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Review on Factom by David Olayide

Factom Cryptocurrency Project

Factom is a blockchain protocol that separates the immutability of blockchain technology from the currencies that are usually associated with it. What this means in effect is that, it is easier for businesses can store their data on the blockchain easily and more cheaper. Now like many other cryptocurrencies we have lying that try to fix some of the issues of already popular blockchain systems and cryptocurrencies. Factom too intends to fix problems such as speed and cost of transactions. Storing data in highly efficient ways today helps the smooth running of businesses and also ensures that data records stored on the blockchain remain unchanged as they pass from hand to hand to avoid malicious tampering. Ever since the Factom project was established in 2014 they have gradually expanded to become credible enough even to have partners in high places. These partners include the renowned Gates foundation and even the Department of Homeland Security. I am quite impressed to see that there are already a lot of real world applications by many enterprises and organizations. If you follow the process closely you will notice that one of the biggest competitors appears to be NEM. The FCT token which has a mildly intriguing presence on the market, is not doing bad. The price reached an all time high of about $33 before coming crashing down. The price is actually determined by the amount of the businesses joining the network. FCT is available on Poloniex, and Bittrex where you can purchase the token. You can then store it on the Ledger Nano S wallet or the Enterprise wallet that is available on the Mac, Windows, and Linux operating systems. Factom is really a great project that genuinely wants to address some of the issues we face in the world of cryptocurrency.

Pros & cons

  • Factom addresses some of the problems such as speed and cost of transactions
  • FCT has a solid price on the market, and this means that it can be invested in
  • Factom partners with some really solid organizations
  • Data record storage without malicious tampering
  • Factom needs Mass adoption