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Cryptocurrency Factom is a cryptocurrency for internal use on the Factom platform, which is based on the blockchain technology and consists of blocks of encrypted information. The Factom project was launched in 2015, the goal of which was to increase the standard block size in the blockchain system – 1 Mb. You see, already in 2015 developers Factom realized that such a small size of the block can become a problem, and only after 2 years Bitcoin collided with it. The task of Factom developers was to create a sidechain that would store more information while maintaining the blockchain structure. Such a technical characteristic can solve the disadvantages of the Bitcoin network.
All the above gives advantages of Factom over Bitcoin in the following aspects:
– Mining. We will write more about mining Factom below, and now in brief. Mining Factom is faster and more affordable for users than Bitcoin mining.
-Transaction speed. By increasing the size of the Factom network block, the speed of transactions between users of the network is faster than the transaction in Bitcoin.
-The volume of the network block. This advantage allows the business to store in blockchain different documentation, whether it be contracts or transaction data, in complete safety and anonymity.
Blockchain Factom technology is suitable for companies of different levels on the turnover of documents storage, which will be accessible only to the creator of this information, which is impossible to break due to its decentralized storage.
Mining cryptocurrency Factom almost nothing different from mining Ethereum, because it is also available through the use of video cards. It can not be called fully automatic, because from time you will have to check it for errors and failures, but such actions should be performed during mining of any crypt. To start mining Factom you need to download a special application to your computer, it is on the official site Factom.
Cryptocurrency Factom can be stored using the official electronic wallet, which you can open after registration on the official website. Immediately after registration, you will be offered to open 3 types of Factom wallet:
– Mobile version;
– PC version;
– Online wallet.
Among all types of wallets, the online wallet Factom the most practical and popular among the users of the network Factom, but we would recommend the computer version, it has a simple but practical design and wide functionality. The name of the native for the Factom purse Factom wallet.
In addition to using wallets to store coins of Factom (FCT), you can buy them and keep on the exchanges Bit-Z, Cryptopia, and Poloniex. You can buy FCT for Bitcoins and Ethereum.
Most crypto analysts promise this project a great future, but as it will actually be, time will tell. One of the leaders of computer development, Microsoft Company along with many banks want to use Factom to store their databases.
We present to your attention the Factom chart, which depicts the FCT rate to the dollar.
We do not know how the Factom project will actually develop, but we wish them success. If all companies that wish to use blockchain Factom to store their databases, it will be a good incentive to increase the price of FCT. This is all dear friends. Thank you for your attention.