factom hardware wallet | Connaissance BTCC

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How does factom work?

Factom uses two tokens on the network: Factoids have their own chain in Factom and can be traded freely like most other cryptocurrencies. These coins decentralize the system and prevent users from spamming the network. Factom servers receive Factoids as a reward for maintaining the network.

Why should a business use factom?

Factom is particularly useful for businesses in which important data regularly change hands. Documents such as land grants and medical records need to have ensured accuracy as they pass from one person to the next. Storing data on the blockchain provides an immense amount of value to these businesses.

What types of servers does factom use?

Factom utilizes three types of servers (nodes). Federated Servers are the primary servers running the Factom network. They are the only ones that can write data to the blockchain and receive Factoid rewards. These servers send a “heartbeat message” to the followers on the network to prove their existence.

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