It helps to create an effective sidechain solution with a minimum amount of data required for each block. The data is packaged so that it can be shared on a P2P network. We also gathering additional information from different sources to make sure we cover all important information or events. It has a circulating supply of 9.7 million coins and ranked as #1802 with $16.6 million market cap. ATH (All Time High) price recorded in our base is $72.52 (2 Year 3 Month Ago), for the previous 52 weeks lowest and highest price for FCT was $1.08 and $11.52.
Electronic records hold most of the world’s data that pertain to wealth in the form of financial records, real estate records, tax and credits records, and the list goes on indefinitely. These are stored in centralised databases which are vulnerable to theft and vandalism. Bitcoin’s blockchain technology changed that forever by offering a way to secure the world’s data. However it has limitations such as time-consuming block times and data limit, that’s where Factom comes in.
The 24-hour price movement chart indicates that $299,488 worth of FCT were trading. The price peaked to $3.4700 in the last 24 hours while the lowest price was $3.3400.
Factom launched in September 2015, is an open-source, decentralised platform that’s running on top of bitcoin. With virtually infinite applications, it has the potential to shape the future. With rising demand for secure data storage, the Factom cryptocurrency is sure to stay high in value. It acts as a crosschain solution that allows independent nodes to communicate with Bitcoin through the Factom protocol.
A hash means a cryptographic one-way function that transforms digital data turning it into an alphanumeric string that can’t be changed. Factom technology makes hashes via API transforming them into a single hash that is anchored to Bitcoin’s blockchain as an immutable time stamp. Factom is a decentralized open-sourced data integrity protocol aimed to solve real-world business problems through the introduction of an unalterable record-keeping system. The creation of a data layer on top of the blockchain helps the distributed ledger technology to secure millions of real-time records with a hash. Factom offers a very convenient method of documenting information without the possibility of its further deletion or modification.
Currently, Factom (FCT) is trading at $1.8067 with FCT price 0.920338% down today. The market cap of Factom is USD 16,368,484 with 9,060,076 fct circulating currently.
Instead of storing entire records on the blockchain, it acts as an encrypted, immutable directory. Factoids (FCT) are the native cryptocurrency coins used by the Factom blockchain. Decentralized record-keeping technology offered by the platform delivers transparency and user privacy simultaneously.
The Factom coin (FCT) is a cryptocurrency based on the Factom protocol that currently exists as a layer on top of the Bitcoin blockchain. The coin can also be placed as a second layer on top of any other blockchain due to its versatile structure.
It ensures that data hasn’t been altered and is designed for voting systems, medical records, legal uses and other instances where the integrity of a document is essential. Factom’s blockchain technology is intended for adoption by a wide range of organizations including governments, non-profits and enterprises. Factom can save organizations money on auditing and gives businesses the confidence of knowing that records haven’t been altered in any way. A number of products have been built on top of the Factom blockchain, many of which are based around concepts such as due diligence and the authentication of documents.
This article is explicitly not intended to be financial advice, is not financial advice, and should not be construed as financial advice. The content and information provided in this article were not prepared by a certified financial professional. All readers should always conduct their own due diligence with a certified financial professional before making any investment decisions.
Factom is a blockchain protocol designed for data and recording keeping. Factcom separates the immutability of blockchain technology, from the currencies associated with it.
- CoinSwitch’s Factom price charts show you the Factom rate as compared with the cryptocurrencies of your choice in real-time so you can move your investments quickly when the need arises.
- As investors, it’s imperative that you regularly monitor the FCT price on the market to be able to execute your next move.
- The charts show you the Factom coin price trends every minute and also a history over the last 24 hours.
The Factom platform was launched in 2015 as a means of increasing the size of the blocks in the Bitcoin blockchain and facilitating the computing power spent to power the blockchain. The Factom team has managed to incorporate many new features into the blockchain.
World’s leading platform for futures, perpetual swaps and options trading. Factoids (FCT) and Entry Credits (EC) are the proprietary cryptocurrency coins used to tokenize transactions on the Factoid platform.
FCT is traded on such exchanges as Bittrex, Upbit, Cointree, Poloniex, and BCEX. Factoids are paid as a reward to servers maintaining the network. Entry Credits are used to pay for Entries (adding data to the protocol) or to vote for Federated servers. Though ECs don’t have intrinsic value, the addition of data to the Factom blockchain is impossible without them.
The current Factom blockchain can store almost unlimited amounts of data and continue to provide the blockchain with its renowned security measures. Factom is a relatively old blockchain but it has managed to remain a big part of the competitive landscape of the blockchain industry. You can check out the price of the Factom coin online at Coin360.com.
The technology gives the power of Bitcoin blockchain to an unlimited range of applications and users. The team released its protocol on an open-source basis in 2018. The mission of the company is to provide assistance to businesses and governments to keep records and manage data securely.
Namely Bitcoin,which boasts the largest and most secure blockchain. Armed with the ability to store data that is uneditable, Factcom has a real use case and makes it easier and cheaper for businesses and institutions to store data on the blockchain. Factoms ability to secure millions of real time records in the blockchain, with a single hash for generations to come is surely invaluable, and is a project everyone should keep an eye on. Factom (FCT) is a blockchain based data management system and crypto token which operates on trustless ledger technology.
We’ll start our exploration of the Factom project by analyzing the crypto market impact of Factoids (FCT), the proprietary cryptocurrency coins used by the network. An entry block is made by hashing together many small 10KB files. Then they are hashed and indexed into the directory blocks, which are anchored to Bitcoin blockchain creating 10 blocks every 10 minutes during BTC mining.
This cryptocurrency was made non-transferrable to make them less attractive for hackers. After Entry Credits are used, Factoids, which were used for their purchase, are burnt. CoinSwitch being an aggregator of all cryptocurrency exchanges shows you the best offers to buy Factom coins from exchanges around the globe. You can trade Factom for Bitcoin, ether, ripple, tron, dash or other cryptos of your choice on CoinSwitch’s smooth and transparent platform. Having over 45000+ exchange pairs from the best exchanges, you can not only buy FCT but also sell Factom at the best prices.
Factom Price Index, Historical Chart and Market Cap
Approximately $200,000 worth of FCT is traded on a daily basis, and BTC is its only trading pair to date. Factom has designed a solution to secure sensitive financial and personal information protecting it with a hash technology.
Among other things, Factom can eliminate issues pertaining to documents being lost, stolen or forged, all powered by the immutable proof of the blockchain. Factoids are traded on several cryptocurrency exchanges so far, including Poloniex, Bittrex, Upbit, Livecoin, and Bit-Z.
As investors, it’s imperative that you regularly monitor the FCT price on the market to be able to execute your next move. CoinSwitch’s Factom price charts show you the Factom rate as compared with the cryptocurrencies of your choice in real-time so you can move your investments quickly when the need arises. The charts show you the Factom coin price trends every minute and also a history over the last 24 hours. The Factom coin value is driven by the possibilities it offers as a protocol built on top of the Bitcoin blockchain. The Factom value is expected to skyrocket in the near future and the FCT price prediction paints a great picture for the investors.
Factom is a data layer for the blockchain that lets users store tremendous data with a single hash. It also allows auditing of that data in real time while being a secure recordkeeping platform on a global scale. To enable users to enter data on the Factom platform they need factoids which is basically the Factom coin, similar to other cryptocurrencies. To buy Factom, you will need a Factom wallet in which you can store the coins while trading with it.
As a leading organization in blockchain and fintech news, BeInCrypto always makes every effort to adhere to a strict set of editorial policies and practice the highest level of journalistic standards. That being said, we always encourage and urge readers to conduct their own research in relation to any claims made in this article. This article is intended as news or presented for informational purposes only. The topic of the article and information provided could potentially impact the value of a digital asset or cryptocurrency but is never intended to do so. Likewise, the content of the article and information provided within is not intended to, and does not, present sufficient information for the purposes of making a financial decision or investment.