Factom Blockchain for Hacker-proof Database
One of the most challenging tasks that were presented to IT world would always be the security of private data. Constant hacker attacks usually result in massive data losses and substantial losses. For example, in November 2017 Uber’s 57M users’ data was stolen and the company allegedly paid a 100K USD to hackers to delete the information.
Factom is a blockchain platform that addressed the need of providing businesses with data security by using a decentralized database. The information stored on Factom decentralized blockchain can be easily audited and validated for accuracy and reliability of the source.
Factoid Coin and Factom Entry Credits
Factom created a cryptocurrency that has its own chain within the system. It is called Factoid and has a ticker symbol FCT. Factoids are used as a platform’s fuel and antispam mechanism though you can buy, sell or hold them as a traditional cryptocurrency like Bitcoin.
To use the platform you need to buy Entry Credits (ECs) with FCT. When you spend ECs the FTC that you used are burned. To compensate for decreasing number of FTCs Factom platform releases 73,000 coins every month; therefore there is no fixed amount of FTC supply.