Factom (FCT)

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Factom (FCT) is a record-keeping system running on the blockchain which makes it easy for businesses to store documents and data. The aim is to separate the data layer from the value layer.

Our Joke Name

Factom = Anti-Social

Basic Intro

Link to the main website

Link to price/market cap

Exchange Ticker (FCT)

Coin or Token

Circulating Supply (8.7 Million)

Block time (Around 10 min)

Market Cap Ranking

Review

Factom (FCT) is a record-keeping system running on the blockchain which makes it easy for businesses to store documents and data. The aim is to separate the data layer from the value layer which will allow any users to securely sign documents in a separate system. In order for all this to work, is requires “Federated Servers” which is like running a node. The white paper can be viewed at https://bit.ly/2sfIbDy (Factom Website).

Key Features

  • Lacking Social Media
  • Entry Credits (EC)
  • Application Building
  • Big Supporters / Investors

Lacking Social Media

If you haven’t heard of Factom I don’t blame you, they are extremely inactive on social media on YouTube they haven’t posted a video for nearly a year. Also for their blog, they post three months which isn’t ideal if you want to engage your community together. We can forget the Facebook page nothing posted on the page is relevant or eye-catching to new traffic. Factom have a good concept but I really think to get this going they will need to keep up with their community by posting daily on their blog, eye-catching Facebook posts and overall just being active. If they can get this under control, Factom will be heading in a good path.

Entry Credits (EC)

Entry Credits (EC) were created because companies were concerned of holding “Cryptocurrency” which could be the bad reputation it has been getting from mainstream media or general legal concerns. Entry Credits are bought directly from the Factom Enterprise this isolates the use of Factom’s Protocol. One Entry Credits allows up to 1 kilobyte of data submission which roughly costs around $0.001 USD (Price may differ in future).

Now I’m guessing you’re asking what is the use for FCT (Factoids) which is used to exchange for Entry Credits and when a user this also means Factoids are burned when Entry Credits are created, this is because Entry Credits are non-transferable and cannot be reused. So basically overtime Factoids are burned decreasing the market supply causing an increase this will only happen if a huge amount of users are using the Factom protocol.

Application Building

The applications of the Factom protocol have a huge variety, this means Factom can be applied to any business in any working industry to tailor its needs, for example, Factom launched solution which was called “Factom Harmony” which was focusing on mortgage and banks. This is a really innovative feature as it allows businesses from different industries to organize data effectively and preserve its integrity to tailor its needs.

The Supporters of Factom

Factom has a phenomenal line of supporters that are known for their influential actions or success. The Bill Gates Foundations has support Factom by providing a $500,000 USD Grant to them to provide a proof of concept prototype tailored for the medical industry.

Another well-known supporter is Tim Draper who has had huge success in his life by founding a university and his own firm with tons of books and TV Shows he is not one to go out of his way to support a small project unless he knew it had potential, he assisted in the 4.2 Million Dollars capital rise. Even the Department of Home Security gave Factom a grant in order to advance the digital identity for the Internet of Things. However as of late Factom hasn’t seen many people with similar successful backgrounds providing grants or heavily investing in them, as we also have not seen much progress in the past year.

Key Team

  • Paul Snow
  • David Johnston
  • Brian Deery
  • Zachary Lynde

Conclusion

Overall Factom is solving a real-world problem which faces many businesses daily in a decentralized form. I believe FTC is undervalued especially with the burn rate and decreasing market supply expect it to rise. However with this project starting in early 2015 and with only two products I expected more they really seem to be taking their time so I wouldn’t be expecting any major short time rises this is a long hold so if you don’t mind waiting a couple years to get a decent return don’t pass this up.

Pros

  • App Building
  • Bill Gates support Factom

Cons

  • Lacking Social Media
  • No backing (asset, profits, commodity)