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What Is Factom ?
Factom Coin is a new coin that aims to use the blockchain for the most basic purpose that it can be used; keeping records. Blockchain technology has the ability to maintain and keep unadulterated records for lifetimes. The most important direct application of such a record keeping system is business itself. Factom has created a data layer on top of the bitcoin blockchain. By doing so, it has built the capacity to keep millions and millions of records in a distributed consensus-based system that cannot be adulterated.
Businesses, governments, universities and other record-keeping institutes can keep their data secure with the help of a single has using cryptographic isolation of the records. Businesses especially can use their record in such a way that it cannot be changed, backdated, etc in the future.
Its practical uses
The practical uses of the Factom coin have already been discussed before. They heavily involved businesses and governments and their record-keeping initiatives. Now the factom network operates on an open-source software that everyone can operate. It even allows the user to program on it and develop new applications for the future of the record keeping initiatives on the blockchain. This will allow you to use it for any purpose that you feel like doing and promote more and more uses of the ingenious platform.
Factom’s transactions are stored on the Bitcoin network and since Factom can be programmed like Ethereum, it is the first approach that uses the bitcoin network itself for programmable initiatives. Factom wants to make the world’s system honest by decentralizing databases.
If your database is centralized and is vulnerable because of it, you can easily shift towards the Factom coin and use its decentralized record-keeping on offer. It can be used for medical records, scoring sheets for sports, historical data, scientific data, supply chain information and what not in itself.
Peter Kirkby- President
Brian Deery-Chief Scientist
Zeen Zhang- China General Manager
The Factom coin cannot be mined because it is based on the Bitcoin Network and its history cannot be different from bitcoin itself. It is a mixture of proof of publication, proof of process and proof of audit.
Notes for Investors
The Factom coin was started back in January 2016 and its price has increased from $0.12 to a whopping $207 at the time of this article showing a volatile but ultimately positive trend. Its market cap is around $207 million. It is a very intriguing prospect for the future.