Security is the most important aspect when it comes to trading as we all want to keep our sensitive data, funds, and documents safe, manageable and away from the sight of hackers. Factom is a company which takes care of this by maintaining and preserving the data on the Blockchain through its advanced layered structure concept. The platform uses the sophisticated Blockchain technology to keep huge tracks of records and assuring an optimum level of security and privacy. This ground-breaking approach is definitely worth a look but there are still many factors to consider. While Factom beefs up the security, this unbiased review will help you streamline your decision on it and make the most appropriate choice.
What is Factom?
Factom is a data management Blockchain protocol that helps companies to manage their sensitive data and digital assets in its Blockchain. Factom is the creators of products that separate the immutability of secure Technology from the Cryptocurrencies which are associated with it. The products created by them will provide a new dimension for the businesses to store that date and manage it to avoid the risk of forgery, fraud, and hacking. The Blockchain protocol uses the sophisticated and distributive record keeping system which can be relied on for storing and preserving massive amount of data for organization or business to maintain its integrity.
The basic concept behind the working of the Factom system is that the Data Layer is separated from the value layer enabling users to notarize documents in the secure and separated system. Factom is a phenomenal concept that targets the conglomerates and their system of handling data by issuing them a record system of unalterable data. This ensures not just data are unchanged but it also focuses on maintaining complete user anonymity without any risk of data loss or theft. Interestingly, the company’s protocol is built on the top of the Bitcoin Blockchain which assures absolute platform integrity.
Centralized database and advancement of Factom
The sensitive data and digital assets in the centralized databases are held by people of certain organization which we must trust as it may put our data in a vulnerable position if it is not placed securely. The Bitcoin Blockchain provides a much secure environment and excellent record keeping solution which can handle a huge chunk of data without compromising on the speed and the storage capacity. In the centralized database, there is no strong security protocol which can keep our sensitive data safe and eliminate the risk of hacking. Once a centralized database is hacked, you can’t hide personal and confidential data from the hacker as they are able to access everything including social security numbers, personal emails, password, financial records and other private information. Factom has created this Blockchain solution which makes it impossible for the hacker to get the root access to the private information because of its bulletproof identify ledger technology and multi-authentication factors.
How does Factom work?
Factom is an attempt to change the inability of the technology and make it less expensive and easy for businesses to store information while targeting the three main issues in the Bitcoin Blockchain which are speed, cost, and bloat. The protocol works by using a decentralized database which is end to end encrypted. All the data in the platform are stored in different boxes which are located in different places where the entry is granted on an individual basis in spite of the administrator. Also, Factom keeps track of every minute changes that are made to the system so that they can easily identify it and correct it. This protocol is built on the top of Bitcoin using means of cryptography which is impossible to hack. As data are transmitted to millions of people on the network, a single server loss will not bring the whole system down making it even more reliable and secure. Centralized data is highly prone to complete failure because of individual mistake along with the high risk of malicious attack and data corruption. But by decentralizing data, Factom roots out any probability of hacking or critical failure.
Applications of Factom
The Blockchain protocol of the company can find a wide range of application in various industries or business in day to day life. Not just it maintains data integrity, data organization but also assures immutability, easy verification and censorship-resistant of documents.
- Mortgage industry
It can be used in Mortgage industry as the company has come up with the solution of Factom harmony to focus on mortgaged data for banking systems.
- Smart cities in China
The Factom has finalized a couple of landmark agreements in China. One is basically to help iSoftStone with its data integrity services. ISoftStone has been indulged in the strategic development of 80 smart cities in the country. Another agreement is signed with AncunZhengxin, a top-notch notary service provider in China.
- Medical care
Factom joined hands with Bill & Melinda Gates Foundation to counter one of the most urgent health care problems in the world- the maintenance and storage of medical records so that it is readily accessible, secure and reliable. Also, as medical records are kept privately and securely and are shared only with those doctors whom you trust, you can cast a vote right from your phone in a safe way.
Solutions at Factom
As Factom is a practical Blockchain solution which provides services to a large number of industries and companies and individual to store their sensitive documents, digital assets and personal information, the solutions and services offered by their team are not few. The data layer solutions at Factom save the time and money on auditing tasks and keeping the products customer oriented. The company solution can be integrated into the system at the Blockchain back end and make the system secure further by many folds. Regular Auditing and litigation, mergers and acquisition due diligence, Quality control, ID document chain, Document authentication, Near Field Communication (NFC) RFI solution are the innovative and smart solutions provided by the company. With all these services, you can’t just keep your data secure and saves a lot of money but you can also remove any errors or vulnerability from the system, validating and auditing documents, eliminating risk for problems like identity theft and using Near field communication (NFC) to introduce a SMARTRAC solution for public Blockchain.
Factom team and success
The Factom initiative was started in 2014 and was used at the back end of the Blockchain system. The first version of the Blockchain was released in the first Quarter of 2015 and started their token sale in the mid of the same year. In August, the project got accepted into the Plug and Play FinTech and was selected in the top list of Austin A startups in May 2016. The core team at Factom has several years of experience to introduce groundbreaking solutions in The Blockchain space. Peter Kirby, the CEO and the co-founder of the company and Abhi Dobhal, the VP project manager have worked over the years together at CoinTerra – A Bitcoin ASIC mining producer company. Factom currently has over 11 million entries and some great partnership with leading FinTech companies. The company has joined hands with the Development of Homeland securities to endow data audit trails which are collected at US border. Also, it has built a rapport with Gates foundation for storing medicals records of countless people. Their partnerships and rewards by leading organizations and companies like Bill and Melinda gate foundation and Smartrac truly speak about the caliber and the realm of Factom. In November 2014, the company launched its Whitepaper and its intention to revolutionize the whole financial market.
Factom uses two types of tokens in their network which are Factoids (FCT) and Entry credits (EC).
Factoids: Factoids have the right to their own chain in Factom and can be traded or exchanged on a number of cryptocurrency exchanges. These Factoid coins are used to decentralize the system and prevent anyone from spamming the network. The Factom server also receives grants in the form of Factoids for maintenance of the network. The rewards are released at a fixed rate which is 73,000 Factoids in a month by the network irrespective of its price.
Entry credits: The Factoids can be used to purchase Entry credits (ECs) in the same protocol. Remember Entry credits are not transferable and can be paid only for entries or for voting for the federated servers. You can use Entry Credits (ECs) purchased from factoids to add information to the Blockchain. When you spend on Entry credits, The Factoids associated with it are removed and burned. You can also buy Entry credits from different exchange using different Cryptocurrencies. Factoids are separated from Entry credits to encourage users who don’t know how to use cryptocurrency or don’t want to use them.
Factom price and Technical analysis
The factoid price is currently $21.35 with a market cap of 186 million USD and a circulating supply of 8,745,102 FCT. The Factoid price reached the all-time highest of 78.37 on 8th January 2018 where the price per Bitcoin was 0.0051. It reached the highest vs. Bitcoin on 20th June 2017 at 0.013 per Bitcoin and after that, it decreased steadily and stood in between $20 to $24. The Factom graph had certain spikes where the biggest one was on 8th January when it reached the highest point against USD. However, this might increase as the network gains more popularity as it is still under the building stage and introducing new and innovative measures. The price of Factoid id bound to increase as the amount of network usage increases. This is because as the network popularity increases, it will become more costly for the new companies and businesses to incorporate the Factom protocol in their network. This will affect the Factoid price directly.
Where to buy Factom?
There are many exchange platforms which facilitate the purchase of Factoid. You can buy or exchange Factoid at a reasonable price on these websites which includes Coinbase, Poloniex, Cryptopia, Bittrex, and Binance
Coinbase – Coinbase is a popular and secure trading exchange where you can trade in a number of Cryptocurrencies including top digital coins like Bitcoin, Ethereum, and Litecoin.
Cryptopia – This sleek and intuitive cryptocurrency exchange platform is best to get started with its wide range of cryptocurrency options.
Binance –With an aim to enhance the experience of crypto-to-crypto trading, Binance will impress you with its low trading fees and great coins offering.
How to store Factom?
There are many ways and wallets to store your factoids safely and efficiently. Here we have listed two best ways to store Factoids.
Coinomi – Coinomi is a lightweight, secure and open source wallet which provides a one-stop solution for over 100 coins storage other than Bitcoin.
Factoid Papermill – Factoid Papermill is another app which allows you to store FCT safely and it is also compatible with almost all operating systems.
Although the initiative was innovative and appealing, it has few direct competitors which include a couple of big names. The biggest threat and competitors to the development of Factom is Tierion and NEM. The most interesting part is that the Tierion Founder was one of the prominent members of the Factom team who developed the Factom explorer. The founder of Tierion states that the Factom platform was very complicated for beginners and he wants to provide the user which a sleek and user-friendly interface. Surprisingly, Tierion raised 25 million in its ICO which was way ahead of Factom 1 million fundraising amount. However, Factom got a lot of funding and grants later by series A and Bill and Melinda gate foundation which is more than that of Tierion.
Factom is an emerging cryptocurrency coin which may seem boring but has a lot of potentials. It is providing a great solution for both large class ventures and startups by storing their data safely forever. Even the top-notch companies like Sony, JPMorgan Chase, Target, etc. experience frequent hacks as it is not a very difficult task for hackers to penetrate into the system and get hold of sensitive documents and personal information. So, it is necessary to introduce such impressive security solution at the back-end of the Blockchain to preserve and protect your confidential information. Factom is a broad user-friendly solution which has the capability to address real-world problems in regards to immutability trust and data.