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What is Factom ?

What is Factom | Latest Crypotucrrency News in India | Latest Cryptocurrency Updates in India | Factom expplained | Factom for Dummies

Factom is one of the most promising long term crypto currencies in the space right now but it doesn’t get any of the hype which currencies like NEO, the rebranded version of Antshares and OmiseGo have at the moment. This is in part due to the lack of marketing by Factom Inc., the company that builds its blockchain software and also because it’s somewhat dull compared to cryptocurrency debit cards and smart economy platforms. But don’t be fooled, Factom is one the most useful blockchain tools with enormous potential for growth.

What is Factom and Why should I care?

The Factom Blockchain wants to merge the security of the Bitcoin blockhain with the ease of storing data that cannot be modified. Factom secures data for private and public organizations by publishing encrypted data or a cryptographically unique fingerprint of the data to Factom’s immutable, distributed Blockchain. Factom is blockchain agnostic, which is to say that it can be anchored into whichever blockchain it wants to provide even more reliability.

 Factom wants users to be able to insert their data into the Factom blockchain and then verify over time that the data hasn’t changed. Furthermore, it aims to build a system that can support high volumes of data inexpensively and it is this feature that differentiates factom from other blockchains.

 In a world rife with fake news and easily modifiable computer records, Factom’s service is going to be very valuable because it enables people and businesses to use a mathematically provable “notarization” service. Factom has already secured big name partnerships with the consulting firm iSoftStone along with grants for big players. Factom was given $199,000 by the US Department of Homeland Security to advance the security of digital identity for Internet of Thing. It has received a $500,000 grant from the Bill & Melinda Gates Foundation to to build a Proof of Concept prototype of a digitized medical record system for individuals living in remote developing areas of the world.

Factoids, which are the tokens used by the Factom blockchain to manage payments, remained under $4 range since its inception until April, 2017 before peaking at $33 in June, 2017. At the time of publishing this article, Factom (FCT) was priced at $24 with a market capitalization of $212,776,202, making it 34th most valubale cryptocurrency in terms of market cap.

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Gaurang Jain
Gaurang Jain
Gaurang Jain is a recent CS graduate from the University of Ilinois, Urbana-Champaign who has been involved in the cryptocurrency space since mid 2014 having set up a small mining operation in his dorm room (yay! Free electricity). He has grand visions for the future of cryptocurrencies and believes that in time code will disrupt big corporations and intrusive governments in ways that we cannot even imagine yet. He loves the great outdoors and is always up for road trip and does stand up comedy on the weekends when he can get a spot.

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