[ANN] FACTOM - Introducing Honesty to Record-Keeping

[whiteorg72]

Does anyone really expected maximum price factoids on the market in the next year after the launch of the system and application performance? What are the predictions for the price of factoids? It can factoid cost in the next year such as 1-3-5-10 dollars/1factoid? What are your predictions?

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[Joerii]

Oh, man

Investors gave you 6000+ BTC totally, If you really want to help the price, please take a little of them(e.g. 600 BTC) to do price thing like buy back some FCT etc,

<snip>

Mr Wang, artificially inflating token prices like that ALWAYS backfires. I've seen this time and time again. Even teams who make it their number 1 objective to stabilize a price by putting up buy and sell walls have failed. ALL of them.
You can only control a market rate for so long. Then people will game that system and abuse the attempt to create stability for their own gains.

The market will decide... the market had decided right now that the demand to raise Factoids above the ICO price is not there. Fine by me !!


Disclosure :  I've bought quite a lot extra and will continue to do so as long as I can afford it.

[Joerii]

I'm not worried about price, only worried about development.
And that's what they're working on. It's the end result that counts. Coding is always based on the Pareto principle...

True that. 20/80 ftw.

[tempus]

They are diligent. Several updates every day: https://github.com/FactomProject/

[tempus]

Volume likely bears to zero. Tomorrow will drop below 1 BTC perhaps. Notably, roadmap says the network of federated servers should have been rolled out by the end of q3 but from what im seeing there is only one 1 out of 8 servers so far. P2p consensus mechanism is expected to be revealed in q4, between oct and dec. They have less than 70 days till the end of the year to fulfill their promises on those two milestones. What if they gonna prolong their development till march or may, 2016 or beyond that? If so, it won't save the price, only extend the dying process cause there seem not to be any deep pockets supporting the price, look at the buy side, twin 20K dump could get it below 36K in a wink of an eye. Smells fishy to me, large team of coders, advisers and marketing gurus behind this coin, and nobody's worried about the price.

Our timelines have slipped.   Some tasks have turned out to be harder than expected.  Working on the consensus mechanism now.  Still optimistic we can come close to our deadlines.

The price of Factoids will recover with the introduction of applications running on the protocol.  We are a small team, but we are working hard to bring applications onto the blockchain.   Then as applications need entry credits, factoids get converted to entry credits, and leave the system.  The servers will be paid in Factoids, but only after the full system is up and running.  That means that until the full system is up and running, applications will drain the supply of Factom, and help the price.

The conversion of Factoids to Entry Credits is to be set to hold an Entry Credit around 0.1 cents USD.  We have not adjusted the exchange rate yet, but will be doing so I think on Friday.  From that point on, we will follow a procedure for maintaining the exchange rate.   If the value of Factoids continues to fall, more factoids will be required to use the protocol, and more factoids will be drained from the supply.   This should stabilize the price so that the value of Factoids reflects the value of the protocol.

Thank you for the update!

One question, what I still don't understand: Will it depend on the file seize how many entry-credits one will need or will it be the same if a document is, for example, 1 MB or 20 MB?   

[Joerii]

One question, what I still don't understand: Will it depend on the file seize how many entry-credits one will need or will it be the same if a document is, for example, 1 MB or 20 MB?   

One per entry, always.

Not the files themselves are stored through Factom, but a hash. Merkle Magic is used to reduce any piece of data to a single hash. Then anyone can verify, using this hash, that the data existed in the point in time that the hash was put into the blockchain.

Factomise, baby !

[tempus]

One question, what I still don't understand: Will it depend on the file seize how many entry-credits one will need or will it be the same if a document is, for example, 1 MB or 20 MB?   

One per entry, always.

Not the files themselves are stored through Factom, but a hash. Merkle Magic is used to reduce any piece of data to a single hash. Then anyone can verify, using this hash, that the data existed in the point in time that the hash was put into the blockchain.

Factomise, baby !

Okay, thanks! But there is also the possibility to use the system like a network and giving others access to a document, right? For example: A Journalist works with another one in another country on an article. The first writes it and gives the other access so he could revise it... That'll also be possible, right? But also without storing it in the Factom-system itself, more like peer-to-peer..?

[bitcoinrocks]

No.

[solid12345]

http://www.coindesk.com/blockchain-factom-400-funding-11-million-valuatoin/?utm_content=buffer49f80&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

"The investment was provided by Kuala Innovations, which purchased a 3.64% stake in the company for 400,000 Seed Series Shares at $1 per share. According to a statement by Kuala, the investment gives Factom Inc a pre-money valuation of $11m."

[tempus]

The Holy Trinity: Blockchain, Medical Records and Wearable Tech

Technological advancements in this day and age are seen as both a blessing and a curse. Innovation is always heralded with anticipation and hesitation at the same time, leaving the door wide open for mass consumption of technology that isn’t properly protected. Recent innovations, such as wearable tech, might prove to be a security risk in the near future. While mass adoption of wearable tech will not happen just yet, protecting medical records is becoming a key point of focus.
https://news.bitcoin.com/holy-trinity-blockchain-medical-records-wearable-tech/

[AlanX]

Is this email legitimate?  I have had a few friends receive it, and we did promote their crowdfund in the past, although it seems a bit sketchy.

Doesn't seem right.  I'll check on it.

Paul

EDIT:
Checked up with Kevin, and this is in fact legit.

[AlanX]

Oh, man

Investors gave you 6000+ BTC totally, If you really want to help the price, please take a little of them(e.g. 600 BTC) to do price thing like buy back some FCT etc, you believe in your project, correct?  Moreover, price going up will attract more investors and be eye-catching, it will help to build more stronger Factom ecosystem and community on the contrary, influence is power, this is how crypto currency price working at the current stage,  does it make sense?

But the most important thing is the business, if  a real company or government uses Factom, it will be a very big news! I believe Factom is/has been already contacting with some potential customers like Honduras.

Please take my suggestions seriously, I hope and believe Factom has a good future.

We are not in a position to do a buy back.  We need the funds to drive the projects we are working on, and ensure we meet our commitments on projects.   And that will do more for the price of factoids than any buy back.

The system is designed to be valued by the users of the protocol.  Without significant users, Factoids will trend to zero no matter what we do.  The opposite is also true, the value will go up with use of the protocol.  So it is the latter that is our focus.

Paul

[nakaone]

http://www.coindesk.com/blockchain-factom-400-funding-11-million-valuatoin/?utm_content=buffer49f80&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

"The investment was provided by Kuala Innovations, which purchased a 3.64% stake in the company for 400,000 Seed Series Shares at $1 per share. According to a statement by Kuala, the investment gives Factom Inc a pre-money valuation of $11m."

can anyone explain me the difference between factom inc, factom and the factom foundation?

it would be funny as hell if factom inc (which I assume is an institutionalized entity using the factom network would be valued 13th times as high as the whole network).

it all does not really make any sense for me.

what is kuala BUYING there?

[AlanX]

Is this email legitimate?  I have had a few friends receive it, and we did promote their crowdfund in the past, although it seems a bit sketchy.

This is legit.  I emailed Kevin, and he did in fact send out that email. We tracked referrals, and owe Bitcoin to people that participated in the program.

Paul

[AlanX]

http://www.coindesk.com/blockchain-factom-400-funding-11-million-valuatoin/?utm_content=buffer49f80&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

"The investment was provided by Kuala Innovations, which purchased a 3.64% stake in the company for 400,000 Seed Series Shares at $1 per share. According to a statement by Kuala, the investment gives Factom Inc a pre-money valuation of $11m."

can anyone explain me the difference between factom inc, factom and the factom foundation?

it would be funny as hell if factom inc (which I assume is an institutionalized entity using the factom network would be valued 13th times as high as the whole network).

it all does not really make any sense for me.

what is kuala BUYING there?

The Foundation oversees the protocol.  It owns stuff, but doesn't have a development staff.  The public entity pays developers and pursues projects that build on the protocol.

There are many problems with a non-profit established to promote an open source project.  The idea of dual incorporation was pioneered by the Mozilla foundation, which develops and owns the rights to the Firefox browser.   Factom is organized in a slightly different fashion, but utilizes the same dual incorporation model to solve the same issues, plus provide legal isolation for a distributed blockchain technology.

I know this raises perhaps as many questions as it answers, but I hope it helps anyway.

Paul

[FACTOM]

Our latest Technical Update is out: Factomize Kittens and learn how to factomize your entries, Entry Credits conversion rate news and more.

Check it out on our blog:

http://blog.factom.org/post/131223682859/technical-update-factomize-kittens-part-two

[solid12345]

"This brings the cost to enter data back to the expected $0.001/KiB"

So if I have my math right, that is roughly a dollar per megabyte of storage, so to store a duplicate of the Bitcoin blockchain on the Bitcoin blockchain would cost roughly 46,000 dollars?

[bitcoinrocks]

"This brings the cost to enter data back to the expected $0.001/KiB"

So if I have my math right, that is roughly a dollar per megabyte of storage, so to store a duplicate of the Bitcoin blockchain on the Bitcoin blockchain would cost roughly 46,000 dollars?

Sounds like the price should be higher.

[mishax1]

"This brings the cost to enter data back to the expected $0.001/KiB"

So if I have my math right, that is roughly a dollar per megabyte of storage, so to store a duplicate of the Bitcoin blockchain on the Bitcoin blockchain would cost roughly 46,000 dollars?

But, they don't offer storage as in "cloud file storage", they are hasing it on the bitcoin blockchain, if you need file storage you can check on Storj and Sia projects.

[Joerii]

"This brings the cost to enter data back to the expected $0.001/KiB"

So if I have my math right, that is roughly a dollar per megabyte of storage, so to store a duplicate of the Bitcoin blockchain on the Bitcoin blockchain would cost roughly 46,000 dollars?

To store a hash of the entire blockchain on the block chain would be silly, because the blockchain is already immutable

But you CAN and it'd only cost you 1 entry credit



Again, what Factom is used for is to store HASHES not unhashed data. A hash could be compared to a fingerprint of the original data. Factom locks that hash into place on the blockchain.
Because it goes through the Factom layer first, and not directly on the blockchain, it's very scalable and pretty much without limit. It's mindboggling when you think about it.

Here's a video about it. Check it out. https://vimeo.com/125384943