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Author Topic: Can someone explain to me some stuff about factom?  (Read 1100 times)
Monerobuyer
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January 23, 2017, 03:19:14 PM
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How is this thing blockchain? It uses 32 federated servers.

The developers release 73k coins per month correct? Why does a coin have value? Why not have a set price to insert a factoid at their website: i.e. 15 cents per  factoid

I feel like I'm losing my mind but is factom not incredibly stupid?


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thejaytiesto
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January 23, 2017, 04:05:20 PM
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How is this thing blockchain? It uses 32 federated servers.

The developers release 73k coins per month correct? Why does a coin have value? Why not have a set price to insert a factoid at their website: i.e. 15 cents per  factoid

I feel like I'm losing my mind but is factom not incredibly stupid?




I think it's something like the usenet system with coins... im not sure how it works if there are centralized servers it does sound a bit dumb.

It's also a bit dumb to invest in inflationary currencies if you are expecting to make gains long term as well.

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January 23, 2017, 05:50:24 PM
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I heard something about its proof of existence mechanism. In essence, it means a certain document existed in a particular form (to stop altering?) at a certain time. I think governments and businesses were interested since it could help a lot with legal cases and just records in general.
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January 26, 2017, 02:33:03 PM
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I heard something about its proof of existence mechanism. In essence, it means a certain document existed in a particular form (to stop altering?) at a certain time. I think governments and businesses were interested since it could help a lot with legal cases and just records in general.


For that purpose of notarization and time stamping it would be easier to use NEM Apostille system:

https://bitcointalk.org/index.php?topic=1672157.msg16790318#msg16790318

or for land registry this:

http://landstead.atraurablockchain.com/#!/

which was developed based on the above system.


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January 26, 2017, 02:35:39 PM
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I heard something about its proof of existence mechanism. In essence, it means a certain document existed in a particular form (to stop altering?) at a certain time. I think governments and businesses were interested since it could help a lot with legal cases and just records in general.


For that purpose of notarization and time stamping it would be easier to use NEM Apostille system:

https://bitcointalk.org/index.php?topic=1672157.msg16790318#msg16790318

or for land registry this:

http://landstead.atraurablockchain.com/#!/

which was developed based on the above system.



Factom More money spent on advertisement & marketing =/= a better product.  Even Ripple, which has living high as a hog on investor's money, has been audited by non-profit 3rd party cybersecurity firms and their code was discovered to be rubbish and insecure.

http://news.8btc.com/blockchain-software-security-report-by-china-cert-ripple-the-worst

NEM Project actually has the best code for a blockchain according to CERT.  NEM is still flying under the radar but that's because it is a undetectable stealth ninja fighter.  Wink


There ain't no Revolution like a NEMolution.  The only solution is Bitcoin's dissolution! NEM!
BitcoinNational
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January 26, 2017, 03:43:45 PM
 #6

How is this thing blockchain? It uses 32 federated servers.

The developers release 73k coins per month correct? Why does a coin have value? Why not have a set price to insert a factoid at their website: i.e. 15 cents per  factoid

I feel like I'm losing my mind but is factom not incredibly stupid?




insert factoid into steemit ... they pay you (sometimes).
same federated servers scheme but called 'witnesses' and they are democratically elected (#coin = #votes; just like actual democraptsyies)

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