Factom was an early data-integrity blockchain protocol that recorded entries and periodically anchored summaries to public blockchains. Its original token system used Factoids (FCT) and Entry Credits (EC). The Factom protocol later transitioned to Accumulate, so historical Factom and the current Accumulate protocol should not be treated as the same system.
Market-data note: CoinGecko’s Factom profile returned an access denial during this review, so current market values could not be verified. No live market table is shown.
How Factom worked
Factom organized submitted data into entries and chains. Applications could commit hashes or records without placing every underlying document directly on Bitcoin. Periodic anchors let later users check that a Factom record existed by a given time; an anchor proves a commitment, not the truth or quality of the original data.
FCT and Entry Credits
The historic design separated a tradable protocol token, Factoids (FCT), from Entry Credits (EC) used to pay for network submissions. FCT could be converted into EC, and EC were spent for entries. In the move to Accumulate, the official guide describes a 1 FCT to 5 ACME conversion and key-import steps for accessing converted balances. That migration description does not establish that every exchange or custodian completed a conversion.
Tokenomics
FCT and EC served different roles in Factom’s two-token model: FCT provided the conversion path and EC paid for usage. Accumulate’s transition replaced the original protocol with a new codebase and an ACME-based model. Because CoinGecko’s Factom profile returned an access denial during this review, current FCT market values could not be verified and no live market table is shown.
History
- 2015 — The Factom protocol was deployed for tamper-evident data recording.
- 2021 — Factom Authority Node Operators voted to upgrade and transition the project to Accumulate.
- 2022 — Accumulate documentation described the FCT-to-ACME migration path.
Related Terms
See Also
- Arweave, Filecoin, and the Promise of Permanent Blockchain Storage
- Real World Asset Tokenization: What It Actually Is
- What Is Tokenomics — And Why It Determines Whether a Crypto Project Survives
- Swap crypto with ChangeNOW
Sources
- Accumulate — Factom Transition Guide and FAQ — Documents the 2021 operator vote, the protocol transition and the planned 1:5 FCT-to-ACME conversion.
- Accumulate Docs — Converting FCT to ACME — Explains the migration path and how Factoid addresses and balances map to Accumulate accounts.
- Accumulate Docs — Factom API Support — Describes Factom as a protocol deployed in 2015 and the compatibility work around its API.
- Factom Project — Factom API Client — Documents Factoid and Entry Credit address operations, including conversion between FCT and credits.