Factom is a Blockchain protocol that separates the immutability of Blockchain technologies from the currencies that are often associated with it. This makes it easier and cheaper for businesses to store data on the Blockchain. In this article, as Koindeks.com, “What is Factom?” We will answer the question. In addition to these, we will touch on all the bets that are curious about the project.
What is Factom? What does FCT do?
Documents and information stored using FCT can be quickly audited. This reduces the cost required for businesses to have a reliable and truthful information warehouse. FCT is particularly useful for businesses where valuable data is regularly exchanged. Storing one-on-one data on the Blockchain pays off to these businesses. Keeping paper records is valuable. Conventional digital storage, on the other hand, is vulnerable to malicious tampering. FCT specifically solves both of these problems.
What are factom analyzes?
FCT is trying to solve three main problems seen in the BTC network. These:
- Speed: BTC processes take at least 10 minutes for just one confirmation. With a community standard of 6 approvals before a process is fully processed, it takes more than one hour.
- Cost:BTC process prices increase and may continue to rise as more processes enter the network.
- Bloat: With block sizes of 1MB, the number of processes per second is finite. 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. Just as time can be freely bought and sold. It specifically decentralizes the system, preventing users from sending spam to the network.
What are its features?
- Quick protocol: Factom provides its users with a fast process recording process. It is a special protocol that allows faithful processes.
- No Bloating: Factom generates a single hash. This is the Factom network, the process is completed in 10 minutes with the rapid addition of the layer.
- Various use cases: It is not limited to financial processes alone. There are also different fields such as law, medicine, information and technology that now rely on FCT to ensure they have a believable 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.