What is FACTOIDS?
A Guide to Understanding, Buying, Selling, Sending & Mining Factoids
An In-Depth Factoids Guide by Americas Cardroom
The medium of exchange has evolved a lot over the centuries. Money transformed from paper form to electronic transfer. Crypto is a new trend to execute your transactions quickly and easily without compromising the privacy of your information.
Digital currency is used for trading as a digital asset and it facilitates the transaction. Privacy and security are ensured using cryptography. The science of encoding Factoids quickly emerged to provide blockchain-based security for commercial data integration. Factom stores huge data on blockchain networks at a faster rate.
Wondering about Factoids? Check it out!
What is Factoid?
A factoid is an open-source cryptocurrency developed over Bitcoin blockchain technology. Factom is database software that uses Factoids to enter data in a blockchain network. Factoid is denoted by Factom and is designed to provide a private and transparent transaction facility. The participants and amount are kept secret.
The Factom blockchain is a decentralized network of computers for storing digital records that are transparent and immutable. This is the model that supports the usage of factoids currency for validation of entries in the Factom system. Data in the system is recorded in distributed hashing tables and shared among different users.
Starting in 2014, FTC started trading on exchanges for profit and as a medium of exchange for transactions as well as a support the system of the Factom platform for smart contracts. The Factoid network is designed to store, retrieve and integrate commercial data on large scale at high speed.
How secure is Factoid?
The Factoid network is made secure through hashing techniques. Hashing is a one-way function that encodes the digital data in special alphanumeric coding. Hashing fulfills the purpose of digital fingerprint validation.
Factoid is based on blockchain technology. A technology that proved immutable and secure over a decade. Factoid has capitalized on this security and immutability to emerge a unique platform for integrating large enterprises. Once the transaction is secured and entered in Factom blocks, it becomes a secure, trustworthy and immutable platform.
Is Factoid a private Cryptocurrency?
Privacy is the key to the usage of Cryptocurrency. Factoid is no exception and offers privacy protocols as well. What does it mean? Factoid-based transactions are private and personal. You can have the flexibility to keep your transaction or exchange private. Nobody knows when and how many Factoids you bought or sold. Factoids keep privacy using hashing encryption.
However, FTC is not private in the sense that they are not owned by any private person, organization, or government. The given Factom framework is governed using distributed public network of federated servers.
What is backing Factoid?
Factoid is a digital token used in the Factom database platform to integrate data. Digital coins are backed by distributed ledger technology which is blockchain.
These tokens protect data by connecting it with a blockchain ledger. Blockchain and the algorithm of Factom support the working of Factoids, making them verifiable. The public distributed ledger prevents any mutation in data once it is written.
Putting it simply, Factoids are backed by BTC blockchain, Factom database and hashing technology.
How will Factoids gain value?
Factoids are traded in exchanges, use as digital assets and facilitate transactions. Total market value is equal to the product of total supply of Factoids in the market and market value of 1 factoid.
FCT will gain further value in the future through more engagement with the client to facilitate data integration cheaper and faster, Currently, Factoids is serving the US department of homeland security and Bill and Melinda Gates Foundation in the Factom blockchain domain.
How to mine Factoids
Factoid mining is the process of solving a mathematical equation and getting rewarded with Factoids. A high capacity network of computers along with suits of software is required to mine Factoids. Those who mine these digital tokens or coins are called miners.
Technically, Miners uses a network of computers to create digital information blocks that are then connected with Factom blockchain to make them secure. This addition is verified by the whole network to ensure the verifiability of the system.
The miner is rewarded with Factoids tokens as the rewards for this addition. FTC is burnt to produce entry credits. These entry credits are used to write entries on the Factom blockchain. In this way, writing on the blockchain is independent of Factoids fluctuations.
Where to buy Ethereum
Ethereum can be bought and sold on an exchange, just like common securities. Of the many exchanges that exist, more popular exchanges like Coinbase are home to millions of traders and investors. The whole process is quite simple. A potential buyer can go to an exchange’s website online and set up an account. Once the user has registered his or her account, fiat currency must be deposited, much like one would deposit money into an online brokerage or savings account.
The trade is executed through the exchange platform. The coins will show up in the user’s wallet – a piece of software that stores Ethereum assets. In many ways, it is the cryptocurrency equivalent of a fiat currency bank account.
Where to buy Factoids Cryptocurrency
You can buy cryptocurrencies from numerous crypto exchanges. However, fiat currency cannot be used to buy FTC. That means you can buy FTC but you need to convert your fiat currency to Bitcoin first. Then BTC can be used to purchase FTC on crypto exchanges.
How to buy Factoids Cryptocurrency
Step 1: Buy Crypto
You need to buy any other big cryptocurrency such as Bitcoin in the first step. You cannot buy FTC through fiat currency. If you already have cryptocurrency in your wallet, skip this step.
Step 2: Crypto to FTC
BTC is then used to buy FTC from any Crypto exchange such as Bittrex. These exchanges facilitate BTC to buy Factoids tokens. Then FTC is transferred to your crypto wallet.
Step 3: Move from exchange to FTC wallet
Factom is synchronized with the desktop wallet currently. This desktop wallet is named as Factom Enterprise wallet. The process to synchronize with the chain of networks may take some time.
How to set up a Factoid wallet? (MAC and PC version)
Your Factoid wallet is just like the wallet of fiat currency but it works digitally.
- Step 1: Go to the Factom website which is the platform for the Factoids coins.
- Step 2: Select the wallet that best suits you in terms of pricing and your device. You can download a PC or MAC version.
- Step 3: Download and install the wallet on your device and populate the required information. This way you can set up your own FTC wallet.
How to send Factoids to the wallet?
- Step 1: Log into your account and go to your wallet.
- Step 2: Click the transaction tab in the left bar.
- Step 3: Click on the new transaction button.
- Step 4: Choose the option “Send Factoids”.
- Step 5: Populate the recipient address in the send to box.
- Step 6: Enter the number of Factoids you wish to send.
- Step 7: Click on Send transaction to execute the transfer.
Factoids are a decentralized open-source Cryptocurrency that supports data integration, transaction and store of value. Factoids facilitate commercial-level data storage and retrieval. FTC is made using hashing techniques.
If you dive into the crypto tide this comprehensive overview of FTC fundamentals will ease your journey.