Today we are giving you a very detailed yet comprehensive insight into the Factom (FCT) price forecast for 2021 and beyond. Factom is a decentralized method of packaging, collecting and protecting data on the Bitcoin blockchain itself, addressing issues such as cost and speed on the BTC blockchain using its own specialized blockchain technology protocol.
Let’s start this roller coaster!
What is factom?
Factom (FCT) was founded by companies to construct their own record systems using a unique and fascinating blockchain technology. It is an open source and decentralized data integrity protocol that a group of companies create. The log is a simple solution that can be integrated cost-effectively into any internal recording system.
Factom is making it increasingly cost-effective for businesses to leverage the data storage blockchain by isolating it from the digital assets associated with blockchains. It does this on the Bitcoin network and tries to solve the three main problems of the Bitcoin network.
- The number of Bitcoin network transactions per second is limited by the block size of 1 MB. And the current ideas of Divided Testimony and the Lightning Network are unlikely to be enough to provide a long-term network solution.
- Since blocks take 10 minutes to generate and six network confirmations are common to complete the validation of a transaction, one transaction can take more than an hour and others much longer.
- The mining cost of these transactions continues to rise as the network handles an increasing number of transactions.
The team behind Factom
Factom is a major project for the old blockchain that was launched in 2014. Since then, it has continued to evolve and become one of the best blockchain projects out there.
The very first version of Factom was launched by the ICO in early 2015. The accelerator was accepted in 2016 and then one of the starters was selected in 2016 in Austin, Texas, where the project is located.
The Factom platform contains more than 11 million entries and has established significant collaborations. They work with the Gates Foundation to keep the medical records of people in poor countries and have worked with the US Department of Homeland Security to ensure the verification of US border data.
Paul Snow is the CEO of Factom and the founder of the project. He was also the founder of the Texas Bitcoin Conference and is the founding director of the open source project DTRules, which he launched 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 31 to May 15, 2015, Factom held its ICO. It was able to raise $ 541,000 during that period. That doesn’t seem like much today, but it was pretty impressive in 2015. FCT debuted in the first six weeks and dropped to $ 0.07 in the first six weeks of its existence by December 2015. By January 2016, the FCT was soaring and trading over $ 1.
The coin grew slowly and steadily until 2017 when it drowned in the madness of the entire cryptocurrency industry. In fact, the FCT rose three times in 2017 as opposed to multiple currencies that only tracked the completion of the rally. The first was in June, and before the coin fell it was at $ 33.72.
It soared again in August, staying just below $ 30. The country has fallen again and has taken its biggest step, reaching an all-time high of $ 87.16 on January 7, 2018 between November and January 2018.
The coin, like the rest of the cryptocurrency markets, plummeted for much of 2018 after this staggering peak, and eventually fell to around $ 4 in October 2018. In fact, it was one of the first cryptocurrencies to hit the bear market in 2018 and in November 2018 it started rising. In December 2018 it was trading for over USD 10 and rose again for a few weeks on May 21, 2019 at the current USD 8.60 exchange rate.
Since FCT’s prices correspond directly to network usage, the early decline may indicate increased use of the platform by the company.
FCT price prediction 2021
Staked, a start-up targeting cryptocurrency institutional investors with proof of ownership, aims to endorse some digital coins, including Factom. Factom could be a premier digital asset by 2021, with lots of collaborations and upgrades. The BTC factor would always give it a huge boost, it could go up to $ 5. It could attract much more attention worldwide, particularly in the defense sector.
Factom (FCT) price prediction 2023
Factom has been used for medical records and title deeds in previously restricted situations, but may be used in the future to protect our digital and financial data and keep it safe from hackers. With the immobilization of this data, we will see a significant reduction in fraud, data manipulation and corruption. By 2023, the coin will hit levels of $ 13.
Factom price prediction 2025
The Factom could achieve a high acceptance rate within 5 years and its use could increase significantly. Not only can Factom improve the order of the ranking, but also its worth by increasing its deserving audience. FCT can grow exponentially over five years, valued at $ 50.
Factom (FCT) market price predictions
Crypto Ground has made a comprehensive annual factom forecast that FCT could hit $ 3.810 in one year and $ 57.3516 in five years.
Wallet Investor is a website recognized as a conserved forecast for cryptocurrencies. They predicted that Factom could hit $ 15.475 by the end of 2021.
Coin Fan is a daily forecast of cryptocurrency prices that predicts that Factom could be $ 22.98 and even $ 31.47 by 2020, and is actually quite optimistic about the lowest numbers.
Digital coin price
The Digital Coin Price has been extremely optimistic about Factom, which means that Factom can be as high as $ 2.32 by 2021.
Our opinion on the FCT price prediction
Factom’s P2P network has two goals: to communicate and maintain the Bitcoin network, which is quite comparable. They run in their own chain and users earn factoids as an incentive to keep the network on. They have two different coins on their network called factoids and entry credits.
The Factoid community plans to designate 65 nodes / servers to manage the functions on the platform, with the nodes / servers being divided into three aspects: federated nodes, follower nodes and authentication nodes. The number could reach $ 15 by the end of 2021.
Frequently asked questions about Fantom price prediction
Is FCT a good investment?
Yes. Fantom’s native token has seen some of the biggest gains of any new cryptocurrency since early 2021. Currently, Fantom is doing well compared to other cryptocurrencies like Bitcoin, which have seen a huge drop in the past few weeks.
Is Factom on Coinbase?
No, the coin is still not supported by Coinbase. Fantom is relatively new to Coinbase compared to other coins.
Where can I buy Factom?
Poloniex and Bittrex are two major crypto exchanges that are buying Factom. The two are pure crypto exchanges, which means that Factom cannot be purchased directly using fiat currency and credit cards.
Conclusion – is it worth investing?
The data storage and testing system Factom is intended to change the industry as a whole. With more and more data security breaches, it is becoming apparent that a secure and immutable blockchain-based solution is required, and Factom is working to provide that answer.
Leaving the existing centralized databases is a natural step in protecting the data, which makes it more costly and efficient to store. Using a blockchain system gives companies full control and data protection. Yes, it’s a novel way of storing, collecting, and reviewing data, and Factom wants to help businesses understand its importance.
Factom has a strong history and has steadily developed and gained new customers and partners. If this track record continues, it could be one of the best blockchain investments out there for a long time to come.
Tell us about yourself. Do you have any concerns about this coin? Let us know in the comment section below.