What is Factom (FCT)?
Factom is a digital currency that is completely protected from fakes, as in its essence it is encrypted information, which is impossible to repeat.
Factom is a decentralized e-currency that operates using open source software. It began operations in September 2015.
Initially, this cryptocurrency was developed for the Factom platform to use FCT as a method of payment for the services provided. The platform itself helps network users to develop software or various applications using modern blockchain technology.
Where did Factom come from?
Start of the project Factom is marked on January 25, 2014. The goal was to create such a system that would solve the existing problems with the block size. By creating an open source platform, developers sought to expand the scalability of the decentralized network.
The Factom team consists of 8 founders and a group of developers, marketers, analysts, and managers. Principal directors and advisors:
Paul Snow is a director, an expert in open source technology, an evangelist, and chief architect of DTRules, which he founded back in 2004.
David Johnston - Chairman of the Board, Managing Director of the first venture fund Dapps, which invests in blockchain projects, co-founder of BitAngels. Known for his work in the field of biotechnology.
Brian Deery - research manager. The Lotus Elise roadster was born thanks to this man. He is a true technology innovator.
Jason Nadeau is a business development advisor, a strategic partnership. He came to Factom from Corsair Associates, where he worked as a senior director. He was also the president of the Stewart Title and the founder of the Black Knight company, in which, together with the team, he developed one of the major partner networks for the mortgage industry.
What are the advantages of FCT?
- Mining Factom is several times faster and more accessible for users than Bitcoin mining.
- Increased transaction speed. The size of the Factom network block has been increased, so the speed of transactions between users is carried out several times faster than in the Bitcoin blockchain.
- Increased network block size. This advantage allows businesses to store in the blockchain various documents, whether contracts or transaction data, in complete security and anonymity.
What are the disadvantages of FCT?
- The currency is not very popular that create difficulties to use it for financial transactions.
- Cryptocurrency processing is engaged in a limited circle of people, but according to the latest data, it will soon expand to the required volume.
How to buy Factom?
Thus, there are reasons to believe that Factom will continue to develop and grow in value. If you decide to buy FCT cryptocurrency, the simplest way is to use the SimpleSwap service and follow the instructions below:
- Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
- Select FCT in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
- Enter the Recipient's Address. Factom will be sent to this address. Be careful and make sure you use the correct address.
- Check all the information you have entered. If everything is correct click the Exchange button.
- You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.