Factom is a cryptocurrency and a blockchain platform that works on the integrity of data. It was launched in September 2015 and is viewed as one of the most interesting applications of technology in the cryptocurrency and blockchain niche. The common application of blockchains is for currency transactions but what sets Factom apart is its ability to allow the addition of new entries to the blockchain thanks to the presence of an enhanced blockchain. Agreements and contracts can be added to the blockchain in the form of scripts.
The data layer protocol which is an open source platform can be used by anyone to build a transparent and fully secure system using the dependable blockchain technology. It can keep records safe permanently. As Factom has been created on top of Bitcoin, it allows individuals and companies to make applications on top the of Bitcoin blockchain which already has some drawbacks and does not offer the scope for applying innovative solutions.
On the other hand, Factom has emerged as one of the most undisputable and extremely dependable records of monetary transactions available. Data once recorded on this platform remains there forever. It cannot be changed or removed. That’s why Factom is regarded as a trusted record resource which can be used for verifying records and for its safekeeping.
Another key aspect of the Factom technology is that it creates a hash of all the hashes of companies every 10 minutes. This is inserted into the Bitcoin blockchain by an anchoring process, thus firmly establishing the authenticity of the hashes. The hash inserted into it is immutable and is also anchored into the Ethereum blockchain.
The tokens of Factom are called Factoids (FCT. They remain on the platform’s blockchain and traded in the same way as any other cryptocurrency. During the ICO, 8,753,219 factoids were created. No more tokens will be created until Milestone 3; a technical application related to the platform is reached.
Bitcoin for Factom are released in batches of 33%. When the genesis block was created (Milestone1), the first 33% was available. The second 33% was released on reaching Milestone 2 in December 2016). The last batch of 33% will be released upon reaching Milestone 3.
The total coin supply has not been capped. It has been stated that 73,000 FCTs will be issued every month after M3 is reached. Until then, there will be no increase in supply.
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