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Factom – a bright star upon blockchain landscape

Factom – a bright star upon blockchain landscape

Most likely if you are enthusiastic about the cryptocurrency scene, while surfing the exchanges, you have noticed a token with the abbreviation FCT.

This crypto coin is part of the Factom platform and, it is based on technological aspects inherent in Bitcoin.

It is worth emphasizing that Factom has properties and goals similar to bitcoin, but it is devoid of the two greatest problems of the favorite and pricey cryptocurrency: the limited size and complexity of computing operations. This was achieved through the introduction of sidechains, generating a particular information layer. Ultimately, this layer generates a hash that connects the main blocks with additional ones.

Factom was developed with several levels of security that you fail to find in any other blockchain. Although Factom is tied to Bitcoin, it solves a great many of the problems associated with it. A collaboration of Factom and Bitcoin can benefit from Bitcoin’s secure hash rate.

A limitless number of additional blocks that are located outside the blockchain brings distinct features and keynote technological innovations to the development of the platform team. As a result, a platform is created, which is an add-on over the classic blockchain, where you can store an unlimited amount of data that cannot be faked. In addition, authentication is also implemented quite quickly. In addition to document files, the ability to store contacts, applications, and scripts has been implemented.

Representing the platform on exchanges, the Factom token (FCT) is used as a means of payment inside the platform itself. Its main role is to pay for the services that are provided by the site. Nevertheless, you can use the platform’s services not only by purchasing a cryptocurrency and paying for its functionality, but also resorting to the classic money transfer using a plastic card.

Which problem does Factom solve?

Factom – a bright star upon blockchain landscape

Being a design protocol Factom solves three problems by creating a protocol for applications and functions that go beyond the processing of transactions related to currency exchange. Factom has created a reliable, efficient, and standardized approach where users can run their applications effortlessly,  a way more faster and accessible.

Instead of tracking the coins, Factom provides a distributed ledger into which you can include complex data to support your business. Input loans are the only way to enter data to the blockchain. This is crucial as it helps to overcome the slow speed issues, which is obvious in traditional blockchain systems.

Using input loans, Factom separates the process of implementing business functions from coins per se. Since each coin can be spent only once, this solves the performance problem, because you do not need the entire blockchain for processing coins.

Meanwhile, you no longer need to scan the entire blockchain to avoid double costs. Loans are available at only one address. As a result, you can write to the blockchain with incredible speed, which also encourages parallel processing over the network.

Factom’s Attractions

  • Scalability

When using Factom, you are not cramped to a definite number of transactions per second. In fact, this ecosystem is designed to comfortably accommodate large volumes.

  • Cost

Factom uses a system with two tokens, which means that the cost of writing to the blockchain is predetermined. The cost of input loans is fixed, so it does not depend on the unpredictable price of a coin.

Actually, it’s impossible to transfer input loans. Basically, you can use them as a product compared to using currencies.

  • Difficulty and speed

Factom was created to endorse complex data. Using chain identifiers, members can create organized private, public, or hybrid blockchains. There is no specific data format that you must follow in order for your data to be included in the Factom blockchain.

  • Public blockchain

Users do not need any special permission to write data to the Factom public blockchain. In order to get personal information, you can use Factom Harmony. Factom Harmony ensures a private blockchain where you can record personal data and then link it to Factom.

How to buy and store Factom

Factom – a bright star upon blockchain landscape

FCT coins can be seamlessly stored on a Factom wallet, which can be created on the project’s official website after a registration procedure as easy as a walk in the park. The wallets boast high adaptability:

  • version for personal computers exists, that is attached to ip, which means that you are able to apply the wallet only from a single working station;
  • version for phones and tablets –  iOS and Android;
  • online wallet.

In addition to the official website of the project, FCT coins can be purchased on the popular cryptocurrency exchanges like Bittrex, Poloniex, Bit-Z, Cryptopia, exchanging them for Bitcoin or Ethereum.

The most practical is an online wallet, and it is most often chosen by network users. As the platform developers strived to meet each user’s needs providing the ability to quickly and conveniently access the wallet from any platform. The PC version has the widest functionality, comprehensive and delightful interface design.

Dive deep to explore Factom Enterprise Wallet

Fear not, you shouldn’t necessarily be a tech-savvy to start the wallet’s investigation.

Factom Enterprise Wallet is friendly and adaptive as it can be run on Windows, MacOs, or Linux.

Browsing the official Factom Protocol website you’ll find pretty straightforward installation steps that cover a handful of operational systems.

When finding the instruction that meets your interests, you simply download the file and then install the wallet’s latest version. Or whether you can visit Github and download a wallet directly from there, that’s all in your discretion.

  • Once you’ve undergone installation, then open the wallet and check the license agreement.
  • Then you’ll be offered to pick a wallet type. Choosing a “secure” one, this wallet will allow to encrypt the keys if only you back up your seed. It’s safe to say, that fits your bill! Since selecting “not secure” you’ll have to jump through several steps.
  • When creating a wallet password be concentrated and attentive, avoid missing the password. That’s not a glove one doesn’t mind losing. If worst comes to worst, you’ll permanently lose your keys.
  • The wallet starts its syncing. Even though it syncs, you can still continue address creation and then receiving FCT, but the balance keeps being at 0 symbol until the sync is conducted.

Nuances of managing Factom Enterprise Wallet

Besides, address creation is not rocket science at all, a few clicks according to the thorough instructions and you’ll get a ready-to-use address. Just don’t forget to enter an address’s nickname.

In order to conduct sending and receiving transactions, you’ll be offered multiple options that are easy to understand using instructions. If you wish to handle your transactions more scrupulously, you can choose some input and output addresses and indicate the address that pays a fee as well.

If you own a key to FCT, the section of importing and exporting the private keys is relevant for you.

Following the Install Factom Enterprise Wallet guide, you’ll easily advance your existing wallet to a secure one.

Want to run your own MyFactom Wallet? This way you won’t need to match this online client-side wallet with the Factom blockchain. MyFactomWallet facilitates direct access to the Factom blockchain. But kindly note, it does not save, manage or gain access to every single user’s wallet or data-keeping key, transactions, or seed pairs. Each and every member is responsible for keeping his own key.

The amount of data stored on this network is not limited, and a large amount of your data won’t affect the capabilities of other users. Factom has its unique tokens. You can buy them for fiat currency, without a need to open a Factom wallet.

As a final observation

Outstanding investors and opinion leaders who closely monitor market changes are confident in the Factom’s vistas. Now, given the gained reputation and practical implementation of many solutions, its cost has boosted significantly.

Factom’s algorithms, a state-of-the-art enterprise wallet provide seamless activities so be among the first to profit!


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