The Factom Protocol with its’ Factoid (FCT) token is a global utility that aims to be the means by which the world ensures data integrity and and finally secures identities. As an open protocol anyone can utilize, the possibilities are nearly endless. Factom Inc., is developing enterprise level applications that will utilize the protocol and establishing highly strategic partnerships in the process. One such partnership is with Smart Trac who have developed dLoc, a RFID-based means of authenticating documents and so much more. For a 3 minute overview of this technology, see this video:
As the Smart Trac website says, “Leveraging SMARTRAC and Factom technology, any institution that issues vital records – governments, banks, hospitals, universities – can use … Read the rest
Factom (FCT) is a cryptocurrency data layer that some refer to as TCP/IP for data integrity. Many feel it is extremely undervalued when compared to other crypto as it solves enormous real world problems and has working products and clients. Factom can be difficult to understand, in part, because the team tends to be very quiet about what they’re doing and working on for strategic purposes. They are the anti-hype coin and those of us who invest in it have to dig deep at times to find information.
Yesterday I came across the Rivetz ICO which is working to create a hardware-based cybersecurity solution that provides proof and assurance of privacy and security at the hardware level. What makes Rivetz … Read the rest
The majority of internet traffic runs on the TCP/IP protocol yet few understand how it works or even know that it exists. Technology integrates it seamlessly so that we don’t have to. As the Factom Protocol continues to move towards becoming the internet’s data integrity layer, businesses, governments, and application builders will use it in much the same way as TCP/IP when they want to ensure the integrity of their data. For true data integrity, one must have a trustless, decentralized, immutable, censorship resistant, autonomous protocol and that is exactly what the Factom Protocol is. As Paul Snow, Chief Architect of Factom stated:
While many in cryptocurrency circles have heard of Factom, most don’t know that it actually is … Read the rest
There have been many attempts as of late to try to determine a proper short term valuation for Factoids (FCT) which are used in the Factom protocol. I created a medium term valuation article found here, but people are concerned because, at present, the network cannot handle the number of transactions per second (TPS) needed to justify such a valuation. In my opinion, that is NOTHING to be concerned about since Factom has plans to implement network sharding to scale the network which they’ll roll out with M3. But in the meantime, what is the proper valuation of FCT?
I’ll get to that, but let’s first point out how different Factom is to the (at present) 31 coins above … Read the rest
I was listening to an interview with one of the heads of LBRY a few days ago, and he made the point that while there’s a lot of discussion around scaling various blockchains, none has shown how to do so successfully “in the wild.” Meaning that all blockchains with significant usage are encountering scaling problems.
I’m wondering how this applies to Factom. Do you see Factom encountering similar growing pains as usage increases? Or do you think you’ll be able to side-step some of the problems encountered by blockchains such as Bitcoin and Ethereum because of X / Y / Z in the Factom protocol? Are you concerned / relatively unconcerned? Thanks
We live in the Information Age yet our data is easily compromised and falsified. Factom with their Factoid (FCT) token is changing this as they have developed a scalable data layer for cryptocurrency that will secure the world’s data and make it immutable and easily auditable. In my opinion, this alone will create tremendous value. As of this writing, the market cap of Factom is 261 million while the market caps of Bitcoin and Ethereum are 42 and 35 billion respectively. I am making the call that, the “Flippening” will not be Ethereum replacing Bitcoin as the number one coin, it will be Factom. Before I explain why I feel this way, let me first say this … Read the rest
*edit* July 24th, 2017** These first couple of years, the Factom (FCT) price will probably be driven primarily by speculation regarding the future use of the prototol rather than current EC usage. However, the below is still a worthwhile exercise regarding Factom’s price potential.
In my opinion, Factom is one of, if not the most undervalued cryptocurrencies due largely to misunderstanding and misinformation about the potential valuation of the Factoid (FCT) token. Let me start by showcasing that YES, the value of the Factoid is meant to increase as use of the Factom protocol increases. This is made clear by one of the founders and the Chief Architect of Factom, Paul Snow who answered the following question on Reddit:
If you’re like me, you have enough Factoids (Factom cryptocurrency tokens) on Poloniex where you occasionally wake up sweating and check to make sure the site hasn’t been hacked. You’ve been waiting for a 3rd party wallet and are getting frustrated by the delays. You’ve heard of the Factoid Papermill and Factom Enterprise Wallet but either heard they’re a pain to get working or suck. Let me dispel the myth. Factoid Papermill is VERY easy to use and highly secure and the Factom Enterprise Wallet has come a LONG way. I personally keep the bulk of my Factoids in my paper wallet then import them to the Enterprise Wallet when I need to send them to an exchange. This is … Read the rest