We are in 2018. The crypto market is in the red. No! An unyielding token does not stop resisting the bears.
The whole crypto trader market?
The correlation between the prices of Bitcoin and those of the Altcoins is known to be high. However, jewels appear again and again, which successfully hold their ground against the trend of the BTC, despite all crypto trader prophecies of doom. In this case it is about Factom (FCT). The coin creates its very own bull market, because within the last 14 days FCT could increase in value a full 99 percent. Time to take a closer look at the coin.
First the bare numbers. The gem Factom ranks 53rd on CoinGecko, has a market capitalization of just over 78 million US dollars and a daily trading volume of over four million US dollars. The company has been in existence since 2014, the Genesis block was mined on September 1, 2015 according to CoinGecko.
What is Factom?
In one sentence: Factom is a protocol designed to ensure data integrity. This includes a number of solutions to guarantee the integrity of stored documents such as digital identities, invoices and proof-of-existence files. Changes to the documents can then be viewed via the blockchain.
How does this work?
This blockchain cannot do without tokens either. Factom has two: Factoids and the so-called Entry Credits (EC). The former can be freely traded by investors on exchanges. The prices that recur on CoinGecko with the ticker FCT apply strictly speaking to the Factoid tokens.
Users can then buy EC with the Factoids. In the next step, these entry credits are the way to the block chain. According to the white paper, each EC authorizes users to block one kilobyte (KB) of data volume on the Factom servers, the “Federated Servers”, for their own use.
However, these servers are not in the hands of Factom itself. For their services, i.e. the computation-intensive processing of the protocol, the company rewards the Federated Servers princely. This is because Factom makes a total of 73,000 FCTs available every month, which are distributed proportionately to the server operators.