[2015-07-19]Factom Launches Release Candidate One on Bitcoin Testnet

[kori]

The Factom Foundation has launched its Release Candidate One (RC1) on the Bitcoin Testnet. Developers are invited to try out this early version of the highly anticipated blockchain data layer.

In what is probably one of the most notable Bitcoin 2.0 projects in the space, Factom is building an open-source data layer for the Bitcoin blockchain. It can be used by anyone to permanently store all sorts of data on the decentralized computing network. Some of the most notable parties that have so far indicated they will use Factom include land registry startup Epigraph and the Honduran government, and cloud storage solution Storj.

Speaking to CoinTelegraph, Factom's Chief Marketing Officer Tiana Laurence explained:

“There's a ton of entrepreneurs and programmers in this space, and a lot of these guys are kind of depending on us. We are the missing link for several companies, providing them with an anchor into the blockchain in a really efficient and cheap way. They are hoping that we finish as soon as possible, so that they can launch what they are doing.”

read full article @http://cointelegraph.com/news/114894/factom-launches-release-candidate-one-on-bitcoin-testnet

[TraderTimm]

Oh great, another "2.0" collection of developers who didn't sit and think about the implications of burdening the blockchain with spurious data.

Is there a reason why developers go for the "treat the blockchain like a hard drive" approach, other than intellectual laziness? It seems to crop up every time someone has their "new" idea about how to use Bitcoin tech.

[Carlton Banks]

Oh great, another "2.0" collection of developers who didn't sit and think about the implications of burdening the blockchain with spurious data.

Is there a reason why developers go for the "treat the blockchain like a hard drive" approach, other than intellectual laziness? It seems to crop up every time someone has their "new" idea about how to use Bitcoin tech.

It's proof of stake on federated servers, and in addition, they have an altcoin to enable purchases in their ecosystem, as well as a second tier of tokens that can't even be traded. So, the data integrity aspect is heavily compromised, the system is over-complicated, they're selling their altcoin before they've fully designed the spec, and yet they will no doubt be charging "blockchain" prices.

Given the drawbacks, only a moron would actually choose to use Factom (I understand a number of Central American governments were interested). Many a moron will discover exactly how much this resembles genuine blockchain technology once they get their fingers burned (witness the crowdsale figures in the Factom thread in the Project development sub, over 1000 BTC pissed away).