What is Factom?
The Factom project uses blockchain technology in order to create a safe haven for large quantities of business documents. The separation of storage and currency layers makes it easier for businesses to store documents on chain. The Factom platform is especially well suited for storage of documents that regularly change hands such as land deeds or medical records. The network has two different tokens operating upon it - Factoids (FCT) and Entry Credits. The Factoid tokens operate on their own blockchain. They are being used as a reward for network maintenance and as a method of procuring Entry credits. The non-tradable EC token is used to commit the data to the chain and gets burned in the process. The EC tokens can also be obtained via direct purchase through Factom in any currency. Factom uses three node types: Federated - only these nodes can write data into a blockchain, Audit - these check the work of the federated nodes, and Follower - which submit requests for data entry.
|Market Name||Traded On||Average Price||24h Volume|
|FCT/BTC||Poloniex, upBit, Cryptopia||0.00223112 BTC||$1,611,475|
Fundamental Cryptocurrency Data
|Circulating supply||8,745,102 FCT|
|Trading volume of all markets for this coin||$1,611,525|
|Factom FCT Prices||
0.01 XAU (= 0.28) grams GOLD
0.51 XAG (= 14.46) grams SILVER
|Marketcap|| 19,885 BTC|
1,482.53 kg gold
126,092.93 kg silver