Factom has been hyped over the last weeks and got good media therefore I spend some time to get into the project. Nevertheless, I have two questions.
As I understand it, Factom is a sidechain of Bitcoin and could be hooked to Bitcoin's blockchain and it uses the Proof-of-Existence concept. What is the advantage of buying the coins called Factoids?
According to different resources the current amount of Factoids is 8,753,502. Is this the final amount and how was this "crooked" amount defined?
Hi,
Factom is a data layer for the blockchain. It’s based on the idea that Bitcoin is the most trusted immutable data store in existence, yet it’s not very useful for non-Bitcoin transactions. Factom has created a distributed, autonomous protocol to cost-effectively separate the Bitcoin blockchain from the Bitcoin cryptocurrency. That allows a business to maintain a permanent, time-stamped record of their data.
Now for the Factoids and the current amount:
According to the Factom website: The original supply of Factoids was set by the software token sale. Once the full Factom protocol is running, Factoids will be issued at a fixed rate to the servers that run the protocol.
So as you see, for now, until the protocol is completely deployed, no new Factoids will be issued.
This factoid is the token of factom, hence the abbreviation FCT.
Hope this helped.
