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Cryptocurrency 65/100: #Factom ( $FCT )
Factom is centered around a protocol built on top of Bitcoin. It's designed to separate the notion of immutability with cryptocurrencies. In other words, it separates the idea of an unchangeable history with cryptocurrencies. Remember that payments is just an application on top of blockchain, there are tons of applications that can be built on blockchain.
Once something is recorded on the Factom platform, it can't be changed and becomes forever immutable. This can be used in various applications and becomes a trustable system of record.
The way Factom works is by hashing what ever data that needs to remain unchangeable. A hash is a cryptographic one-way function what transforms any digital artifact into a fixed alphanumeric string. This string is like a unique digital fingerprint of the artifact and is impossible to reverse engineer to arrive at the original artifact. This functionality allows for the stored hash to be used as a comparison against a hash generated from the artifact. If both hashes match, than the document/artifact is the original and has not been tampered. This is useful when using contracts and making sure they're not altered in anyway after signing.
FCT March 19, 2018:
Total Supply: 8.7M
Market Cap: $189M
✧Price Today: $21.65
Do you need immutability in your life? Anyone building blockchain applications that need this?
Invest responsibly. #roadtoamillion