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Author Topic: [ANN] FACTOM - Introducing Honesty to Record-Keeping  (Read 2115887 times)
rudolfaxl
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January 13, 2016, 02:45:09 PM
Last edit: January 16, 2016, 03:28:29 AM by rudolfaxl
 #1481

Hmm..Factom
OK...i want to sell domain bitcoin wallet : www.bitcoinwallet.id for 285,000 FCT
Bonus : domain name litecoin.id and bitxapo.com
Any one interest..please PM mee  Smiley soon..!!

The Bitcoin Co-op
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January 13, 2016, 03:39:41 PM
 #1482

Hmm..Factom
OK...i want to sell domain bitcoin wallet : www.bitcoinwallet.id for 285,000 FCT
Bonus : domain name litecoin.id and bitxapo.com
Any one interest..please PM mee  Smiley soon..!!
Dude, your asking price is over $300,000 USD, right now.

We work hard to promote Bitcoin adoption and the decentralization of society. You can support our efforts by donating BTC to 35wDNxFhDB6Ss8fgijUUpn2Yx6sggDgGqS
rudolfaxl
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January 14, 2016, 12:16:45 AM
 #1483

Hmm..Factom
OK...i want to sell domain bitcoin wallet : www.bitcoinwallet.id for 285,000 FCT
Bonus : domain name litecoin.id and bitxapo.com
Any one interest..please PM mee  Smiley soon..!!
Dude, your asking price is over $300,000 USD, right now.
I give the best domain name for BTC and LTC
bitcoinwallet.id - litecoin.id - bitxapo.com
Good think to give your best offer with FCT (Factom).  Smiley
BMOO
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January 14, 2016, 12:22:55 AM
 #1484

Hmm..Factom
OK...i want to sell domain bitcoin wallet : www.bitcoinwallet.id for 285,000 FCT
Bonus : domain name litecoin.id and bitxapo.com
Any one interest..please PM mee  Smiley soon..!!
Dude, your asking price is over $300,000 USD, right now.
I give the best domain name for BTC and LTC
bitcoinwallet.id - litecoin.id - bitxapo.com
Good think to give your best offer with FCT (Factom).  Smiley

I give you 5 FCT, we have a deal ?
rudolfaxl
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January 14, 2016, 12:24:37 AM
 #1485

Hmm..Factom
OK...i want to sell domain bitcoin wallet : www.bitcoinwallet.id for 285,000 FCT
Bonus : domain name litecoin.id and bitxapo.com
Any one interest..please PM mee  Smiley soon..!!
Dude, your asking price is over $300,000 USD, right now.
I give the best domain name for BTC and LTC
bitcoinwallet.id - litecoin.id - bitxapo.com
Good think to give your best offer with FCT (Factom).  Smiley

I give you 5 FCT, we have a deal ?
Cheesy  NOO
BrianDeery
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January 14, 2016, 01:02:06 AM
 #1486

Careful -
"This is early beta software you should use this guide at your own risk, we suggest not to use large amount of factoids in case there may be issues and/or bugs."

Indeed, Factom is still an early stage project with no guarantees.  factoidpapermill is still early, but has way fewer moving parts than other ways of generating keys.  It can also be run on an offline computer booted with a live linux CD then printed or written down.  This way when the computer is turned off, all the private key data gets erased when the ram dissipates.  

walletapp also runs offline.  you can try importing the newly created private key in walletapp to make sure it gives you the same public address.

Also, the internet is a scary place with hackers and security holes all over the place.  Certificate authorities can even be spoofed by men in the middle, so sometimes even you can't trust HTTPS.

We are hoping Factom can lay some groundwork for much better internet security, way better than the cobbled together system we have now.  It is going to take a while to get to a point where these systems are possible.

Bitcoin solves so many more problems in the world other than just moving money.  Hopefully it will help make software distribution actually secure.

Code:
$ sha256sum *
cd245ae20668027b644a0e7175b6c6955c9994e7034cfb30e54497c3d6a0eacf  factoidpapermill.exe
f56f10a3ce1643e9f721bd0031d5ee7622a36d1f393af4c8b7ba7f6d089e03d4  factoidpapermill-linux
9eab8daf48c416ef2cce0fc35205cabe6a3644e220d0a218d46a0b080d2f9578  factoidpapermill-mac


We also made walletmgr, which can export the seed used to derive all the keys in the wallet.  This is intended to give a paper backup which can be used in a disaster.  The disaster recovery software hasn't been written yet, but having the paper seed backup will allow recovery.

it doesn't have binaries yet, so you need golang installed to run it.

Code:
#to install
go get -v github.com/FactomProject/walletmgr

#to run
walletmgr exportseed
tobeaj2mer01
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January 14, 2016, 02:41:47 AM
 #1487

I want to sell 1714 shares of Factom Inc., PM me if you are interesting.

at this point i think you'd get a better rate on exchanges

They are not coins but the Shares of Factom Inc.

Sirx: SQyHJdSRPk5WyvQ5rJpwDUHrLVSvK2ffFa
child_harold
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January 14, 2016, 08:12:30 AM
 #1488

Hmm..Factom
OK...i want to sell domain bitcoin wallet : www.bitcoinwallet.id for 285,000 FCT
Bonus : domain name litecoin.id and bitxapo.com
Any one interest..please PM mee  Smiley soon..!!
Dude, your asking price is over $300,000 USD, right now.

Let me get this straight…
Two hundred and eighty-five thousand factom for those domains? Dude, you deserve your own meme!
You made my day Smiley


rudolfaxl
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January 14, 2016, 11:56:33 AM
Last edit: January 16, 2016, 03:40:44 AM by rudolfaxl
 #1489

Let me get this straight…
Two hundred and eighty-five thousand factom for those domains? Dude, you deserve your own meme!
You made my day Smiley
Buy FCT and then Sell for BTC..??,and then i give offer domains BTC and LTC for FCT  Grin
That's Fair..??agree that  Cool  

jcksteve
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January 14, 2016, 02:14:26 PM
Last edit: January 17, 2016, 12:48:34 AM by jcksteve
 #1490

Hmm..Factom
OK...i want to sell domain bitcoin wallet : www.bitcoinwallet.id for 285,000 FCT
Bonus : domain name litecoin.id and bitxapo.com
Any one interest..please PM mee  Smiley soon..!!
Awesome,you have good domains name boss.
absolutely,very valuable domain name for bitcoin and litecoin. I can predict what can we do with this domains name :

*bitcoinwallet.id : bitcoin wallet with id
*bitxapo.com : bitcoin wallet application,i think more better name than xapo.com   Smiley
*litecoin.id : domain pages litecoin community or we can make litecoin id

big value portal name for business with bitcoin and litecoin. @rudolfaxl good offer
virtualFudge
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January 14, 2016, 08:39:47 PM
Last edit: January 14, 2016, 08:53:27 PM by virtualFudge
 #1491

Hello Factom community. Back during the factoid crowd sale, I heard about this tech and bought some factoid on a whim (good choice Wink). Now with the recent surge in price I have been researching Factom and I have some questions:

1. First I need to get something straight. As far as I can tell, Factom is not for storing data. Is this correct? It seems to me that one could store data in entries, but it would only be stored on the Factom full nodes and it would supposedly be expensive, and so rather than storing data, users are intended to store hashes of data. Please correct/validate/enlighten me.

1.1 I couldn't find in the whitepaper how much space 1 entry credit purchases. How much space does it purchase? I'm trying to figure out how realistic it is to store data.

2. If Factom does not store data, but more likely data hashes, how does Factom secure information? In one of Factom's YouTube videos a use case for Factom is described as preventing the Sony hack; however, I fail to see how Factom could prevent such a hack. Sony's data is still on their servers and if a hacker breached those servers he would still be able to acquire sensitive information and do with it as he pleases.

3. Another question about data. If I lose the data that I have secured with Factom, I, nor anyone else, can prove whether or not it existed. Correct?

4. Related to the last question. As far as I understand it, anyone can submit entries into a chain, correct? If so, data loss becomes an issue again. I watched another YouTube video where Paul Snow is speaking at a conference in Dubai I think. In this video he explains how Bank of America could have reviewed a Factom chain to insure all the records were present and correct. I don't understand how Factom can prove if all the records were there. If all the records were hashed into "Countrywide Mortgage Records" and after review there were hashes that were unaccounted for, how does Bank of America know if these unaccounted hashes are important records or just spam?

5. It seems that Factom becomes successful and widely used it will be storing impressive amounts of data. In a world where millions or billions of entries are being submitted every year I can't help but think that the amount of data a full node will have to store will simply be too much. This is especially true when one considers that Federated servers are not being rewarded for their storage; they are only being rewarded for further entry submissions. This means that as time passes the ratio of the amount of data being stored compared to the reward will get bigger and bigger. While normal data centers, say Amazon Cloud Services, receives constant compensation for the continued use of storage, Factom Federated Servers don't. Please help me better understand the economics of Factom and how this problem (if it even is a problem) will be overcome.

5.1 It also seems inevitable that data centers will be the only ones capable of being full nodes. Is this correct? intended?

6. How come the amount of Federated Servers and Audit Servers are fixed? It seems to me that the more there are, the better. So why not just have all full nodes be in the pool of possible Federated and Audit Servers and then split the group in two according to the mentioned voting system?

7. After reading the whitepaper, it is still unclear to me whether directory blocks are made after every one minute or after every 10 minutes. The whitepaper states they are made after every minute, but on examination of the protocol through the block explorer, I get the idea they are made every 10 minutes. Please elaborate.


If answers to these question are posted somewhere else, forgive me. I couldn't find any. I also hope that this isn't overbearing, I just want to better understand how Factom works as I really hope it succeeds. Thank you for your time.

EDIT: One more question

8. How is the decentralized Federated Server model better than a centralized company that does the same thing? Since everything is validated client side, Couldn't a central entity assemble hashes and stamp them into the blockchain?
richwang01
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January 15, 2016, 06:02:33 AM
 #1492

I want to sell a domain of factom.cc, PM me if you are interesting.
mishax1
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January 15, 2016, 08:53:54 AM
 #1493

Hello Factom community. Back during the factoid crowd sale, I heard about this tech and bought some factoid on a whim (good choice Wink). Now with the recent surge in price I have been researching Factom and I have some questions:

1. First I need to get something straight. As far as I can tell, Factom is not for storing data. Is this correct? It seems to me that one could store data in entries, but it would only be stored on the Factom full nodes and it would supposedly be expensive, and so rather than storing data, users are intended to store hashes of data. Please correct/validate/enlighten me.

1.1 I couldn't find in the whitepaper how much space 1 entry credit purchases. How much space does it purchase? I'm trying to figure out how realistic it is to store data.

2. If Factom does not store data, but more likely data hashes, how does Factom secure information? In one of Factom's YouTube videos a use case for Factom is described as preventing the Sony hack; however, I fail to see how Factom could prevent such a hack. Sony's data is still on their servers and if a hacker breached those servers he would still be able to acquire sensitive information and do with it as he pleases.

3. Another question about data. If I lose the data that I have secured with Factom, I, nor anyone else, can prove whether or not it existed. Correct?

4. Related to the last question. As far as I understand it, anyone can submit entries into a chain, correct? If so, data loss becomes an issue again. I watched another YouTube video where Paul Snow is speaking at a conference in Dubai I think. In this video he explains how Bank of America could have reviewed a Factom chain to insure all the records were present and correct. I don't understand how Factom can prove if all the records were there. If all the records were hashed into "Countrywide Mortgage Records" and after review there were hashes that were unaccounted for, how does Bank of America know if these unaccounted hashes are important records or just spam?

5. It seems that Factom becomes successful and widely used it will be storing impressive amounts of data. In a world where millions or billions of entries are being submitted every year I can't help but think that the amount of data a full node will have to store will simply be too much. This is especially true when one considers that Federated servers are not being rewarded for their storage; they are only being rewarded for further entry submissions. This means that as time passes the ratio of the amount of data being stored compared to the reward will get bigger and bigger. While normal data centers, say Amazon Cloud Services, receives constant compensation for the continued use of storage, Factom Federated Servers don't. Please help me better understand the economics of Factom and how this problem (if it even is a problem) will be overcome.

5.1 It also seems inevitable that data centers will be the only ones capable of being full nodes. Is this correct? intended?

6. How come the amount of Federated Servers and Audit Servers are fixed? It seems to me that the more there are, the better. So why not just have all full nodes be in the pool of possible Federated and Audit Servers and then split the group in two according to the mentioned voting system?

7. After reading the whitepaper, it is still unclear to me whether directory blocks are made after every one minute or after every 10 minutes. The whitepaper states they are made after every minute, but on examination of the protocol through the block explorer, I get the idea they are made every 10 minutes. Please elaborate.


If answers to these question are posted somewhere else, forgive me. I couldn't find any. I also hope that this isn't overbearing, I just want to better understand how Factom works as I really hope it succeeds. Thank you for your time.

EDIT: One more question

8. How is the decentralized Federated Server model better than a centralized company that does the same thing? Since everything is validated client side, Couldn't a central entity assemble hashes and stamp them into the blockchain?

I hope you've read these - http://factom.org/faq
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January 15, 2016, 09:13:46 AM
 #1494

Quote
I hope you've read these - http://factom.org/faq

I have  Smiley
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January 15, 2016, 02:16:54 PM
 #1495

Quote
I hope you've read these - http://factom.org/faq

I have  Smiley
The first FAQ should be "What problem does this solve?"

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
The Bitcoin Co-op
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January 15, 2016, 02:59:03 PM
 #1496

Still super happy with the way the price is going. Check out this chart a friend showed me:


We work hard to promote Bitcoin adoption and the decentralization of society. You can support our efforts by donating BTC to 35wDNxFhDB6Ss8fgijUUpn2Yx6sggDgGqS
helloge
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January 15, 2016, 03:39:53 PM
 #1497

keep going high?

                                 
              ▄▄███▄▄             
            ███████████           
     ▄▄███▄▄  ▀▀███▀▀  ▄▄███▄▄   
   ████████████▄▄    ███████████ 
     ▀▀████████████▄▄  ▀▀███▀▀   
         ▀▀████████████           
     ▄▄███▄▄  ▀▀███▀▀  ▄▄███▄▄   
   ███████████▄▄     ███████████ 
     ▀▀████████████▄▄  ▀▀███▀▀   
         ▀▀█████████████▄▄       
     ▄▄███▄▄ ▀▀█████████████▄▄   
   ████████████▄▄ ▀▀████████████ 
     ▀▀████████████▄▄ ▀▀█████▀▀   
         ▀▀████████████           
             ▀▀█████▀▀           
                                 
.CARDSTACK..............
...The Experience Layer of the Decentralized Internet.....
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
..Bringing scalability and usability to....
..dApps for mass market adoption......
------------------------------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
..TOKEN EVENT      .GET ON WHITELIST.
...
---------------------------------------------------------------------------------
---Twitter   ⦁   Telegram   ⦁   Blog   ⦁   Bitcointalk----
FACTOM (OP)
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January 15, 2016, 09:00:52 PM
 #1498



The Shanghai Blockchain Hackathon Overview

The Factom team attended the Shanghai Hackathon, read our blogpost to find out how it went.

http://blog.factom.org/post/137356012094/the-shanghai-blockchain-hackathon-overview

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January 17, 2016, 03:46:48 AM
 #1499

I was poking around and found this positive news:
Quote
CargoChain is built with Meteor, using Ethereum and IPFS as the underlying technologies to handle contractual relations and the "eternification" of documents. In the future we intend to include Factom as an additional source to store document hashes at for further security/verification.
https://github.com/domschiener/cargochain

CargoChain was the WINNER of the Shanghai Blockchain Hackathon (the one where the Factom team came in 3rd). 
tempus
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January 17, 2016, 05:08:46 AM
 #1500

Positive also: I check the Block Explorer nearly every day to see how much FCT's were converted into Entry Credits and out of the system. From yesterday to today it was about 84 Factoids if I'm right. Total Factoids now: 8,753,734

Don't know why, but it's the highest number I recognized in such a short time frame.
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