Bitcoin, Crypto currency, Blockchain

Factom Coin – storing data on the Blockchain

Factom is a crypto currency and the Open-Source Blockchain platform, the associated with the help of the technology behind Bitcoin and Ethereum confidential data on the Blockchain. The merging of both technologies is intended to strengthen the decentralization of the project and the safety is further improved.

Data that can be played in a variety of forms, be sure and not be manipulated stored. The accession to the network for a fee. Is paid with FCT, the Coin of Factom. FCTs will remain on the Blockchain of Factom, and are traded like any other crypto currency on the market. Data entries on the Blockchain of Factom will be paid, in order to prevent data spam. To do this, Factom uses a different Token, the Entry Credits (EC). ECs are not transferable tokens that can be purchased in exchange for the FCT. The FCTs that will be spent for the purchase of EC, as well as all the EC it will then be destroyed.

Objectives and functions

The company, which is behind Factom, a Non-Profit organization in the UK, it is about transparency, honesty and trust. Corruption, fraud and forgery should belong to thanks to the Factom of the past. Anyone can create data and data structures that can be set in the Blockchain tamper-proof.

The development of Factom is based on the Entries (entries) and the Chain (chain). The M2 technology linked to these two elements. User data are stored in the Entries and saved. The Chain is linked then all of the information together, so that each Chain is made up of many Entry-blocks. Each user can create his “own chains” of entries.

Factom then it saves these chains by hashing together with all other data of other users (a unique fingerprint). Every ten minutes, a single Hash will be written to the Bitcoin Blockchain. Ten minutes – which corresponds to approximately to the time that passes until a new Bitcoin Block is fed into the network.

The digital output data are transformed cryptographically, and compressed. Thus, the data amount can be reduced significantly, which saves time and money. In one Experiment, 30,000 digital books the Gutenberg library were Packed in 4 Hashes.

Once data has been entered in Factom, you can not be changed, re-arranged or deleted. A crucial difference from the Bitcoin Blockchain is the following: at The end of each 10-minute period, all new Entry can be chained-blocks and a Directory Block is grouped together. This Directory Block, in turn, is connected to the Blockchain behind Bitcoin and Etherum. There are no new Entries for the Chain also built a new Block. To create such digital fingerprints, used Factom the SHA-256 algorithm. Furthermore, Factom is working with the “Proof of Existence”, “Proof of Process” and the “Proof-of-Audit”.

Use cases in the real world

About the Blockchain data forgery can be safely stored. The Blockchain as a “authentication machine” could modernize, for example, the notary being radical. Purchase contracts, important protocols and documents can be fed on Factom and secured, and as proof of their existence. The author can use that to his right to demonstrate.

The conventional costs can be reduced by turning Off of notarization make enormous. The use cases are many and varied and go far beyond the copyright to. Honduras is trying to create about Factom evidence of land ownership, mortgages, business boost and even improve the credit procurement. All this while the elimination of corruption.

Factom is working with BitSapphire in an anti-corruption Tool, to Manage the property databases in Kosovo is to be used. Georgia wants to use the Blockchain for land management. The husband and wife, Gates founded the Bill & Melinda Gates Foundation has invested in Factom, on the Basis of a Blockchain, a System for the documentation of medical records. Universities can provide certificates with a Hash. An employer will be submitted to a witness, the can in the shortest amount of time, the authenticity of Factom to confirm. The same can objects of art, Tickets, etc., are made.

Conclusion

Factom has great and lofty goals, to be achieved only once: to create A product, to make the world transparent and honest. The application possibilities for these Crypto-currencies are extremely diverse, as everywhere, where documents or authentications are necessary, cost-effective approaches for Factom. Time will tell whether this promising technology.

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