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Factoids (FCT) is a relatively new cryptocurrency based on the Factom platform. The FCT coin is used to perform financial operations based on the blockchain technology. As any other cryptocurrency, FCT is mined by means of the special software that performs complicated computational tasks.
FCT was initially created for the internal use on the Factom platform in September 2015 by Peter Kirby and Paul Snow. The key purpose of creating this project was to expand the block’s size and avoid problems connected with a lack of space within a chain.
The idea of the expansion is to make the transactions faster and to simplify the mining process. The standard block could contain approximately 1MB of information and the more users connect to the network, the more problems with mining and transactions appear. This is a crucial question of today’s cryptocurrency world and Bitcoin is the first currency to experience this issue. To avoid repeating this scenario, Factom have created side chains that produce additional hash codes. These codes improve the chain’s ability to store and transfer information.
Factoids/Factom is mostly focused on the business sphere. They work on the blockchain innovations that will ensure a safe contract storage, personal data transfer and high level of network security. Also, implemented blockchain technologies allow managers to check the documents for authenticity quickly.
Overall, Factom is a decentralized data storage platform with high level of automation and security. Due to the blockchain technology, there is no chance that any data stored at Factom can be stolen or falsified. In a word, this company is looking for new ways to combine business, cryptocurrency, and blockchain.
Currently, FCT’s market cap makes $42 037 493 USD. The volume of coins (24h) makes $204 626 USD. There are 8 745 102 FCT in circulation.
FCT coins can be purchased and traded on most large exchange websites. This coin gains more and more popularity with time, so the price keeps growing. Therefore, people interested in perspective cryptocurrencies should consider FCT as one of the investment options.
The main focus of Factom developers is improving the way business and financial operations are made. Chances are that they will continue presenting new safety technologies and improving the existing ones.