Factom is a virtual money that appeared on the network relatively recently. This is a young shoot of crypto, which, despite its age, is gaining the necessary popularity among users. Its peculiarity is that it was created and is currently based on the Factom platform, which is used to carry out operations using blockchain technology . This crypto is large blocks of specially encoded information that is obtained after some computing processes through special hardware and software. This ensures maximum security and minimum risks that a fake version may arise.
History of occurrence
A crypt called “Fact” appeared in the early fall of 2015. Its founding fathers are an American development team. They set an ambitious goal to significantly expand the capabilities of blockchain-systems in relation to all actions carried out in relation to information. At the same time, the main problem that users encountered lay in the plane of the fact that the usual block used in decentralized systems is capable of storing no more than one MB of encoded information. Factom was developed to fully solve this problem.
The developers suggested using sidechains, through which an information layer is created. Its task is to create the desired hash code, with the help of which the main blocks are connected with numerous additions. However, they do not have any volume restrictions. Thus, the creators managed to do very important things: they were able to preserve the entire network structure, while significantly increasing the functionality.
The fact that cryptocurrency also has considerable advantages. So, it allows you to fix all the shortcomings associated with the functioning of bitcoin. The slow operation of the system, difficult mining, as well as the numerous problems that are encountered in conducting financial transactions – this is what corrects the Fact.
Pros of Using Fact
The main advantage of using this crypto is an innovative way of storing data. Information is contained on numerous servers scattered around the world. After a certain part of the data is stored, a hash is created. At the same time, he is given a unique number. Later, a so-called common hash is formed, which is attached to a specific block in the blockchain. It serves as a kind of beacon, thanks to which the search for all the elements is carried out.
Factom has additional advantages compared to Bitcoin:
- accelerated mining: crypt mining through complex computing operations is very fast;
- instant transactions between different participants in the system;
- almost unlimited possibilities associated with writing information to special blockchain blocks.
It should be noted that Fact is a completely open system. The creators are ready to give each member of the system a source API. This will allow you to quickly develop your own projects and bring them to the needs of the Internet. This makes it easier to work with Fact, allows you to quickly operate with currency and, in general, plays into the hands of Factom.
Possibilities of Fact
It should be noted that for specific representatives of the business and production sectors, Factom provides almost unlimited possibilities. So, this blockchain technology will allow you to record large blocks of information without involving additional equipment. In this network, you can store information about customer data, all kinds of contracts with a full security guarantee. At the same time, the blockchain network and developed tools allow you to quickly verify the authenticity of any document.
At the same time, it is impossible to fake data sent for storage in Factom. After all, only the person who created the blockchain has access to them. At the same time, the blockchain itself acts as an ideal defense. This technology will be guaranteed to be interesting for all kinds of companies and corporations that can safely use it to store audit results, as well as verify existing information.
How to use?
The client gets the opportunity to use several options for this system.
Mobile version that is supported by all smartphones.
PC version. It is supported by most popular operating systems. However, it is necessary to take into account the fact that such a version is tied to an ip, so you can only use a wallet from one device.
Online version. The most acceptable and affordable option, which allows you to use the wallet in the system through a browser. You can enter it through a smartphone or computer. However, it is necessary to take into account the fact that this option of using the system is fraught with some dangers, so you need to use it with full compliance with safety rules.
Evaluate all the functionality of the fact-wallet and you have to. The system is growing and gaining new users, which serves as the best recommendation.