Factom was created to overcome some of the disadvantages of Bitcoin blockchain. Indeed, the Bitcoin network is not able to support a large volume of transactions without an impact on management fees. Factom offers a blockchain that can adapt to a large number of operations while offering lower costs.
The Factom network uses its own tokens, the Factoids (FCT). This currency is used as an entry fee for companies to store and secure their documents in the blockchain.
The Factom team had released their Enterprise wallet with encryption in September 2017. At an initial price of INR 2061.18 on 1 September 2017 FCT drastically moved downwards to INR 1198.12 on 30 September 2017.
The Factom team released a new suite of products designed to work with existing imaging or document management solutions. FCT began at INR 1158.82 on 1 October 2017 and finally experienced a downturn at INR 931.14 on 30 October 2017.
The Factom leadership team had expanded and so FCT was INR 811.77 on 1 November 2017 and slowly moved up to INR 3859.49 on 30 November 2017.
All though there weren’t any tech updates from the Factom team in December. FCT started off at INR 1505.15 on 1 December 2017 and finally rose up as high as INR 43559.04 on 29 December 2017.
FCT started off at INR 4460.34 on 1 January 2018 and dipped low to INR 2430.92 on 31 January 2018.
FCT started off at INR 2472.38 on 1 February 2018 and was trading at INR 2069.90 on 27 February 2018.
Factom is a decentralized storage platform, which works with a secure blockchain. Any organization or company can store their data privately on the blockchain. Factom's innovation is based on the data layer created on the Bitcoin blockchain. Factom's technology makes it possible to secure millions of records in real time on the blockchain. Organizations and companies can secure their documents and ensure their integrity. The stored files remain intact, unaltered. Factom allows a total transparency and a respect of the private life. The Factom network is not run by a central organization but by its users, that is, no one will be able to access secure folders in the blockchain other than the owner of the content. Anyone can use Factom and secure their own files.