Factom in 2019: Still Any Potential in FCT?


► Our long form review here: https://www.coinbureau.com/review/factom-fct/
► Bittrex Review: https://www.coinbureau.com/review/bittrex/
► Poloniex Review: https://www.coinbureau.com/review/poloniex/


⛓️ 🔗 Helpful Links 🔗 ⛓️

► Website: https://www.factom.com/
► Whitepaper: https://www.factom.com/assets/docs/Factom_Whitepaper_v1.2.pdf
► GitHub: https://github.com/FactomProject


📱️ Socials 📱

► Blog: https://www.factom.com/company/blog/
► Twitter: https://twitter.com/factom
► Discord: https://discord.gg/SxPePjQ


📝 Overview 📝

Factom is developing a platform that would make it easier for companies to integrate their legacy enterprice systems into some blockchain technology.

There are many industries that could benefit from Factom’s technology. These include Healthcare records, Financial data, Legal documents, compliance etc etc.

Central to Factom’s protocol is the Factom storage chain.

The only things stored on this chain are hashes or links to your documents. This can significantly reduce the potential of blockchain bloat that comes with uploading the actual data on the chain

There is also a unique consensus mechanism that relies on federated servers that are best able to handle the bloat that may come in traditional blockchains.

You also have “Audit servers” and “follower servers” which perform different tasks in the consensus mechanism.

There are two types of tokens on the Factom ecosystem. These are the FCT (Factoids) which you can use to decentralize the ecosystem. Then, you have the Entry Credits (ECs). These are used to pay for entries on the Factom Chain as well as to vote on the Authority nodes.

The company is based in Austin, Texas.

The team has a pretty diverse background but the CEO, Paul Snow is well known in the Bitcoin ecosystem.

Factom did have an ICO and this was back in 2015 where they were able to raise $541k – quite good for 2015.

Factom is listed on a number of Exchanges including Poloniex and Bittrex. There are pretty low volumes here though which could make liquidity tough for large block orders.

There is not that much choice for storage of the tokens. Your best bet is to go for something like the Factom enterprise wallet.


📜 Disclaimer 📜

The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.

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