Cryptocurrencies that focus on providing a solution to real-world problems are, without any doubt, the most potential digital asset out there. Combining the solution they provide to their features can provide a picture of what they can do in the future.
Factom is a first blockchain-based cryptocurrency that offers a real-world solution for businesses to store their data on the blockchain. Its strength lies in the fact that the technology ensures data are not alternated or deleted. This makes it the first choice of technology in terms of government and individual documentation to prevent records being backdated and modified.
Factom technology separates the immutability of the blockchain technology from its cryptocurrency, making it easier and cheaper to store data on the blockchain. It is different from the other technologies as it maintains a ledger of all kind of cryptocurrency.
Bitcoin ledger focuses on financial data, but Factom is compatible with all kinds of data. Interestingly, the data secured by this technology is not exposed to the general public. However, the information to audit and validate the data can be accessed publicly.
Why It Can Breakout
Factom is one of the few cryptocurrencies that has a circulating or available supply less than 10 million and cheaper at the same time. It has an available supply of 9 million, and this is 1 million more than the available supply of Dash and 8 million less than the available supply of Bitcoin.
Cryptocurrencies with less available supply rise faster than the others. On December 2015, Factom was trading at $0.07 but took a significant step to trade at $87 in January 2019. The price crashed down to a current price of $6.9, and this makes it one of the few sleeping Giants.
If the market Cap of Factom reaches $26 billion, which is the current market Cap of Ethereum, it would be trading close to $3000. Its available supply is minimal and the price is very cheap. Any slight effort by the team, coupled with favorable market conditions, can send it straight to the moon.
Factom has also partnered with several companies including the Austin-based software company, Vodii in the bid of raising the standard of security, confidentiality, and reliability. This and many more partnerships are in the pipeline and are expected to send the price above its all-time high. Its available supply will play a key role in this movement.