Factom is a blockchain technology platform, It was launched in 2015. Factom is based in Austin, Texas. It founders are Paul Snow and David Johnston. Factom operates its business from CA, Sunnyvale, Shanghai, Honduras, Beijing, and London. Factom team is highly experienced. Factom is an open source data layer protocol. It blockchain ensures records are stored safely. Application of Factom users are made on top of Ethereum and Bitcoin blockchain. Factom takes advantage of both blockchain security and immutability. Documents recorded in Factom are entitled to eternal immutability, any attempts to interfere with the records can be verified since the original record are kept secure.
Factom platform preserve, validate and digital assets. Its main aim is to create a transparent and honest world. Factom has DLOC system by linxens which secure your physical document on Factom blockchain; it's a breakthrough document authentication solution. Factom API eradicates all possibility of document loss, prevent costly disputes and reduce audit time. The API integrates directly with users existing software, enabling them to audit, share and exchange sensitive documents that are stored privately behind their firewalls with blockchain technology power.
Factom enhance data integrity by allowing its blockchain users to add new entries as contract and agreements, inform of scripts and application. To understand the mechanism of Factom is a bit hard. Factom works on hash technology. A hash is cryptographic which convert digital artifact like ( video, audio or documents) into a fixed alphanumeric string. The string acts as a digital fingerprint of that artifact. Factom allows the creation of hashes through API. The hashes are assembled and again transformed into a single hash. The single hash is then held secure to Bitcoin's blockchain which acts like timestamping machine which cannot be tampered with.
The original hash can be used for comparison. The artifact can be hashed and then be compared to the original hash. If both hashes match then the artifact is original but if they don't match it means it has been altered. Factom uses three proofs to check the system. These proofs are:-
- Proof of existence.It ensures the hash are added every 10 minutes into the Bitcoin blockchain, creating a proof of artifact existence at a given point in time.
- Proof of audit.This help audit to be done anytime unless the Bitcoin technology is shut down.
- Proof of processFactom technology validate and record the order, manner and the process the documents are entered.
Factom tokens are known as Factroids (FCT). Factom also uses software tokens which are non-transferable which are known as Entry Credits (EC). The EC are paid for data entry to avoid Spam of data. They are bought in exchange for FTC. Factom has two tokens, to have a fixed price per KB stored on the blockchain and to remove complications of having direct cryptocurrency like FCT, for Factom service users. The EC and FCT are then burned; hence they cannot be reproduced or recycled.
Factom has opened up a wide variety of users globally. Its technology is cost-effective and separate Bitcoin's cryptocurrency from Bitcoin blockchain. Factom uses Bitcoin blockchain for non-Bitcoin transaction and uses it for other activities.
Factom can be used in many institutions which wish to preserve their integrity or organize their data effectively. It blockchain technology has easy validation and verification, censorship-resistant and immutability.
Factom possible use.
- Voting system.
- Property titles.
- Medical record.
- Services Legal Agreement (SLA) logs.
- Immutable Audits.
- Legal Application.
- Journaling Application
- Factom Iris- A tool for tracking ownership and the true identity of IoT.
- Factom Harmony- A broad solution for mortgage business.
- Factom Hera- A tool for building permission and private blockchain.
- Factom Apollo- A tool for auditing database.
- Factom dLoc SMARTRAC-A tool that verify and authenticate documents.
Factom Partnership and Investors.
- iSoftStone. Using blockchain technology to secure smart city solution for several regions in China.
- Ancun Zhengxin's. To use Factom blockchain technology for electronic data notary service.
- Microsoft. Partnered with Factom on their MS Azure Blockchain As A Service(BAAS) platform.
- DataYes. To place data on the market stock in Factom blockchain.
- US Department of Homeland Security. Use Factom in "Blockchain Software to prove Integrity of Captured Data from Boarder Devices."
- Bill & Melinda Gate Foundation. Funded Factom to address issues in health sector, to maintain medical records that are reliable, secure and readily available.
Advantage of Factom
- Factom has partnered with large organizations and its value might continue to rise in value.
- It's secure, cannot fizzle out anytime soon. It's anchored to BTC and ETH blockchain. It cannot be shut down, its run independently by many people across the world.
- Maintain users anonymity. It has a trustless ledger technology that decentralizes and protect users information.
- Factom target Government, businesses and schools to secure data safely.
- Data stored in Factom cannot be modified, reordered, changed or deleted/lost.
Disadvantage of Factom.
- Factom technology is a bit hard for many to grasp. The world does not yet know it badly needs it.
- No mining.
How to buy
Factom can be purchased in many exchanges like Poloniex, ShapeShift, BitTrex, Changelly, YuanBao, CoinCheck, etc. You need to buy ETH or BTC and exchange them for Factroids.
- Register for any of the exchanges mentioned above. Sign up through your email and use a password that is hard to crack but easy to remember, also enable a two-factor authentication.
- Deposit funds into your account
Buy ETH or BTC which can be paired with FCT. Then exchange any of the tokens with FTC.
- Buy FCT
Look for "FCT and follow select the amount of FCT you want to buy. Review your transaction detail.
To sell your FCT the process is the same. You can use the exchange-listed above.
Wallets for holding FCT
It is not recommended for you to store FCT in any exchanges since they can be hacked.Find an exchange that is suitable and safe for storing FCT. Factom has their wallet "Factom Enterprise Wallet." which support desktop wallets on Mac, Windows and Linux platforms, but there are also other wallets like Papermill wallet, Exodus Eden and Jaxx.