Factom - Shitcoin Review
on Aug 06, 2018
Today’s coin is seen as one of the best data storage solutions around.
And that’s a FACT(om)....
Today’s coin is Factom and we cannot think of anything funny about it.
So let’s dig in…
Factom (ticker: FCT)
Wtf is Factom?
Factom has a unique solution for organizations to share and store data. They want to offer a highly secure, cheap, and scalable platform.
Factom has three types of nodes (servers) in their network: federated servers, audit servers, and follower servers.
Factom also has two currencies: Factoids (FCT), the native currency to the blockchain which incentivizes nodes to keep the system decentralized and secure (like any other coin lol)...and Entry Credits (EC) which are used to vote for federated servers. It also costs EC to write shit to the blockchain.
Federated servers are the only ones allowed to receive Factoid rewards and write data to the blockchain.
Audit servers check the work of Federated servers...and if a Federated server makes a mistake it gets demoted to an audit server, and then another Audit server becomes a Federated server. This ties in with their consensus model which has to do with voting Federated servers, like voting delegates.
Follower servers are the bitches and simply relay information to the other servers.
Examples of file Factom stores are medical records, hospital files, insurance, financial, and other shit.
They are a well respected project that has been around for many years (since 2014). They have also raised millions in venture capital (~$8M we believe...not including their token sale which is how they got started ~$500k at the time).
Who tf is behind this shit?
Paul Snow is one of their founders and current CEO. He is a seasoned technical lead and has been around since the late 1980’s. He is also the President of the Texas Bitcoin Conference. David A. Johnson is the Chairman of the board and has been involved in the crypto space since 2013, as a co-founder of Bitangels.co. In total they have 8 co-founders which you can dig in to on their site. The team is prettttyy solid though.
Mid-Tier shitcoin as they have been a bit stagnant lately. They have a solid team, cool roadmap, working solution and have been in talks with some major organization and government bodies.
Hope you learned some shit.
- Mike and Aaron