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I guess they stopped answering questions and only come here to post how much BTC they got.
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I'm looking for info. on the yet to be released Factom software. Will it be multi-threaded? If so, how many threads will it utilize? Other system requirements? Designed for everyday home user or a more specialized computer? Etc etc.
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Using Proof of Stake will end up with Masternode stakeholders owning a lot of beach front property.
Edit: Proof of Stake will allow large Factoid holders to vote on the conversion rate. They will make it prohibitively expensive to buy entry credits. Wealthy attackers can create counterfeit entries and cause genuine entries to be ignored by consensus. In other words, Proof of Stake is not a good consensus, especially for property. Wealthy factoid holders will collude to attack record systems of valuable real estate. This has already been done in countries that have gone to computerized real estate bookkeeping. It would be better to not avoid Bitcoin's consensus approach. Proof of Work offers stronger protection from such attacks.
This. A thousand times this. Attacking POS is economically more feasible than POW. I'm not sure I completely understand your points... But want to point out that Factom is secured by Bitcoin which is PoW Entry credits are a fixed value. Perhaps they are hedged Bitcoin contracts, but they are purchased with a floating value Factoid that uses Proof of Stake. Bitcoin hedge contracts expire and become volatile over time, so either you will have to secure with holding bitcoins or create new contracts using Factoids. FACTOM claims that you won't be using bitcoins.Do you have a like on this Factom thinks ppl won't be using Bitcoin idea? They expect people to go from USD to Tether to Factoid maybe? Likely. It would be better to use a Tether approach and transition to a Lightning Network 'hub and spoke' model. Factoids are using a protocol to transact on Bitcoin's PoW network, but it is true that Factom will not be using 'bitcoin the currency'. Entry credits are like IOU's in the Factom network, a fixed value against the floating value of Factoids. Factom has its own consensus model which is explained in the whitepaper here: https://github.com/FactomProject/FactomDocs/raw/master/FactomLedgerbyConsensus.pdfThanks for that white paper link. It's worse than I thought. Federated and Audit servers are also able to attack. Don't get me wrong. I still like the idea. They just need to get over the 'Bitcoin currency is Bad' mentality because all they are doing is opening up the system to more attack vectors with each layer of abstraction and trust. The entry credits can migrate from IOUs to payment channels. The fundraising model will still work to get it up and running. The Federated servers can become hubs and Audit servers will become viable businesses in themselves. Do you have a link to the idea that Factom think ppl won't be using Bitcoin? |
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Let's say 10min passed an a total of 1 million entries needed to be processed into one hash. The entries are split between 9 federated servers at .001. Each federated server would make just over $100. Yet then that is further split between the backup federated servers? Correct? That would be good but Factom doesn't work like that.
What has been said, it could cost only .001 for bulk entries. How is that enough incentive to run a federated server? I must be thinking about this wrong. Can someone elaborate?
From what I gather a federated server could make about $60 if 1 million ppl submitted a bulk entry if price is .001 per bulk entry.
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Millions of entries for only .001? Why would this be worth anything? I'm not seeing an incentive to be a federated server nor invest in crowd sale except for the fact it's "cool" technology.
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Fakers list going longer  https://github.com/tauchain/tauchain and interestingly they all contain the text "Following Tauchain a decentralized p2p network that emerged from zennet supercomputer project". And I must mention, as I mentioned on the pdf, that while Zennet is my personal idea and intellectual property (I'll make it soon GNU GPL'ed formally, besides the pricing model that is open as an academic article to all), tau-chain was taught to me by HMC who also says that it is an idea even older than Bitcoin! Obviously, this is the very 15 years old vision of the Semantic Web, just adding decentralization to it with blockchain timestamping, and even on this setting, this idea is old and known, but never taken too seriously. Taking it seriously partially means implementing it, and, seeing the Curry-Horward correspondence + Nomic in it, together with the implications of them all. just hoping you are driven enough to pull this off. I'll be lurking... |
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Lets say I'm a company that paid to use factom.
Factom saves it's hashes to the bitcoin blockchain.
Bicoin fails.
I lose everything?
Factom could use any other blockchain but have chosen Bitcoin as it is the most widely used and most popular one. If Bitcoin fails Factom can always switch to another blockchain, the metadata about your entries will still be in a Factom chain of its own and can be re-hashed. that's awesome. thanks. |
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Lets say I'm a company that paid to use factom.
Factom saves it's hashes to the bitcoin blockchain.
Bicoin fails.
I lose everything?
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Factom doesn't do anything. What's taking so long to release?
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Koinify? So it won't be on counterparty nor mastercoin?
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How many Factoids will be available?
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My question to the community...do you think XCH needs a face or a group of faces to foster reputation? Similar to what is happening with Omni Foundation (Mastercoin) and Counterparty Foundation.
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What does the increased hash rate for Viacoin mean for XCH?
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How will I have enough resources to rent out when I'm using it to mine POW?
as mentioned above, if it'll be ASICs, no such concern. Sounds like you're thinking merge mine with bitcoin. no, this won't happen. merged mining has its own vulnerabilities Well eventually POW electricity cost will take this project out of my home. I don't think mining is even needed with this type of project. I feel Zennet falls more in line with Storj and their idea of farming. Cultivating a resource we all ready have. So....Mining earns Zencoin and Zencoin is also earned by renting out resources? In my opinion, issue the coins through counterparty and not put so much effort on managing the coin. You won't have to have an ASIC in order to rent you PC on Zennet. Renting has nothing to do with mining. Let's hope that a reliable and economical blockchain algo will come soon. Currently, not much options. Coins using insecure algos is a fact, it's not saying we should do so as well. Counterparty is on a reliable blockchain. |
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How will I have enough resources to rent out when I'm using it to mine POW?
as mentioned above, if it'll be ASICs, no such concern. Sounds like you're thinking merge mine with bitcoin. no, this won't happen. merged mining has its own vulnerabilities Well eventually POW electricity cost will take this project out of my home. I don't think mining is even needed with this type of project. I feel Zennet falls more in line with Storj and their idea of farming. Cultivating a resource we all ready have. So....Mining earns Zencoin and Zencoin is also earned by renting out resources? In my opinion, issue the coins through counterparty and not put so much effort on managing the coin. |
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How will I have enough resources to rent out when I'm using it to mine POW?
as mentioned above, if it'll be ASICs, no such concern. Sounds like you're thinking merge mine with bitcoin. |
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blah blah
let's see this working and then we'll compare it to "legacy" systems.
ahh those jealous guys.. you tried to design such a system and failed? EDIT: i thought you talked about zennet rather ItsNotMe. apologies haha no I just wanted that sterile discussion to end :-) it was a good discussion until ItsNotMe got out of answers.. either he doesnt like decentralization, or crowd funding, or zennet, or myself. PS i edited the comment for you above.. actually he may have a point there... a centralized service would solve many of your challenges, like trust/reputation (moderators could ban bad guys) and all the micropayment thing (buy prepaid credit in btc and then you can pay instantly). See my previous comment. Let me just add that Zennet is suitable for centralized services as well: in pure theory, no reason AWS won't offer their servers also via Zennet, while publishing their Zennet address on their website, and everyone knows that they can trust this address as AWS. The same for the second end: processing power consumers such as universities, Google etc. Anyway, this time my question specifically is, how do you solve the problem of requiring high speed tx processing? is it with a coin with fast confimation times? have you decided on pow/pos?
I'm interested but still have doubts.... also, can anyone enlighten me on why cpushares failed?
Good question. The original plan was to work with DPOS which is like Ripple but breaks some of the centralization with POS like. After discussions with HunterMinerCrafter we consider moving to plain POW. Please see above more about this subject. As for cpushares, sorry, I know nothing about it. How will I have enough resources to rent out when I'm using it to mine POW? |
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