Simple Guide to the Best Factom Wallets in 2024
Factom (FCT) is a crypto coin for internal use on its platform. It is entirely based on blockchain technology and consists of blocks of encrypted information. Obtaining a wallet is a necessary step toward your day to day operation within such network. Here you will find all Factom wallets reviewed. Keep reading!
01.The Best Factom Wallets
In the table below, I have listed best wallets for Factom. The data is based on a handful of criteria, plus wallets’ advantages and disadvantages. I strongly recommend reading the linked reviews for a more complete comprehension of each option.
| Type | Name | Compatibility | Supported Coins | Pros & Cons | Get Wallet |
|---|---|---|---|---|---|
| Desktop Wallets | Full Enterprise Review |
FCT Only |
Official Factom Wallet Not Hierarchical Deterministic |
Download | |
| Hardware Wallets | Full Ledger Nano S Review |
47 Coins ERC20 Tokens |
Highest Security Costs around 100$ |
See Pricing | |
| Web Wallets | Full MyFactomWallet Review |
FCT Only |
Hierarchical Deterministic Less Secure Than Other Wallet Types |
Visit website | |
| Full CoinSpot Review |
30 Coins 20 Tokens |
Multi-Coin Support No Control Over Private Keys |
Visit Website |
02. Common Features of Factom Wallets
The FCT wallets are not that many, as the coin hasn’t gained enough popularity so far. Except for CoinSpot, the rest representatives are open source and Hierarchical Deterministic (HD). These features assist with practicing safe and private transactions in the crypto network.
Security and Privacy
Even with just a few Factom wallets, the users get great deals on security and privacy aspects. Here are the main features explained.
Open Source
With this feature you are able to check the authenticity of the code. It is open and available for everybody.
Hierarchical Deterministic (HD)
With the HD functionality, your keys are generated from one single seed. You can use different addresses for each transaction and stay undetected.
Secure Factom Wallets To Consider
Transaction Fee Management
The fees here are different from the BTC ones. With Factom they are burned for usage and not collected by the Federated Servers. Basically, the servers set the cost based on the number of entries. It varies mainly because of the FCD/USD connection rate. The goal is to remove the Factoid coins while they are at the right price. The idea of the company is to burn as many FCT on a higher price, without lowering the quantity too much. The fees here are actually set prices proportional to the usage.
03.FAQ
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What are Entry Credits and Factoids?
Factoid is the cryptocurrency, used by the Factom blockchain. What is more, the protocol itself uses a two-token system. That is why the Factoms are converted to Entry Credits. The rate for that is set by the Federated servers. With such credits, you can gain fixed amounts of data into the blockchain.
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How are the Factoids created?
On one hand, servers are paid in Factoms for running the system and they pay other incentives. On the other hand, you have the first ones created out of the crowd sale.
04.About Factom
With cryptocurrencies like Factom, when you record some data on the coin’s platform, it becomes permanent. The blockchain contains information, which can’t be erased. This will share some light over the name of the project – Factom. It originates from the Latin word for ‘anything stated and made certain’ – Factum. It was created in 2014 in Texas by David Johnston and Paul Snow. Their idea in the beginning, was to offer blockchain as a service company, using it for security and data management. Now, they manage millions of records just with a single hash. What is more, businesses can use Factom for streamlines, records, fixing security problems and more. With FCT, a large number of different applications operate simultaneously.