[ANN] FACTOM - Introducing Honesty to Record-Keeping

[solid12345]

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

Gotcha, just trying to figure out how this pricing model works. So if one entry is .001 cents, and if the marketprice of one Factoid is 10 cents, does that mean 1 factoid will buy me 10,000 hash entries on the btc blockchain?

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[mishax1]

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

Gotcha, just trying to figure out how this pricing model works. So if one entry is .001 cents, and if the marketprice of one Factoid is 10 cents, does that mean 1 factoid will buy me 10,000 hash entries on the btc blockchain?

"If you are using Factom to secure data, ECs that you have already purchased will still enter the same amount of data in the system.
If you purchase ECs after the price change, each Factoid will buy a different number of ECs."

I think this means that if the price of factoids gets lower then you will need to buy more factoids to enter the same hash.

[tempus]

Very interesting conversation about the economic design of Factom (Paul Snow answers):

https://www.reddit.com/r/factom/comments/3ozje2/eli5_what_are_factom_selling_when_they_sell/

[-Greed-]

Very interesting conversation about the economic design of Factom (Paul Snow answers):

https://www.reddit.com/r/factom/comments/3ozje2/eli5_what_are_factom_selling_when_they_sell/

Thanks, good readings. Hope to see the supply and inflation estimates and graphs soon.

[nakaone]

can someone explain the federated server "system" - who elects them? - why are they limited to 32 etc. pp?

[bitcoinrocks]

can someone explain the federated server "system" - who elects them? - why are they limited to 32 etc. pp?

I would like to know too.

[tempus]

What I still don't understand is, what will happen to the "used" FCT's?


In the FAQ's they say, they won't get burned:

"No. The Entry Credits are burned. Entry Credits are non transferable. They can only be used to buy entries. But when they DO buy entries, the Factoid in the protocol that was used to buy the Entry Credits is released. The amount of Factoids varies since the price of Entry Credits per Factoid varies.

The Factoid paid out is calculated by dividing the total number of Factoid in the protocol by the number of outstanding Entry Credits.

The number of Factoids in the protocol and the number of outstanding Entry Credits are all computable from the Entry Chain and the Factoid Chain."
http://factom.org/faq


But in the reddit-conversation, Paul Snow says:

"Factom has both an inflation aspect (a fixed payment to the servers per peiod) and a deflation aspect (fees and conversions of factoids to entry credits remove factoids from the supply)."
https://www.reddit.com/r/factom/comments/3ozje2/eli5_what_are_factom_selling_when_they_sell/



Could somebody explain it more concrete what will happen to the FCT's after they were sold for EC's?

[tempus]

By the way: I tried to find out some informations about the potential... how much demand there could be for entrys. And the good thing is: Potential is nearly everywhere and I believe it will depend on the Applications that will be build on the system. I found this Animation about data-volume of known companies:

http://pennystocks.la/internet-in-real-time/

I don't know if that is precise, but "just" dropbox has incredible high rates of uploads. And sure, it's doubtful that Factom will has something like that in the near future, but on the other side the system is open for everything and every direction. So, maybe one day. I believe it's possible. And if we calculate the dropbox-uploads as entrys:

Per minute about 600,000
Per day: 864 Mio

864 Mio multiplied with $0.001 would be $864,000 per day for entrys.


And sure, that's more like a "fun-calculation" and Factom won't be a cloud-service. But it's open for nearly anything and very useful for a lot of Applications, cloud-services included. And I believe it has a lot more attraction than Bitcoin itself. At the moment we do mostly everything with credit-cards etc., so Bitcoin as payment-method is still a niche. But everybody and everywhere it's important to organize data and all kind of data.

So... the potential is huge and not just for some companies, also for normal users/private persons. With that being said: I believe, the price for EC's should stay cheap. I'm sure that it will grow fast if it's cheap.


And what's also interesting and will be exciting: The FCT-price won't be just about the reality. I won't reflect just the real value of the system at a moment. It will anticipate it. The price will react on every good news and at the same time a higher FCT-price won't have bad influence on the entry-volume. I really like that "two-step-system" from FCT's to EC's.

[richwang01]

Find this information from Kuala official website, they confirmed injected 400 thousand dollars into Factom Inc. ,really fantastic!!!!

http://www.kualainnovations.com/pdf/14-10-15-kuala-announcement-investment-in-factom.pdf

[FACTOM]

What I still don't understand is, what will happen to the "used" FCT's?


In the FAQ's they say, they won't get burned:

"No. The Entry Credits are burned. Entry Credits are non transferable. They can only be used to buy entries. But when they DO buy entries, the Factoid in the protocol that was used to buy the Entry Credits is released. The amount of Factoids varies since the price of Entry Credits per Factoid varies.

The Factoid paid out is calculated by dividing the total number of Factoid in the protocol by the number of outstanding Entry Credits.

The number of Factoids in the protocol and the number of outstanding Entry Credits are all computable from the Entry Chain and the Factoid Chain."
http://factom.org/faq


But in the reddit-conversation, Paul Snow says:

"Factom has both an inflation aspect (a fixed payment to the servers per peiod) and a deflation aspect (fees and conversions of factoids to entry credits remove factoids from the supply)."
https://www.reddit.com/r/factom/comments/3ozje2/eli5_what_are_factom_selling_when_they_sell/



Could somebody explain it more concrete what will happen to the FCT's after they were sold for EC's?

They are used, means they don't exist any longer.

[Bisha]

Any contacts you've made with someone interesting in using factom? Any partnerships with apps that will use it? Or there is still no interest from others on using factom?

[Joerii]

Any contacts you've made with someone interesting in using factom? Any partnerships with apps that will use it? Or there is still no interest from others on using factom?

If you look on the frontpage, you'll see a long list of high profile partners.

[mishax1]

we need some support for the price to stay at least around 0.00070000 you don't think that this dump is not good for the coin?!

you better sell before it goes even lower..

[nakaone]

can someone explain the federated server "system" - who elects them? - why are they limited to 32 etc. pp?

I would like to know too.

anyone?

[kcanup]

What is the total supply of FCT? Is it just 8.7M or there are more?

[tempus]

What is the total supply of FCT? Is it just 8.7M or there are more?

Quoting Paul Snow:

"We started out with 8759968.58633800 factoids in block 0. Fast forward to the latest block at the time of me writing this post, you see the supply is 8756528.27066099 factoids in block 6432.
That means the supply of factoids is down by 3440.31567701 factoids. This is because until we get the full protocol up and running, and all the federated servers are in place, there is no inflation, no payments made to the servers. This is because we wish to be fair to the crowd sale, and also to give the protocol a chance to take hold and gain some growth in the use of the protocol before inflation sets in. When inflation does set in, it will be at a fixed rate of ~73000 tokens per month (10 percent of the crowdsale total each year).
Keep in mind, that with use of the protocol we also experience deflation. All fees paid for transactions, build entry chains, and write entries remove factoids from the total. They are not paid to the servers."
https://www.reddit.com/r/factom/comments/3ozje2/eli5_what_are_factom_selling_when_they_sell/

[kcanup]

What is the total supply of FCT? Is it just 8.7M or there are more?

Quoting Paul Snow:

"We started out with 8759968.58633800 factoids in block 0. Fast forward to the latest block at the time of me writing this post, you see the supply is 8756528.27066099 factoids in block 6432.
That means the supply of factoids is down by 3440.31567701 factoids. This is because until we get the full protocol up and running, and all the federated servers are in place, there is no inflation, no payments made to the servers. This is because we wish to be fair to the crowd sale, and also to give the protocol a chance to take hold and gain some growth in the use of the protocol before inflation sets in. When inflation does set in, it will be at a fixed rate of ~73000 tokens per month (10 percent of the crowdsale total each year).
Keep in mind, that with use of the protocol we also experience deflation. All fees paid for transactions, build entry chains, and write entries remove factoids from the total. They are not paid to the servers."
https://www.reddit.com/r/factom/comments/3ozje2/eli5_what_are_factom_selling_when_they_sell/

Thanks a lot!

[tempus]

What is the total supply of FCT? Is it just 8.7M or there are more?

Quoting Paul Snow:

"We started out with 8759968.58633800 factoids in block 0. Fast forward to the latest block at the time of me writing this post, you see the supply is 8756528.27066099 factoids in block 6432.
That means the supply of factoids is down by 3440.31567701 factoids. This is because until we get the full protocol up and running, and all the federated servers are in place, there is no inflation, no payments made to the servers. This is because we wish to be fair to the crowd sale, and also to give the protocol a chance to take hold and gain some growth in the use of the protocol before inflation sets in. When inflation does set in, it will be at a fixed rate of ~73000 tokens per month (10 percent of the crowdsale total each year).
Keep in mind, that with use of the protocol we also experience deflation. All fees paid for transactions, build entry chains, and write entries remove factoids from the total. They are not paid to the servers."
https://www.reddit.com/r/factom/comments/3ozje2/eli5_what_are_factom_selling_when_they_sell/

Thanks a lot!

No problem! The numbers are not quite actual I just saw:


Currently it's 8754987.03066099.


The total supply is visible if you click on the latest block:
http://explorer.factom.org

[monsiam012]

Help me please.

I can't transfer my Factoids(FCT) from koinify to poloniex.

I try type 12 keywords and wait 24 hours ago. It nothing.

and avaliable in koinify my balance.

Who same me.

[lajz99]

Help me please.

I can't transfer my Factoids(FCT) from koinify to poloniex.

I try type 12 keywords and wait 24 hours ago. It nothing.

and avaliable in koinify my balance.

Who same me.

Did you try unplugging your computer and plugging it back in?