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?
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.
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.