Factom is a blockchain innovations firm which was established in 2014, the founders of Factom recognized the limitations of Bitcoin as a practical blockchain for enterprise data solutions. In January 2014 the idea for Factom came out during a talk between Paul Snow (the current CEO of Factom) and David Johnston (the current Chairman of the Board of Factom) about how blockchains could support a form of distributed identity. Distribution of information, records and documents have been a tough task to secure and truly impossible to verify because of the serious manual effort required in the process. Keeping these issues in mind the developers built the Factom blockchain which is an open source which reached full decentralization in May this year. The Factom blockchain firm continues to support its adoption and advancement as an active contributor and community member.
Factom makes use of two kinds of tokens: (1) Factoids (FCT), which are the coins of Factom and are tradable for other cryptocurrencies, fiat currencies, etc. (2) Entry Credits (EC). Factoids operate in the way BTC ad ETH operate. To use the data securing services of Factom the user needs entry credits which can be bought through factoids. The Entry Credit allows the users to write 1kb of data to the blockchain.
Factom [FCT] is currently ranked 40th in the list of cryptocurrencies
across the globe. The market cap of Factom has currently been $130,633,740 USD which is equal to 33,522 BTC in
Bitcoins. In the last seven days the market capitalization of Factom has increased
by one hundred percent. This week has been a huge plus point for the crypto
token as the market cap of the firm has gone up from $65 Million USD to more
than $130 Million USD. The cryptocurrency is currently priced at $14.94 USD which is equivalent to
0.00383323 BTC in Bitcoins. In the last seven days the price has reached new successful heights it has improved itself from $8 USD to almost $15 USD. The volume of cryptocurrency transacted in the last 24 hours has been $4,846,239 USD/ 1,244 BTC. The circulating supply of Factom [FCT] has been 8,745,102 FCT.
The last seven days of Factom has been extremely successful as it has achieved a 81.74% increase in its price. In the last 24 hours the price of Factom [FCT] has increased by 11.09%. In the last one hour, Factom has had a 1.09% rise in its price. [recorded at 19:00 IST]