Factom (FCT) – Why is Factom (FCT) different?

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Many blockchains are launched for the whole host of different purposes. However, that does not mean that every blockchain is equally efficient. There are a few blockchains which attempt to provide various services as compared to just offering a cryptocurrency. Factom (FCT) is one of them. We will today try to understand how Factom (FCT) is different than other cryptocurrencies.

Why is Factom (FCT) different?

When you look at most of the other cryptocurrencies, they offer smart contracts or transaction capability. On the other hand, Factom (FCT) has a single goal. It is trying to record the data on the blockchain which can never be changed or altered. Ever since its launch, it is trying to achieve the same goal. It has been around since 2014. It is built on the blockchain which is similar to Bitcoin (BTC). However, the purpose is entirely different.

Once data is recorded on the Factom (FCT) blockchain, it holds the original copy forever. It is always verified and ensures that the data can never be altered. It especially suitable for companies and corporations which handle a significant amount of data. The aim is to provide that every version of the data is trackable on the blockchain. Even if later on it is modified, it will create another version of the information rather than updating the older version.

The main aim of Factom (FCT) is to provide better solutions on the blockchain. With the amount of data which companies are handling increasing on a day to day basis, it is high time that such a blockchain-based solution is available. Factom (FCT) aims to provide that accurately.

It also has a cryptocurrency which the investors can invest in. The cryptocurrency is showing a positive trend as well. That is why, if you believe in the data solutions which are on offer by Factom (FCT), you can think about investing in that cryptocurrency. While there are other cryptocurrencies which provide data storage solutions but the security which Factom (FCT) provides is much higher as compared to any other blockchain. It is one of the main reasons why it is so unique as compared to other cryptocurrencies and blockchain solutions.

Thus, instead of ignoring Factom (FCT) thinking that it offers a similar blockchain, it is time to look at the fundamentals to understand more. Fundamentally, it is different than most of the other cryptocurrencies, and that is why it warrants another look.

About Priya 131 Articles
I am an IT engineer by qualification and like to explore the crypto and blockchain space in my free time.

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