Cryptocurrency Factom is a cryptocurrency that has recently appeared in the digital space. But it is worth noting that although the appearance is recent, popularity has already arrived, and this creates excellent conditions for the growth of developers’ ambitions. The popularity among users was provided by the development on its own platform, which has the same name as the virtual currency itself. The application is to conduct cash transactions using the blockchain technology that is already familiar to us. Like many others, like a cryptocurrency Fact, it is a collection of blocks that consist of encrypted information. The blocks themselves are formed using specialized software, which, in turn, initiates computational operations by the user’s personal computer. It also protects the “coins” from the possibility of creating fakes.
History of occurrence
The creator of Factom is Peter Kirby, who was helped by Paul Snow in the development. The launch of the project took place in September 2015. The purpose of the cryptocurrency was, in a sense, experimental and was to try to expand the functionality, as well as a number of blockchain technology capabilities. The main thing they wanted to implement was to improve the way they store and process information. Thus, attempts were made to eliminate the block restriction, the volume of which was no more than one megabyte of information.
The story of Factom originates from the moment of attempts to use sidechains that created a certain information layer. This was the solution to the problem of limiting the amount of block memory. This so-called “layer” is designed to establish stable communication between standard units and those that are in no way limited in memory size, as a result of which the network structure is fully preserved, and the data storage and processing capabilities are many times improved.
This helped speed up the conduct of cash transactions, which are much faster than in the case of the same Bitcoin.
Features and principle of operation
Factom cryptocurrency can provide investors with excellent investment opportunities with subsequent profit. This is due to a feature of the technology, which is tied to an unlimited amount of recording in a block using blockchain technology. This creates a certain system of cells similar to bank ones because it becomes possible to store any contracts or even personal data of clients. It is important that their confidentiality, security and complete safety are fully guaranteed.
The network is built on a decentralized type of structure. It also allows you to check the integrity and authenticity of files, which uses the principle called “trusted third parties”.
It turns out that the data that is on the Factom network is simply impossible to fake. Access to them is exclusively the user who created the blockchain and recorded it. As in many other networks, decentralization allows you to implement a protection system that, as the practice has shown, copes with cyber attacks.
Thanks to these features, investors are increasingly attracted, due to which Factom capitalization has reached two hundred million US dollars.
Like Bitcoin, this cryptocurrency is based on blockchain technology. But this does not prevent her from having a number of features that set her apart from others. These features include.
- Fast mining. This feature is one of the keys, and Fact mining depends on the performance of calculations by a regular user PC.
- Speed. The pace of conducting cash transactions between Factom network members has been significantly increased compared to Bitcoin.
- Volume. The main feature of this cryptocurrency is a truly unlimited amount of information being recorded in the blocks of a system based on blockchain technology.
You also need to know that the whole system is completely open – this can be considered one of the undeniable advantages over Bitcoin. The presence of open source code allows participants to adopt some features of the network individually for themselves and their needs. Thus, the FCT cryptocurrency provides users with some amenities.
The differences include orientation, because, in comparison with Bitcoin, Fact was originally created for the corporate market sector due to the advantages of the system in terms of data storage volume. Thus, the fact is nothing but Bitcoin with some innovations and add-ons that can bring success in the corporate segment.