– What kind of virtual currency is this?
Factom is a distributed, decentralized protocol running on top of Bitcoin. That means nobody controls it, that it is software that people all over the world run to make the protocol work. The software is open source, and anyone is free to use it for any purpose. Factom gives developers the tools to build a new generation of applications that use blockchain technology. The blockchain stores all the transactions in the Bitcoin network.
– What is this virtual currency primarily used for?
Factom is the first usable blockchain technology to solve real-world business problems by providing an unalterable record-keeping system. By creating a data layer on top of the Bitcoin blockchain, Factom’s distributed ledger technology secures millions of real-time records in the blockchain with a single hash using cryptographic isolation. Businesses and governments alike are using Factom to document their information so that it cannot be modified, deleted or backdated. Factom’s technology decentralizes record keeping by ensuring that the integrity of stored data remains intact, providing complete transparency, while at the same time maintaining user privacy in an increasingly digital world. (Source: https://www.weusecoins.com/what-is-factom/ )
– When was this virtual currency first introduced?
Factom: Sep 1, 2015.
– What is this virtual currency’s most recent market cap?
Factom: $373,953,679 USD (Source: https://coinmarketcap.com/currencies/factom/ )
– What is the history of this virtual currency?
Factom (FCT) is a decentralised, open-source cryptocurrency platform launched in September 2015. Unlike Bitcoin whose blockchain is used for currency transactions only, Factom comes with an enhanced blockchain that allows anyone to add new entries to the blockchain, including contracts and agreements in the form of scripts and applications. In other words, Factom creates an additional data layer (a record-keeping system) on top of the blockchain. As an incentive to maintain the network and to distribute the blockchain, Factom issues "factoids", or tokens that can be traded on cryptocurrency exchanges. (Source: http://cryptocoin.cc/table.php?cryptocoin=factom )