Review on Factom by Toprak Dere

Name: Factom
Item: Factom
Rating: 4

April 04, 2021

About Factom (FCT)

Factom; It is a blockchain protocol that separates the immutability of blockchain technology from the currencies usually associated with it. This makes it easier and cheaper for businesses to store data on the blockchain.

It tries to solve the three main problems seen in the real Bitcoin network: speed, cost, and bloat.

In addition, documents and data stored using Factom can be easily audited. This further reduces the cost required for businesses to have a secure and accurate data warehouse.

Factom is particularly useful for businesses where important data regularly exchanges hands. Documentation such as land grants and medical records must ensure accuracy when passing from one person to another. Storing data on the blockchain provides enormous value for these businesses. Paper records are expensive to maintain, and traditional digital storage is vulnerable to malicious changes. Factom solves both of these problems.

Factom is a well-established project that solves a large problem spanning multiple industries. While marketing is not the focus of the team, they are working in the shadows to build partnerships and keep improving their products.

The team not only has experience of working together on previous projects, but also shares several years of blockchain knowledge.

As the project grows, it will be interesting to see how the FCT price reacts and when or when it reaches a deflationary point. 
﻿

Pros

FCT has its own crypto ecosystem known as the Factoid. This token is used to purchase Login Credits for services offered by the platform. It is noteworthy that these Login Credits were purchased from the Project protocol itself, eliminating the need for Intermediary solutions.
future is bright and roadmap is amazing
The project also focuses heavily on quality control by removing documentation errors. In addition, products can streamline the due diligence department, particularly the process of finalizing mergers and acquisitions. It is certainly possible to host a digital identity based project on top of FCT.

Cons