Factom is a decentralized, open-source cryptocurrency launched in September 2015. Unlike Bitcoin, whose blockchain is used for currency transactions only, Factom features an improved blockchain that allows anyone to add new entries to the blockchain. In other words, Factom added another data layer on top of the blockchain.
The Factom cryptocurrency was specifically designed for the Factom platform where it is widely used as a native currency of the platform. The Factom platform allows users to create corporate software and applications using the Blockchain technology. With the powerful and easy-to-use Factom API, developers can design and implement projects much faster than before.
Factom issues tokens named "factoids" as an incentive to maintain the network and to promote the blockchain. Factoids are tradable on trading platforms.
Factom is not minable. The only way to get ahold of it is to buy it on e-currency exchangers and trading platforms.
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