Key metricsKey metrics
PricePrice$5.7152
Asset TypeAsset TypeCryptocurrency
StructureStructureFor Profit Company
Project StatusProject StatusWorking Product
OwnershipOwnershipFree
SectorSectorData
IndustryIndustryBlockchain
FoundedFounded30-Mar-2015
Funds raisedFunds raised15.5M
CountryCountryUnited States
Key personKey personPaul Snow

Factom (FCT) Information{coin_name} ({symbol}) Information

Data Integrity Protocol

Factom stores the world’s data on a decentralized system. Using blockchain technology for smart contracts, digital assets and database integrity.

OrganizationsOrganizations

Factom Inc

Company NumberCompany Number Taxpayers ID : 32058528889
7320 N Mopac Expy #301, Austin, TX 78731, USA

Questions and AnswersQuestions and Answers

What is the relationship between Factoids (FCTs) and Entry Credits (ECs)?
The price of ECs is fixed: 1/10 of a cent USD. This allows businesses, governments, and other clients to plan their future expenditures. ECs can only be created by burning FCTs. The higher the price of FCT, the more ECs an FCT can be exchanged for. While FCTs are tradable, ECs are non-transferrable.
What is the current supply of FCTs? How many new coins will be added, and when?
The current supply is about 8,750,000. (The exact number can be found here.) 73,000 additional FCT will be added each month, beginning with Milestone 3 (M3). M3 is currently scheduled for about 12-18 months out.
Why does Factom need a token?
Decentralized systems need a reward mechanism to incentivize participants. Having a closed system requires cooperation, and builds the long term network value creation. The overarching goal is to move transactions off the Bitcoin blockchain. Requiring Bitcoin transactions defeats this goal. The token creates artificial scarcity to reduce spam.
Who runs the Factom network?
Factom servers, or nodes, are run by individuals or organizations who apply for a grant to become an Authority Node Operator (ANO). ANOs are selected by a committee based on trustworthiness, professionalism and volume of work, among other criteria. The top servers ranked by user support will be the Federated Servers, followed by the Audit Servers (considered alternates to step in were a Federated Server to lose support or goes offline). For more information, see our https://docs.google.com/document/d/1RVaVR7lvfGgOBMG-7oca9TtpnR7qaEfr6XJVaZJwd3M/edit.
Do Factoids have their own blockchain?
Factoids are implemented on their own Chain in Factom.
Is there a separate Proof of Work or other consensus mechanism for Factoids, independent of Factom?
No. That said, the Factom chain and the Entry Chain are managed by the Factom Servers (they are the application using these chains) so they validate them in real time. No invalid entries can be placed in these chains.
How can this system be stable with infinite inflation?
Unlike Bitcoin, there is a source and a sink. The usage fees are burned, and are not captured by the Federated Servers. The Federated Servers collectively set the cost paid per entry. They can raise or lower it based on the Factoid/USD rate, so that each KiB costs a specific dollar amount. Their goal is to remove Factoids from the market, so the fixed payout of Factoids they earn per period increase in value. The quantity removed from the market is price times quantity. They must find a price which is high enough to burn as many Factoids, without lowering quantity too much. There will be a negative feedback loop. High Factoid prices mean few Factoids are burned, and supply increases. Low Factoid prices mean that tons are swept from the market if usage stays constant. Given a constant usage, the Factoids will settle at a constant price. Settling price for Factoids will be directly proportional to usage.
What are Factoids and Entry Credits?
The Factom® blockchain uses a cryptocurrency called Factoids (FCT). However, unlike traditional cryptocurrency models, the protocol uses a two token system. While Factoids are traded externally like other cryptocurrencies, Entry Credits (EC) are used to write to the network. First, a user purchases Factoids, which are then burned to create Entry Credits, which are the only payment accepted to write to the blockchain. The conversion rate between Factoids and Entry Credits is fixed at $.001, allowing for the cost of entry into the blockchain to remain predictable, and not dependent on the fluctuating price of a coin. In short, Factoids are converted to Entry Credits at a variable exchange rate set by the Federated servers. Entry Credits purchase fixed amounts of data into the Factom blockchain. Entry Credits are not transferable, and can be treated as a product instead of a currency. This is great for institutions who shun cryptocurrency. Cost to use the system is based on usage, independent of Factoid exchange rate. It is used in the voting system. People who use the system have a say in how it is run, not currency holders or people who burn electricity. The Value of Entry Credits as a hacking target is greatly diminished since Entry Credits are not transferable. To convert your Factoids to Entry Credits, or check your Factoid balance, follow the documentation here: https://docs.factom.com.

TechnicalTechnical

Key metricsKey metrics

Source Code Repositories

FactomProject/factomd 184 Stars 79 Contributers 71 Open Issues

Factom Daemon

EconomicsEconomics

Tradeable CoinsTradeable Coins
9,458,151 (98% of total) ({tradeable_of_total} of total)

Exchange Markets

ExchangeExchange MarketMarket PricePrice DiffDiff Volume 24hVolume 24h SpreadSpread Spread $1kSpread $1k
Bittrex FCT/BTC $5.7309 0.28% $70,113 0.94% 1.9%
Poloniex FCT/BTC $5.6987 -0.29% $66,686 0.3% 3.4%

Latest Factom NewsLatest Factom News

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Zambia, Overstock's Medici Ink Deal on Blockchain Land Registry Pilot

Overstock's blockchain subsidiary is partnering with the Zambian government to build a blockchain land title registry, the company announced Wednesday. Medici Land Governance (MLG), the blockchain-powered property rights subsidiary of Overstock.com, has signed a Memorandum of Understanding with Trevor Kaunda, the...

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DHS Give Blockchain Tech Company $192k to Beta Test Concept

The Department of Homeland Security ( DHS ) provided Factom, a startup using blockchain technology to secure Internet of things (IoT) data, on June 15, 2018, $192,380 to begin beta testing their concept. Factom’s Blockchain Push The $192,380 prize money was apart of the final phase of the Silicon Valley Innovation...

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Factom Blockchain Project Wins Grant to Protect US Border Patrol Data

The U.S. Department of Homeland Security (DHS) has awarded a grant of $192,380 to blockchain project Factom to support beta testing of a platform aimed to secure data from Border Patrol cameras and sensors, the agency announced Friday. "The early phases of Factom's work has informed architecture choices and design...

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The U.S. DHS Awarded Factom a $192 K Grant to Secure Border Patrol Data

The distributed protocol that stores the “ world’s data on a decentralized system ” Factom received a grant of $ 192,380 to secure the beta testing within a Border Patrol project. The announcement was made on Friday by the U.S. Department of Homeland Security (DHS). “ The early phases of Factom’s work has informed...

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Distributed Business Accelerator Launches to Cultivate Blockchain Startups

As part of New York Blockchain Week, Distributed Business Accelerator (DBA) publicly launched their global blockchain accelerator community designed to cultivate an ecosystem of blockchain startups. The CEO of the project is Tom Tao, formerly of IBM and Chainbase Accelerator. In opening remarks, Tao gave his outlook...

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Coincheck Delists XMR, DASH, ZEC, REP – Prompted by Japanese Regulator

Japanese exchange Coincheck has confirmed that it is delisting three privacy coins: monero, dash, and zcash. Augur’s reputation token will also be delisted next month. The exchange made this decision after receiving a business improvement order from the country’s financial regulator following the NEM hack. Also read:...

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Factom Coin Review: What Makes It So Great?

About Factom Factom is an open-source cryptocurrency based on the blockchain model. The project was launched in 2014 by Peter Kirby . It was incorporated with an advanced technology to separate the Bitcoin blockchain and use it for difficult tasks to build a secure and immutable platform. Factom’s scope is “ to...

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FPT and Factom Announce Partnership to Expand Blockchain-as-a-Service

Austin-based blockchain-as-a-service company Factom is partnering with FPT Software , an IT services company stationed in Vietnam. The two enterprises will work with each other to develop a new blockchain technology platform through Factom Harmony — a system that creates audit records regarding data, decisions,...

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Factom (FCT) to the New All-Time High

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This information is provided AS IS and is not adviceThis information is provided AS IS and is not advice. May contain errors or omissions. Please always do your own research before trading.May contain errors or omissions. Please always do your own research before trading.
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