Facto uses a Delegated Proof of Stake (DPoS) consensus mechanism and is secured by its final anchoring to the Bitcoin blockchain. While the protocol itself is robust, the original company behind it, Factom Inc., is defunct, and the network is now maintained by a decentralized group of operators.

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Facto

Q: What is the Purpose of Facto?

The purpose of Facto is to provide an immutable, decentralized audit trail for data. It allows organizations to prove that a piece of information existed in a specific state at a specific time without needing to trust a central authority.

Q: How Can I Participate in Facto's Ecosystem?

Users can participate by holding FCT tokens, running an audit or federated server if they meet the community requirements, or contributing to the open-source development of the protocol on GitHub.

Q: What Sets Facto Apart from Competitors?

Facto is unique because it anchors data to Bitcoin, inheriting its security, while maintaining its own chain structure to handle higher data volumes at a fixed cost through the use of Entry Credits.

Q: What are the Risks Associated with Facto?

The primary risks include low liquidity, the lack of central corporate development support, and the potential for the network to become obsolete as newer data-integrity protocols emerge.

Facto is a crypto infrastructure company addressing a gap in the onchain stack. The platform allows users to stake DeFi positions and seamlessly withdraw yields for other payment scenarios.

What is Facto?

Facto (often associated with the Factom protocol) is an enterprise-grade blockchain platform designed to provide a secure and immutable layer for data integrity. Its primary mission is to offer businesses and governments a way to record and verify digital data, such as land registries, legal documents, and financial records, by anchoring them to the Bitcoin blockchain without compromising speed or data privacy.

How Does Facto Work?

The system utilizes a dual-token model consisting of Factoids (FCT) and Entry Credits (EC). Users burn FCT to generate non-transferable Entry Credits, which are then used to pay for data entries on the network. These entries are organized into 'chains' and then cryptographically hashed into 'Directory Blocks.' These blocks are ultimately anchored to the Bitcoin blockchain, leveraging Bitcoin's massive security to prove the existence and integrity of the data at a specific point in time.

What Makes Facto Unique?

Facto stands out due to its 'Proof of Process' architecture, which separates data recording from the underlying blockchain's value transfer. This allows for high-throughput, low-cost data notarization that remains immune to the volatility of standard crypto markets. Key use cases have included working with the U.S. Department of Homeland Security and the Bill & Melinda Gates Foundation to secure medical records and IoT device data.

Who Are the Founders of Facto?

The project was founded by Paul Snow, David Johnston, and Peter Kirby. Paul Snow is a veteran developer known for his work on the Texas Bitcoin Conference and his expertise in decentralized consensus. David Johnston is a pioneer in the 'DApp' space and a co-founder of the Mastercoin protocol, while Peter Kirby brought extensive experience in fintech and business development to the team.

Latest News

What Key Events Have There Been for Facto?

Significant milestones include securing a grant from the Bill & Melinda Gates Foundation in 2016 for medical record security and a partnership with the U.S. Department of Homeland Security in 2018. More recently, the project transitioned into an open-source, community-governed entity following the 2020 bankruptcy of its founding corporate entity, Factom Inc., leading to the emergence of the Factom Protocol brand.

Project Announcements

The project has shifted focus toward long-term data preservation and legacy support. Recent updates involve community-led initiatives to keep the network's federated servers operational and discussions regarding potential migrations or bridges to more modern blockchain ecosystems.

Upcoming Events

Latest Airdrop

There are currently no active or official airdrops scheduled for the Facto/FCT token as the project is in a maintenance phase governed by the community.

ICO Time

The initial ICO was conducted between March 31 and May 15, 2015, raising approximately $500,000.

IDO Time

No separate IDO was held for the legacy Facto token, as its distribution was finalized during the 2015 crowdsale and subsequent protocol emissions.

TGE Time

The Token Generation Event occurred with the mainnet launch in September 2015.

Projects Announcements

Where to Buy Facto?

Facto (FCT) can be traded on several secondary exchanges, though liquidity has decreased over time. Historically, it has been available on platforms like Bittrex and Poloniex, with common trading pairs including FCT/BTC and FCT/USDT. Users are advised to check current listings on CoinMarketCap or CoinGecko for active markets.

Facto Price

Daily Trading Volume

The daily trading volume typically ranges between $5,000 and $20,000, reflecting its status as a legacy asset with lower market activity.

All-Time High

$85.64 on January 8, 2018 (currently down over 99% from this peak).

All-Time Low

$0.0401 on January 1, 2016 (reflecting a significant appreciation for very early adopters despite recent declines).

Market Cap and Valuation

Market Cap

The market capitalization is approximately $4 million to $6 million, often ranking outside the top 1000 cryptocurrencies.

Fully Diluted Valuation

The FDV is closely tied to the circulating supply of approximately 10.4 million tokens, as the protocol has a dynamic inflation/burn mechanism rather than a strictly fixed hard cap.

Facto Price Prediction

There are currently no available forecasts from reliable experts or reputable publications for Facto. Due to its status as a legacy project and the bankruptcy of its original founding company, most analysts consider the asset high-risk with minimal speculative coverage.

How to buy Facto?

To purchase Facto, follow these simple steps using the Bitget Wallet: Download the Bitget Wallet: If you haven't already, download the Bitget Wallet app from the official website or your app store. Create an Account: Open the app and create a new account by following the on-screen instructions. Ensure you secure your account with a strong password. Fund Your Wallet: Deposit funds into your Bitget Wallet by transferring cryptocurrencies or purchasing crypto using fiat currency through supported payment methods. Navigate to the Market: In the Bitget Wallet, go to the market section and search for Facto (FCT) to view available trading pairs. Place Your Order: Select the desired trading pair (e.g., FCT/USDT), enter the amount you wish to buy, and confirm your order. Once the transaction is completed, Facto will be added to your wallet.

FAQ

What is the Purpose of Facto?

How Can I Participate in Facto's Ecosystem?

What Sets Facto Apart from Competitors?

Is Facto Secure?

What are the Risks Associated with Facto?

Community Sentiment

32.87K Votes

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Disclaimer and Risk Warning: Some content on this page may be assisted or generated by AI and is for general reference only. For the most accurate and updated information, please refer to the official website of the project. Bitget Wallet values every partnership. If you notice any issues or inaccuracies, feel free to reach out to us at support.web3@bitget.com — we appreciate your feedback and will make improvements where needed.