What Is Factom (FCT)?

Factom is a data integrity protocol that allows legacy systems to be easily integrated without requiring cryptocurrencies. The protocol is efficient, scalable, and low-cost, which paves the way for global data security at the second layer. The platform intends to give businesses, governments, and other organizations the ability to record and store their data, while making it unchangeable and cost-effective. With the platform's pure data architecture developed for data security, users are helped to build effective protocols, audit technologies, and dApps. Data can be entered into the Factom blockchain, subsequently anchored to the Bitcoin blockchain. Modifications to the user's data are identifiable, traceable, and evident in the audit trail with this sequence.

The platform’s design comprises a series of chains linked together to form a layer. Users can create applications stored in a single data chain, allowing faster searching and indexing. This enables users to track and sync with only a tiny section of the protocol to run their app. The Factom protocol facilitates a wide range of smart contract technologies. Users can create self-contained, fully auditable smart contracts that keep data private at a low cost. The Factom Asset Token (FAT) is an open-source tokenization protocol. FAT intends to create a pure-data tokenization solution directly within the Factom blockchain's efficient data structure.

The Factom protocol has a two-token structure that reduces the barrier to building applications requiring cost stability and connection simplicity. The two-token structure enables converting the protocol's volatile native token into a non-tradable fixed-value Entry Credit that facilitates data entry.

Factom Protocol offers a two-token system. The FCT token is the platform's native cryptocurrency. It is used to transfer value and can be traded on various cryptocurrency exchanges with a variable value. The token used to enter the data into the Factom blockchain is the entry credit (EC).

History of Factom (FCT)

The Factom protocol was cofounded by Paul Snow and Jack Lu in 2014. The total supply of FCT tokens stands at 10,219,158 FCT.