After the break out on April 15th, FCT is following a different path. The break out was not only expected looking at it from a technical point of view, but also the business developments for Factom are looking really bright now. The FACTOM blockchain is already in use by several businesses and has as of today roughly 100 mio entries.
Recently FACTOM launched Harmony, a product to support mortgage issuing banks. Peter Kirby ( FACTOM's chief executive officer) announced last week that FACTOM is in negotiations with three 'very large financial institutions'. My expectation is that this process has already started a long time ago, in paralel with the creation of Harmony. Likely the main reason why FACTOM has not announced any major partnerships just yet, is due to the fact that since their second technical milestone in January, the network performed not as expected. The last months FACTOM seems to have worked on the existing issues, with the result of a major network rollout today.
The updated network is expected to clear the way for FACTOM to scale its business and projects at a very rapid pace. Another benefit of the update is the launch of Exodus wallet, something many FCT holders were waiting for. Currently there is not really a user friendly wallet out there, which led to holding a significant amount of FCT on Poloniex (and probably for lending (shortening)). FACTOM has one of the largest percentages of total supply sitting on Poloniex. The launch of Exodus could be the start of a change.
Furthermore. the economics behind FCT show that currently the price of Factoid is of course already including some speculation of future Entry Credits usage. Without writing all the details here, a calculation of the possible amount of entry credits, one can theoretically get at current FCT price levels, shows that FCT price is not even near the value of which it will be after just one major client will be announced by FACTOM. Take in account that just a fraction of all FCT out there is available for burning into Entry Credits. The rest is for holders and traders. Since Entry Credits are having a fixed value in USD, FCT's price in USD is expected to grow with it.
If you know all this, just do your own math and you will see that FACTOM's current market cap is really that of a start-up, while by now it is fair to say we are at the start of a major lift off as FACTOM is coming closer to a grown-up. Expect a rise of the relative magnitude we have seen with ETH this year and DASH easily (even though a totally different coin and not comparable). Not only usage will cause this rise, but speculation will rise with it.
Recently FACTOM launched Harmony, a product to support mortgage issuing banks. Peter Kirby ( FACTOM's chief executive officer) announced last week that FACTOM is in negotiations with three 'very large financial institutions'. My expectation is that this process has already started a long time ago, in paralel with the creation of Harmony. Likely the main reason why FACTOM has not announced any major partnerships just yet, is due to the fact that since their second technical milestone in January, the network performed not as expected. The last months FACTOM seems to have worked on the existing issues, with the result of a major network rollout today.
The updated network is expected to clear the way for FACTOM to scale its business and projects at a very rapid pace. Another benefit of the update is the launch of Exodus wallet, something many FCT holders were waiting for. Currently there is not really a user friendly wallet out there, which led to holding a significant amount of FCT on Poloniex (and probably for lending (shortening)). FACTOM has one of the largest percentages of total supply sitting on Poloniex. The launch of Exodus could be the start of a change.
Furthermore. the economics behind FCT show that currently the price of Factoid is of course already including some speculation of future Entry Credits usage. Without writing all the details here, a calculation of the possible amount of entry credits, one can theoretically get at current FCT price levels, shows that FCT price is not even near the value of which it will be after just one major client will be announced by FACTOM. Take in account that just a fraction of all FCT out there is available for burning into Entry Credits. The rest is for holders and traders. Since Entry Credits are having a fixed value in USD, FCT's price in USD is expected to grow with it.
If you know all this, just do your own math and you will see that FACTOM's current market cap is really that of a start-up, while by now it is fair to say we are at the start of a major lift off as FACTOM is coming closer to a grown-up. Expect a rise of the relative magnitude we have seen with ETH this year and DASH easily (even though a totally different coin and not comparable). Not only usage will cause this rise, but speculation will rise with it.