What is Factom (FCT)?
– What kind of virtual currency is this?
Factom
is a distributed, decentralized protocol running on top of Bitcoin.
That means nobody controls it, that it is software that people all over
the world run to make the protocol work. The software is open source,
and anyone is free to use it for any purpose. Factom gives developers
the tools to build a new generation of applications that use blockchain
technology. The blockchain stores all the transactions in the Bitcoin
network.
– What is this virtual currency primarily used for?
Factom is the first usable blockchain technology to solve real-world business problems by providing an unalterable record-keeping system.
By creating a data layer on top of the Bitcoin blockchain, Factom’s
distributed ledger technology secures millions of real-time records in
the blockchain with a single hash using cryptographic isolation.
Businesses and governments alike are using Factom to document their
information so that it cannot be modified, deleted or backdated.
Factom’s technology decentralizes record keeping by ensuring that the
integrity of stored data remains intact, providing complete
transparency, while at the same time maintaining user privacy in an
increasingly digital world. (Source: https://www.weusecoins.com/what-is-factom/ )
– When was this virtual currency first introduced?
Factom: Sep 1, 2015.
– What is this virtual currency’s most recent market cap?
Factom: $373,953,679 USD (Source: https://coinmarketcap.com/currencies/factom/ )
– What is the history of this virtual currency?
Factom
(FCT) is a decentralised, open-source cryptocurrency platform launched
in September 2015. Unlike Bitcoin whose blockchain is used for currency
transactions only, Factom comes with an enhanced blockchain that allows
anyone to add new entries to the blockchain, including contracts and
agreements in the form of scripts and applications. In other words,
Factom creates an additional data layer (a record-keeping system) on top
of the blockchain. As an incentive to maintain the network and to
distribute the blockchain, Factom issues "factoids", or tokens that can
be traded on cryptocurrency exchanges. (Source: http://cryptocoin.cc/table.php?cryptocoin=factom )