Key things to consider if you’re thinking about buying FCT
Key things to consider if you’re thinking about buying FCT
All cryptocurrencies are complicated and speculative, so it’s important to do your due diligence before making a purchase. Make sure you’re aware of all the risks involved in acquiring cryptocurrency before you buy.If you’re thinking of buying FCT, make sure you consider the following factors:
Supply. According to CoinMarketCap, at the time of writing (29 January 2018), the circulating supply of FCT was 8,745,102.
Use. If you want to use the Factom protocol, you’ll need FCT. Entry Credits are created by burning Factoids, and Entry Credits purchase fixed amounts of data in the Factom network. Entry Credits are not transferable.
Future supply. The original supply of Factoids was set during the 2015 token sale, which saw the creation of 8,759,968 Factoids. However, the “burning” of Factoids to create Entry Credits will see the supply of FCT decrease in the short-term.
No cap on total supply. It’s also important to be aware that there is no cap on the total supply of FCT. Once Factom has reached Milestone 3 – the election of 32 Federated Servers to run the network, which is scheduled to occur in the first half of 2018 – 73,000 new Factoids will be created and released each month as rewards for those servers. Once the number of Factoids being burned each month outpaces the 73,000 new FCT being created, this cryptocurrency will again become deflationary.
Real-world applications. Factom’s technology has a wide range of potential real-world use cases in any industry that relies on effective record keeping and supply-chain management. You’ll need to consider the potential demand for the Factom network as more businesses and governments begin to use Factom.
Commercial partnerships. Factom announced a number of commercial partnerships throughout 2017, including arrangements with businesses such as iSoftStone, Smartrac, DataYes and Intrinio. It also received a $500,000 grant from the Bill and Melinda Gates Foundation to build a proof-of-concept prototype of a digitized medical record system for remote developing areas and a US Department of Homeland Security grant to advance the security of digital identity for Internet of Things (IoT) devices.
By thoroughly researching all aspects of Factom and Factoids, you’ll be able to make an informed decision about whether to buy FCT.
Key things to consider if you’re thinking about buying FCT
Reviewed by mir khaleq ali
on
February 09, 2018
Rating:
Reviewed by mir khaleq ali
on
February 09, 2018
Rating:
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