Factom is one of the most advanced players in the modern data storage market, relying on blockchain technology to store information in a decentralized but highly secure way. Creating a blockchain involves linking different records to each other and marking each record with a timestamp and a cryptographic hash function. Once all the records are linked, it is not possible to change any one of them without altering all of them. This dramatically reduces the risk that anyone will be able to tamper with the data, providing a high degree of security for the long haul.
Factom takes this secure blockchain method and reinforces it through decentralized data storage. Rather than rely on a single, centralized control system, Factom is controlled by every member of its network, which operates on millions of devices all over the globe. This reduces the risk that foreign hackers, terrorists and rival companies would be able to shut down the network and deny Factom users access to their records. As a result, not only can users count on their data to be accurate, but they also know they will be able to see it at any time.
Factom created the Factoid alternative currency in order to control who is able to access the network and enter data. Potential users must first buy Factoids, which they can purchase with Bitcoin. They can then exchange those Factoids for entry credits, or ECs, which a user must deliver before they can enter data. Whereas Factoids are transferable between users, ECs are not. As a result, a market can develop for Factoids based on the value of the overall platform.
Factom chose this access method to give its users an incentive to run the system responsibly. The better a job users do using Factom, the more valuable Factoids will be, giving those responsible users a financial reward. Because Factoids can be traded, they have the potential to become widely used for storing and transferring value: that is, they can become a currency. But because they have a purpose other than to be used as money, their value is not dependent on consumer confidence.
Factom has expanded its user base rapidly, and has recently gained the approval of the United States Department of Homeland Security, the Chinese Smart City program, the Bill & Melinda Gates Foundation and countless other government and private authorities. The more organizations that use Factom for data storage, the more demand there will be for Factoids, making these units increasingly valuable worldwide as a currency.
The simplest way to obtain Factoids is to purchase them on a trading site like Bittrex or Poloniex.
https://www.coindesk.com/factom-white-paper-outlines-record-keeping-layer-bitcoin/
Thank you for your time and I hope this is helpful.