This article has been just updated: January 6th, 2020
Factom cryptocurrency uses Blockchain technology like bitcoin so it’s safer and can’t be an acquisition, taken and hack information by any person. Factom is functioning on the highest of the Bitcoin’s Blockchain. The Factom cryptocurrency that works on data integrity on the bitcoin.
Factom cryptocurrency creators predict the most difficulties of the functioning of digital Currency in 2015, so, they want to create a more secure and safe cryptocurrency and than they with success enforced the technology of exaggerated size of 1 block into 1MB and created Factom Blockchain finally.
The concept of Factom cryptocurrency came in late 2014. This will come after six months conversation between Paul Snow and David Johnston on Github about how we can use blockchain technology in a different form to increase security and safety of digital currency. After one year Factom cryptocurrency version 0.1 was realized. It is based out of Austin, Texas and it operates the business from Shanghai, Beijing, Honduras, London, and Sunnyvale, CA.
Factom cryptocurrency was started to build a more honest and transparent in world-wide. The Factom cryptocurrency team creates software that unchangeable to hackers and unauthorized persons. Any persons can not alter past transaction details. It stores all transitions detail at the beginning.
Factom cryptocurrency platform allows all businesses and individuals to make applications on top of Bitcoin’s blockchain for further use. It was designed to take advantage of the security and the immutability of the blockchain of Bitcoin.
Factom is associate ASCII text file information layer protocol, engineered on the top of the Bitcoin. It provides users and businesses to form use on the highest of Bitcoin’s Blockchain.
Bitcoin’s Blockchain has last eight years is proof that it’s most trustable record financial transactions. Blockchain designed for core constraints that aren’t centered on solutions.
While Factom is meant to require advantages of Bitcoin Blockchain security and unchangeableness.
Once any information square measure holds on the Factom interface, it can’t be modified and hold on for good.
For the rationale that this can be a trustable record. All alternative copies of the record verificatory and therefore the original record is saved safely.
Factom is the associate capital of Texas Blockchain technology company that wishes or gives the Blockchain supply for the large industries. The Factom company is specialized in building Blockchain technology for the giant enterprise.
Factom is a licensed lender in providing Blockchain resolution. Its shoppers square measure the Bill and Melinda Gates Foundation.
Factoids: Factoids (FCT) is Factom cryptocurrency or tokens. it’s identical as alternative cryptocurrencies on the market within the online markets.
The FCT permits you to enter information on the Factom platform, if you don’t have FCT you’ll be able to not do enter information on Factom. This token is linking the information to Bitcoin’s blockchain.
Factom Can Be Mine or not?
Factom cryptocurrency can not be mined. But you can exchange it to get currencies from Bitcoin or Ethereum. You can also exchange your currency for your first Factom (FCT) at ShapeShift. If you bought Factoid tokens, move them to the Factom wallet. The Factom cryptocurrency only supports desktop wallets on Mac, Linux, and Windows platforms. The GUI wallet is called the Factom Enterprise wallet.
You can also store your Factom coin on your Paper Wallet. But you can not be able to download a printable version of the paper wallet, you can see only and it will allow you to generate private and public factoid addresses that you write on the piece of paper and that can be shared with other persons if you to share your details to the anyone else. FactoidPapermill supports Windows, Linux, or Mac you can use it on any of these platforms.
You can not by Factom cryptocurrency directly form your native money. Firstly you need to buy some other cryptocurrency like bitcoin XRP and other currency then, you can convert or exchange it to Factom cryptocurrency with the help of online cryptocurrency exchanger like shapeshift. This provides an easy way to convert your cryptocurrency to any other cryptocurrency like Bitcoin to Factom, XRP to factor and much more.
Total Coins Used
Factoids (FCT) are cryptocurrency token of the Factom. Factoid has total 8,745,102 FCT coins.
What Is Different?
Factom cryptocurrency is cheap and more effective in separating the Bitcoin blockchain from the Bitcoin to use it for some other applications. Factom crypto coin works on the blockchain of Bitcoin for the non-Bitcoin transactions to provide more versatility.
If there is something recorded on Factom cryptocurrency platform, the records cannot be changed and will be forever immutable. This will makes the records trustable to all persons. Only
the copies of the record will verify all the time and the original records are kept in the safe.
Central Server Model was achieved in September 2015 when the pioneer servers of Factom went live.
Factom Federation was officially released on April 2017 with Entry Credits token marketplace and consensus mechanism and audit servers.
Who invented (FCT) Factom Cryptocurrency?
Paul Snow the co-founder and also CEO of Factom. And David Johnston the Chairman of the Factom cryptocurrency Board. There are also 25 other executives of the team and five advisors of the company.
In January 2014, Paul Snow and David Johnston talked about their plans which led Snow to invent the technology that became Factom. On 11 June 2014, the first Github commit was made by Snow it is when the coding begins. On 25 January 2015, the Factom 0.1 Version was released.
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