Factom is a blockchain based platform that works as a permanent unalterable directory and therefore provides a verifiable means of keeping data. This is because Factom stores data efficiently in the form of hashes on the blockchain and here’s how to buy Factom.
As a result, it can secure millions real-time transactions in its fully transparent database. A user can compare data from anywhere to that stored on the blockchain for verification. The end result is a fully transparent, cheaper and secure system which still retains the decentralized advantages of blockchain technology.
Factom Inc. creates applications that utilize blockchain technology. Consequently, the company has created products used in functions like data integrity improvement and even auditing. An example of these products is the Factom Harmony. This is a document management application that relies on blockchain technology. The company is based in Austin, Texas.
How to Buy Factom
Let’s look at a simplified guide on how to buy Factom coins, FCT from exchanges. It goes without saying that it is not possible for you to buy Factom using fiat currency. Therefore, the steps are as follows:
- First, you can buy Bitcoin or Ethereum from an exchange like CoinBase. This is possible using a credit/debit card or directly from your bank account.
- The next step is for you to find an exchange that lists Factom. Poloniex, Bittrex and ShapeShift are three exchanges that list Factom. This should be an easy step for anyone with the least bit of knowledge in crypto-trading.
- Finally, you transfer the Factom you have bought to a wallet of choice. The wallet options are listed in more detail in the wallet descriptions below.
Factom (FCT) Wallet
Safe storage of digital assets is very important. Never before has there existed an easier, more valuable target for hackers. The Factom team has done the much they can in securing their platform. Nonetheless, it is vital for users to take personal initiative. At the moment, there aren’t many wallets that support factoids.
Despite that, there are two recommended options;
- Desktop wallet (Enterprise Wallet)-This is one of the recommended ways to store your FCT. Notably also is the fact that the Exodus Eden, which is an unsecured pre-released software from the Exodus company, supports Factom.
- Paper wallet (Factoid Papermill)-The Papermill allows user to effectively secure factoids by creating public and private factoid key addresses. It is compatible with Mac, Windows and Linux.
From the aforementioned, Factom is a platform for the future. In this era of fake news and such data verification concerns, solutions like Factom are the way to go.