What is Factom (FCM)? Store data in the blockchain, ideal for your company..
Factom is the first usable blockchain to solve real-world trading problems by providing an unalterable data logging system. Factom separates the immutability of blockchain technology from coins that are usually associated with it.
This is possible that with a single hash you can make millions of records in real time in your blockchain. Can be modified, deleted, or updated.
Information technology decentralized record keeping, as well as the integrity of stored data permanently intact. Factom maintains total transparency and user privacy in an increasingly digital world.
Factom is a protocol on Bitcoin..
This project is a protocol of distribution and decentralization that is carried out on Bitcoin. As such, it is not controlled by any person, institution or government.
It is a software that can be executed by anyone worldwide. Although Factom is anchored in bitcoin, it resolves many issues associated with Bitcoin while benefiting from its secure hash rate.
A hash is a cryptographic unidirectional function that transforms any digital artifact (documents, videos, or audios) into a fixed alphanumeric string. This string is like a fingerprint of that artifact.
It is impossible to reach the original artifact by reverse-engineering the fingerprint (in the same way you can not produce a real human thumb from your fingerprint).
The blockchain stores all transactions in the Bitcoin network.
If your current application requires a central server to coordinate the processes, know that if you trust Factom you can delete it. Unlike most databases, blockchain is distributed over the Internet, making it virtually impossible to close it.
The United Kingdom’s FCA takes the first steps towards cryptographic regulation.
The Financial Conduct Authority (FCA) of the United Kingdom has established a proposed guide on how encryption assets should be regulated in the country.
The UK-owned financial control agency has taken its first steps towards regulating Criptomonedas as Bitcoin, as agencies respond to demand for increased oversight of the growing but volatile market.
In a consultation paper published on Wednesday, 23 January, the supervisory body assigns guidelines on how regulation should be applied throughout the space, from the beginning of the assets and exchanges in which they are traded, to the payment companies , crypto portfolio providers and runners looking to benefit from market growth.
In addition, it seeks to locate the various active crypto in three categories and suggests whether these can be accommodated according to existing rules supervised by the FCA, such as specific investments, financial instruments or electronic money.
In explaining the motives of the guidelines, the agency said that encryption assets carry risks for users and investors, and clarify what is regulated and what is not related to companies.
The consultation follows the pressure of the politicians of the United Kingdom, who say that the time has come for the Criptomonedas and the technologies that they support. Indeed, in September, the influential Treasury committee described the market as the “Wild West” and called for greater protection for users.
In a statement, Christopher Woolard, executive director of strategy and competence of the FCA, said:
“This is a small market, but growing and we want as much as the industry as those who have served us clear what is regulated and what is not. This is vital for users to know what protections they benefit from and to ensure that the market works as it should. “
In this way, the regulator now wants to give the companies active in the cryptographic markets “greater clarity” to request a regulatory authorization if necessary.
It is also trying to assess whether the assets themselves are financial instruments, as defined in the European Union’s financial instruments market directive’s policy book.