Factom

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Factom Coin FCT price

Factom is a blockchain technology company based in Austin, Texas. The company was founded in 2014 by Paul Snow[1] and David Johnston as a blockchain as a service company, using blockchain for data management and security. Its customers include the United States Department of Homeland Security,[2] and the company previously anchored Project Gutenberg.

Factom Review[edit]

Factom - What is Factom? Should You Invest?

Factom is a system for the protection of millions of records in real time on the blockchain with a single hash.

Companies and governments can use the Fantom to streamline records management, record business processes and struggle with problems of security and compliance. Factom uses the blockchain to ensure the operation of a large number of different applications, including systems audit, medical records, supply chain management, voting system, system of naming, legal documentation and financial system.

Products[edit]

Factom build core technology that enables people to interact smoothly with data, ask better questions, and make better decisions. They plug into your existing systems with proven Factom technology that can be deployed quickly and adapt to any domain.

Factom products are used throughout the public, private, and nonprofit sectors to help organizations quickly implement solutions to the hardest problems they face in data integrity, audit, and compliance.

Factom Harmony[edit]

Factom utilizes our blockchain solutions to create a digital process that allows each party to retain their documents, files and data securely within their data centers while providing trusted transactions with full confidence in the integrity of the information being shared or accessed.

Providing a single, comprehensive, secure and unalterable platform that eliminates the costs of document assembly and saves time by consolidating document storage. Factom Harmony enables organizations to better coordinate compliance audits, interact with all loan documents and data across multiple sources, deliver final documents faster and utilize resources more efficiently—all through one platform.

DLOC SYSTEM BUILT BY LINXENS[edit]

The Linxens NFC dLoc seals which incorporates a special security chip. It can hold context information, such as images and biometrics, which can be stored as public data or as private data accessible to authorized parties only. You can choose from a range of different chip platforms with storage capacities between 1kB and 64kB. dLoc™ stickers support all the standard security features including UV print, micro text or latent images.

Your document's data is married to the unique ID for the NFC tag and is only recognizable by you via a private key. You then can manage the document in a client customizable dLoc™ mobile app. dLoc™ has a seamless integration with the simple Factom Apollo, securing your data in the Factom blockchain.

Once you issue the document with your dLoc™ sticker, it can be verified using a desktop reader or a mobile app on an NFC-enabled phone. You just scan the documents to see their true history and have the confidence that they are authentic.

Main information[edit]

  • Country: United States
  • Headquarter: Texas
  • Type: Infrastructure
  • Round: Seed
  • Cost: $0.4 million
  • Date: 14-Oct-2015
  • Investors: Kuala Innovations

Factom Coin (FCT)[edit]

Factom (FCT) is a cryptocurrency for internal use on the Factom platform, which is based on blockchain technology and consists of blocks of encrypted information. The Factom project was launched in 2015, the purpose of which was to increase the standard block size in the blockchain system – 1 MB. In 2015, the developers of Fantom realized that such a small block size can become a problem.

Factom Price[edit]

People can buy Factom coins on popular exchanges like Bittrex, Upbit, Cryptopia.

Wallet[edit]

The registration of your own Factom wallet is quite simple. To do this, go to the official website Factom.com and register in the system. After authorization, the client is able to choose a convenient wallet format.

The following options are available:

  • mobile version – for iOS and Android smartphones;
  • computer version – provides support for all popular operating systems, the computer version is tied to the ip, which means that you can use the wallet from only one workstation;
  • online version is the most democratic option that allows you to use the wallet using a browser and enter it through a computer or mobile device. It is necessary to clarify that this version has a number of vulnerabilities and use the wallet is, taking precautions.

The developers have tried to take into account the interests of all users, providing quick and easy access to the wallet from any platform. The wallet system is called FactomWallet, has quite simple interface and wide functionality. It is most convenient to use the computer version, which has the widest functionality and the highest level of protection against hacking or tracking of personal data.

Factom Mining[edit]

Factom Mining is performed by means of carrying out the necessary computing works. Calculations do not require human intervention, are made by the processor of the computer's graphics card.

Given the complexity of computing processes and processing of large amounts of information, high-quality work is possible only with the use of relatively modern and efficient graphics cards. On weak devices, mining will take an excessive amount of time, lead to overload and overheating of the processor, and in General will not be beneficial in terms of payback. Payment is made every second for each bit of the processed information. The amount of payment depends on the current rate and the total market volume of Factom. To get started you will need to download a special utility for your computer on the official website. The program provides connection to servers, receiving and processing data for computing works.

Mining of Factom, like any other digital currency, can not be done completely autonomous. Human involvement is still required to configure the interfaces and optimize the software. You will also need to regularly check the stability, no failures and errors.

See also[edit]

External links[edit]

References[edit]

  1. Billionaire investor Draper leads $4.2 million funding in U.S. blockchain start-up
  2. Blockchain and IoT: Why They Depend on Each Other


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