Factom is a blockchain-based platform released in 2014, and has its own cryptocurrency called Factoid (FCT). The crypto-platform utilizes the Bitcoin blockchain, which is the most well maintained and secure blockchain in existence due to the immense amount of mining power from cryptographically hashing transactions. The amount of electricity collectively used by Bitcoin mining machines is more than a small country.
Currently, each Factoid is valued at $25, and with 8.7 million coins in circulation, this yields a market cap of $220 million (CoinMarketCap). This helps it sit comfortably in the top 100 cryptocurrency market caps, which is quite impressive considering there are thousands of different cryptos. Combined with daily trading volume in excess of $1 million, this indicates that FCT is popular and widely used, and important to know about if you are a cryptocurrency watcher/follower, investor or trader.
Decentralized Document and Publication Storage
The primary goal of Factom is to provide decentralized document and publication storage. Essentially, Factom provides unlimited books of blank paper, so users can take a book and write whatever they like in it. Factoids are used to buy entry credits so that users can purchase and store a new book. This way, the price of FCT is intimately tied to the amount of activity on the Factom network.
Once a document is written into Factom, it can never be deleted or manipulated since it’s cryptographically secure. A hash is created for any document stored on Factom and this hash is directly stored in the Bitcoin blockchain, providing irrevocable cryptographic proof of a document’s authenticity.
Great Way to Publish Scientific Papers
Factom is an excellent platform for publishing scientific papers and recording the following comments on a paper. The world is becoming increasingly censored, and most platforms and magazines for publishing scientific papers are centralized. This means there is someone in charge who can refuse to publish, manipulate, and delete research they don’t agree with or feel threatened by.
With this platform, a researcher can publish their papers and have peace of mind they will never be deleted. This should accelerate the advancement of science. The same concept applies for papers about other subjects like politics, history, etc. Even the most controversial paper can never be edited or deleted on on this crypto-platform.
Businesses Can Use This As Well
Businesses can use Factom to create a cryptographically secure and uneditable record of contracts and transactions. This could increase honesty in business dealings, prevent fraud, and make it easy to audit the records when tax season comes. Therefore, this platform could end up saving businesses a lot of money.
This technology introduces innovative and essential new methods to store documents and publications on a decentralized blockchain-based platform. Since FCT is required as payment for using Factom, its price will likely rise in the long term as network activity increases. Therefore, it’s probably a good idea to keep FCT in your portfolio, and to look into using this platform for your document storage and publication needs.
This is not advice. Advice should be accepted by your chosen legal counsel only and financial advice should come from a licensed or certified financial professional. As always – do your homework and make decisions based on your own education. Seek information and look into projects before adding to or diversifying your portfolios.