What is Factom Coin (FCT)?
FCT Coin Price
What is Factom | A Quick Overview
Factom is a blockchain based solution for data management and security. They allow for interoperability with any pre-existing products and are used with public, private, and nonprofit sectors at this point.
The History of Factom Coin
January 25th, 2014 Paul Snow and David Johnston had the original conversation about Factom...
June 11th, 2014 the coding began. A GitHub comment is made by Paul Snow and action starts to take place.
The original name for Factom was Notary Chains, which was changed quickly to Factom and then they released their whitepaper on November 17th. 2014.
January 25th, 2015 version 1.0 went live.
The Factom token sale took place on March 31st, 2015, being one of the earlier token sales.
On June 30th, Factom foundation separated from Factom and then partnered with them as a means of funding.
September 1st, 2015 the Genesis network goes live to the world.
The US Department of Homeland security paired with Factom for a project in June of 2016.
The FCT Coin Founders
Paul Snow - Linkedin - CEO and Creator
Currently working within the cryptocurrency world to build new solutions to persistent problems. Organizing Bitcoin meetup groups, forums, and conferences. Founded Factom, a distributed autonomous protocol that adds a general purpose data layer over the Bitcoin Blockchain.
As one of the Founders of the Texas Bitcoin Conference, Paul has taken the lead to organize and chair this annual event in Austin Texas. The Texas Bitcoin Conference brings the technical, commercial, political, and economic interests together in a way that is unique in the cryptocurrency space (Linkedin).
David Johnston - Linkedin - Founder and Chairman of the Board
I've been a CEO of several technology startups; I'm an active angel & venture stage investor, board member & advisor to growth stage companies and open source software projects in the blockchain space (Linkedin).
Factom Coin Media
Factom Coin White Paper
The Purpose of Factom
Factom was created to help the business industry, mainly data management and security, be more honest.
See with many industries there are blind zones and both customers/partners don’t know how the business is being run and conducted.
Peter Kirby had this to say “We started Factom to build a more honest and transparent world. We take a pretty simple approach: create software that makes it impossible to change the past and point that software at places where it solves valuable business problems."
Thus they are trying to create a world without fraud, corruption, and forgery don’t exist.
That means that private data will be private, but still able to be verified and ensured, without jeopardizing the actions or privacy of people.
Thus they made sure that Factom was built open-source so that everyone can build applications with their tech and benefit from the public utility of it.
The Features of Factom Coin
This allows businesses or entities that are utilizing the Factom network to convert document management solutions into a blockchain based document platform.
Not only does that allow people to eliminate lost documents and reduce audit times but also prevent costly disputes.
Dloc by SMARTRAC
A document authentication solution for securing physical documents on the blockchain.
Using both the Factom Harmony and Dloc by SMARTRAC, the factom network provides many different solutions and services to companies.
Some of the main featured ones are:
- Regulatory Auditing and Litigation
- Quality Control
- Mergers and Acquisition Due Diligence
- Document Authentication
- ID Document Chain
- Near Field Communication (NFC) RFI Solutions
These are some of the features that businesses are currently using Factom for. Check out this page for more: Factom Solutions
The Use of Factom Coin
On the factom network, there is a process that companies have to use to ensure the validity and ability to use Factom(1).
- Application Owner purchases Entry Credits with Factoid
- Application records an Entry
- Factom Servers create Entry Blocks and Directory Blocks
- Factom secures an anchor (hash of the Directory Block) onto the blockchain
This is how companies can and do actively use the Factom network and all of its solutions.
A Macroeconomic Look At FCT Coin
Factom is aiming at helping companies and corporations stay private while incorporating a blockchain based API into their accounting.
This is a unique mission and a large industry.
Taking online most physical documents and allowing for quick, easy, and cheap auditing can make or break companies.
Considering the blockchain is still a new industry, we can’t say exactly how much money flows through the system of digitizing and securing physical documents, but this is drastically important to companies.
Without the ability to back-up documents, a lot can happen.
Thus we’ve seen Tether, Shapeshift, and even the US Department of homeland security use their services.
What We Think of Factom
Well, we don’t currently hold Factom, we do like the project.
They are one of the earlier blockchain applications, which started before the ICO craze took place in 2017.
We are watching their development and implementation, yet they are already working with many major companies and are completely transparent.
All in all, they have a recipe for long-term success, which we will be looking into more in the future.
If you liked this review and want to help support the academy donate some ETH below!
MORE FROM THE CRYPTOCURRENCY INDEX
What is NEO Coin? | A Beginner’s Guide NEO Coin Price Neo Coin is a non-profit blockchain project that uses digital identity and blockchain technology to automate the management of digital assets using smart contracts and create a smart economy on a distributed decentralized network. The Gas coin of Neo is what is used to…
What is Vechain (VEN Coin) | The Product and Information Blockchain VEN Coin Price What is Vechain (VEN) | Summary Vechain is a blockchain platform designed for products and information. What this means is that Vechain helps monitor and track liquor, luxury goods, auto, retail, agriculture, and more with their blockchain. It is a way…
What is Enjin Coin (ENJ)? ENJ Coin Price What is Enjin Coin? A Quick Overview Enjin coin is a cryptocurrency made for gaming and a virtual goods marketplace with complete customizability. It’s built with an ERC20 smart contract system for trust and transparency. This allows for true item ownership and the ability to get rid…