Today, we are going to give you a very detailed yet extensive look on Factom (FCT) Price Prediction for 2021 and beyond. Factom is a decentralized way to package, gather, and protect data in the Bitcoin blockchain itself in which it tackles issues such as cost and speed in the BTC blockchain, using its own specialized blockchain technology protocol.
Lets get this roller coaster started!
What is Factom?
Factom (FCT) was established by corporations in order for them to construct their own record systems via a unique and fascinating blockchain technology. It is an open source and decentralized protocol on data integrity that a group of enterprises builds. The protocol is an easy solution that can be incorporated cost-effectively with any internal recording system.
Factom makes it more and more cost effective for companies to use the data storage blockchain by isolating it from the digital assets connected with blockchains. This is done on the Bitcoin network and tries to resolve the Bitcoin Network’s three main issues.
- The amount of Bitcoin Network transactions per second is limited by its block size of 1 MB. And present ideas of Divided Testimony and the Lightning Network will probably not be sufficient to give a long-term network solution.
- Because blocks take 10 minutes to generate and six network confirmations are the usual to complete the validation of a transaction, a transaction can take more than an hour and others take much longer.
- The mining costs for these transactions continue to increase with the network handling a growing number of transactions.
The team behind Factom
Factom is a major project for the old blockchain, launched in 2014. Since then, it has progressed steadily and has become one of the best blockchain projects.
The very first Factom version was launched by the ICO in the beginning of 2015. The accelerator was accepted in 2016 and then one of the starters in Austin, Texas, where the project is situated, was selected in 2016.
The Factom platform contains more than 11 million entries and has established significant collaborations. They collaborate with the Gates Foundation to keep the medical records of people living in poor nations and have worked with the US Homeland Security Department to ensure audit trailing of US border data.
Paul Snow is the CEO of Factom and the originator of the project. He was also the originator of the Texas Bitcoin Conference and is the founding director of the open-source project DTRules, which he created in 2004 to open up Decision Table Rules engines to a wide range of applications.
Factom (FCT) Price History and Technical Analysis
During the 45-day period from March 31st to May 15th, in 2015, Factom held its ICO. It was able to raise $541 thousand throughout that period. This today appears little, but was quite impressive in 2015. FCT debuted for the first six weeks and dropped to $0.07 by December 2015 during the first six weeks of its existence. By January 2016, FCT surged from there tremendously and traded above $1.
The coin progressed slowly and steadily until 2017, when it fell into the frenzy of the whole crypto-currency industry. In fact, FCT surged three times in 2017, unlike several currencies that only captured the conclusion of the rally. The first was in June, and before falling down the coin, it was $33.72.
In August, it shot up again, stopping shy of the threshold of $30. The country has fallen again and taken its biggest move, hitting an all-time high of $87.16 on 7 January 2018, between November to January 2018.
The coin plummeted like the rest of the cryptocurrency markets for much of 2018 following this amazing peak, and ultimately sank to about $4 in October 2018. In fact, it was one of the first cryptocurrencies in the bear market in 2018 and in November 2018 it began to increase. In December 2018, it traded over $10 and re-entered its current $8.60 prices on May 21, 2019 for a few weeks.
Since the prices of FCT correspond directly to network use, the early decline may imply an increased use of the platform by the company.
FCT Price Prediction 2021
Staked, a start-up aimed at institutional investors of cryptocurrencies with evidence of stakes, aims to support some digital coins including Factom. Factom may be one of the leading digital assets by 2021, with many collaborations and upgrades. The BTC factor always would give it a huge boost, it might rise to 5 dollars. It might acquire much greater attention worldwide, particularly in the defense area.
Factom (FCT) Price Prediction 2023
Factom was utilized for medical records and property deeds in so far restricted situations, but it may be used in future to protect our digital and financial data and safe from hackers. With the immobilization of this data, we will witness a considerable reduction in fraud, data tampering and corruption. By 2023, the coin will reach a level of $13.
Factom Price Prediction 2025
Within 5 years the Factom might achieve a high rate of adoption and its usage could significantly rise. Factom can not only enhance the order of the ranking, but also its worth when its deserving public is increased. FCT may increase exponentially over five years, with a value of 50 dollars.
Factom (FCT) Market Price Predictions
Crypto Ground
Crypto Ground made a comprehensive annual Factom projection that it claimed that FCT may reach $3.810 in a year and that it might reach $57.3516 in five years.
Wallet Investor
Wallet Investor is a website recognized to be a conserved forecast for cryptocurrencies. They have projected Factom might reach $15.475 before the end of 2021.
Coin Fan
Coin Fan is a daily forecast of crypto-currency prices which predicts that by 2020 Factom may amount to $22.98 and as low as $31.47 and is even quite optimistic about the lowest figures.
Digital Coin Price
Digital Coin Price has predicted Factom extremely optimistically, which is that by 2021 Factom can be as much as $2.32.
Our take on FCT Price Prediction
The P2P network of Factom has two goals: communication and conservation of Bitcoin’s network, which is quite comparable. They run in their own chain and users earn Factoids as an incentive to keep the network. They have two different coins on their network called Factoids and Entry Credits.
The community of Factoid plans to designate 65 nodes/servers to administer the functions on the platform, where the nodes/servers are divided into three aspects: federated nodes, follower nodes, and authentication nodes. The figure may reach $15 by the end of 2021.
Fantom Price Prediction FAQs
Is FCT a good investment?
Yes. Fantom’s native token has witnessed some of the largest gains of any new cryptocurrency since the beginning of 2021. At present, Fantom is well maintained in comparison with other cryptocurrencies like Bitcoin, which in recent weeks has seen a huge decline.
Is Factom on Coinbase?
No. the coin is still not supported by Coinbase. Fantom is relatively new in comparison with other coins for Coinbase.
Where can I buy Factom?
Poloniex and Bittrex are two major crypto exchanges to purchase Factom. The two are crypto-only exchanges, which mean that Factom using fiat currency and credit cards cannot be purchased directly.
The Bottom Line – Is it worth to Invest?
The data storage and auditing system Factom is designed to alter industry as a whole. With more and more data security transgressions, it is apparent that a safe and unchangeable blockchain-based solution is required, and Factom works to provide this answer.
Leaving the existing centralized databases is a logical step in protecting data, making storage more costly and efficient. The application of a blockchain system gives companies full control and data protection. Yes, it is a novel way for storing, collecting and auditing data and Factom aims to help companies grasp how important it can be.
Factom has a strong history and has progressed steadily, adding new customers and partners. If this track record goes on, it might be one of the finest blockchain investments accessible for long periods of time.
Tell us about yourself. Do you have any second thoughts regarding this coin. Let us know in the comment section below.
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