly from the Factom company to avoid any legal or financial issues associated with obtaining trading on exchanges.  

Factoids are traded on open exchanges and often used as an investment to speculate on

Factom’s success. FCT can also be used as a medium of exchange like any other currency.

How can FCT (Factom’s coin) appreciate in value?

What makes Factom unique is that it disperses 73,000 FCT each month to servers, irrespective of the current market price. This fixed amount of inflation is consistent, but never ending. As previously mentioned, FCT is burned each time Entry Credits are purchased. This means that if demand for Factom continues to grow, FCT’s price should increase because the rate of inflation is consistent.

What are the differences between Factom and its competitors?

The major crypto project competing with Factom is Tierion. Both projects’ teams have the same business goal, and Tierion’s founder used to work for Factom.

Tierion plans to differentiate itself by being more user-friendly since using Factom’s protocol is fairly complicated. Although this may prove to be an effective marketing tactic, Factom maintains a much larger presence in the space. Factom’s technology is more advanced and it has secured partnerships with reputable institutions - including a notable $500,000 award from the Bill & Melinda Gates foundation.

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