[ANN] FACTOM - Introducing Honesty to Record-Keeping

[flashbit]

Hmm. I wonder if Paul Snow is getting M2 ready.

https://github.com/FactomProject/factomd/commits/ps-1

[1714744416]

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[1714744416]

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[1714744416]

1714744416

[D-Lux]

Hmm. I wonder if Paul Snow is getting M2 ready.

https://github.com/FactomProject/factomd/commits/ps-1

It's really starting to look that way. Definitely seems like they're in the "finishing touches" stage. ...

[oneyesoneno]

Hai guys... can i know what Factom is trying to archive in Milestone 2? is there any details of the specification for each Milestone? Five Milestones in total?

[crazyivan]

Hmm. I wonder if Paul Snow is getting M2 ready.

https://github.com/FactomProject/factomd/commits/ps-1

It's really starting to look that way. Definitely seems like they're in the "finishing touches" stage. ...

Let s hope it s not gonna take another 3 months. It really does seem to be just around the corner.

[Mrboot]

If they dont release it soon, we might see a correction comming, it just aint possible to break the 240 levels properly.

[crazyivan]

If they dont release it soon, we might see a correction comming, it just aint possible to break the 240 levels properly.

Well, Factom team does not care about the price. But they should care about the deadline. Cause lots of other teams re working on similar stuff.

[D-Lux]

Factom's github seems to have gone quiet again since 7/21 ... I'm wondering if Monday will be the day.  

[flashbit]

Factom's github seems to have gone quiet again since 7/21 ... I'm wondering if Monday will be the day.  

It very well could be.

Btw: investors continue to grow - https://bnktothefuture.com/pitches/factom-series-a

[flashbit]

TOYO KEIZAI and SMART CONTRACT JAPAN to hold a big blockchain event on July 26

http://jftoday.com/TOYO+KEIZAI+and+SMART+CONTRACT+JAPAN+to+hold+a+big+blockchain+event+on+July+26/

http://toyokeizai.net/sp/scc2016/

Smartcontract Japan. Many blockchain experts from overseas such as Joseph Lubinm (Ethereum Co-Founder), Christoph Jentzsch (slock.it CTO), Jesse Grushack (Ujo music Director), and David Johnston (Factom Chairman of the Board) will get together in the event.

With these key figures and representatives of Ministry of Economy, Trade and Industry, The attendees will discuss and consider about the essential quality of 67 trillion Yen blockchain industrial revolution.

Program:
16:00 automatic authentication × smart contract - David Johnston

[whiteorg72]

Interesting, the Factom team at the remain support ETH (Ethereum) blockchain or go to the ETC (Ethereum Classic) blockchain?

[crazyivan]

Interesting, the Factom team at the remain support ETH (Ethereum) blockchain or go to the ETC (Ethereum Classic) blockchain?

Etherum classic is just another attempt by another alternative dev team to make some quick money. The market has showed what it thinks about the coin. Huge dump yesterday, 100% down price. It ll continue going down until it dies.

The only thing which can make money is DIFFERENTIATION. This is what I hope to see from Factom. Trying to make money by copying another coin and then inventing some reason why that coin is the right one, like ETC does, is pure BS. It just creates confusion and instability in the market.

[whiteorg72]

Interesting, the Factom team at the remain support ETH (Ethereum) blockchain or go to the ETC (Ethereum Classic) blockchain?

Etherum classic is just another attempt by another alternative dev team to make some quick money. The market has showed what it thinks about the coin. Huge dump yesterday, 100% down price. It ll continue going down until it dies.

The only thing which can make money is DIFFERENTIATION. This is what I hope to see from Factom. Trying to make money by copying another coin and then inventing some reason why that coin is the right one, like ETC does, is pure BS. It just creates confusion and instability in the market.

To engage in self-complacency. There was a particular competitor (ETC) to your Ethereum (ETH). One month later everything will come to order and Ethereum (ETC) will gain momentum taking buyers from Ethereum (ETH). Now we just see Ethereum (ETC) reset by Vitalik team supporters, which have been received for a freebie. It's not for long.

In addition, I have transferred some of their factoids yesterday (down a little ($1,45) factoids course) in new Ethereum (ETC) and know that this is a good investment, and I am not mistaken!

Ethereum (ETH) and new Ethereum (ETC) will exist side by side, competing with each other.

The current situation with the new Ethereum (ETC) me very reminiscent of October, 2015, when the idiots sellers ICO factoids sold them for 11 - 17 cents / 1FCT, and when I bought them in large quantities. The same is happening now with the new Ethereum (ETC). History repeats itself.

[tempus]

Interesting, the Factom team at the remain support ETH (Ethereum) blockchain or go to the ETC (Ethereum Classic) blockchain?

Etherum classic is just another attempt by another alternative dev team to make some quick money. The market has showed what it thinks about the coin. Huge dump yesterday, 100% down price. It ll continue going down until it dies.

(...)

Funny, Ethereum classic is "just another attempt by another alternative dev team to make some quick money"?

You seem to believe it's a clone-Coin, but it's just Ethereum! It's Ethereum without the DAO-bailout! And it's Ethereum without money backing and it's Ethereum without backing of the market. So, of course the price crashed. That was clear before and those who are behind knew that.

If you want to criticize attempts of making money, my advice would be: Focus on TheDao and why it even existed in that way and on the question if there would have been a bail out if theDAO would've been just a $1 Mio Smart Contract-fail, instead of an overhyped $150 Mio too-big-too-fail-monster.

And yes, most likely ETC has not much chances. But it won't die any time soon. And in the opposite it's not a high price that indicates that Ethereum is healthy. The more I think about it all and about potential intentions behind the rushed out DAO and how it was funded and why the price immediately fell below it's funding-marketcap after launch and before the hack, and if the ETH-market is backed and manipulated by big money or not - the more I believe there could be even more issues that are not seen, yet.

But even if the market should be not backed, they did something that shows priorities. To do a Hard Fork to bail out an application - that's not trivial.

This is a very interesting article about it:

The unfinished state of Ethereum should have been made clear to its investors – and those who invested in the DAO – up front. No way is it ethical to persuade people to invest large amounts of money in a product whose key selling point is its immutability, then when it goes wrong claim that it wasn’t ready for release and needs to be changed.

(...)

The problem with deciding that Ethereum, and by extension the DAO, are still in development (rollbacks are part of life), is that they are in fact live as far as their users are concerned. Never mind the code, the problem is the data. Data in a live financial system should not be changed. That is true even in existing financial systems. The Ethereum community has agreed to a change that makes their system less trustworthy than a conventional financial system. For a technology that aims to disrupt conventional financial systems, that is not clever.


(...)

Ethereum is only immutable because Buterin says it is. Until he changes his mind. Which he inevitably will, next time there is a major loss. His investors will expect him to, since – y’know – the system is still “in development”. And he will agree, since – y’know – the community is in charge. It’s all smoke and mirrors, really. Now where have we seen this before?

The Ethereum community is painfully learning why, after thousands of years “in development”, banking works the way it does.

http://www.forbes.com/sites/francescoppola/2016/07/21/a-painful-lesson-for-the-ethereum-community/2/#5217270d7efa

Just by the way: If Factom would do a Hard-Fork to bail out an application that is build on Factom - what would be left? A system that nobody could have trust in. If the Factom-team would do that it would be like selling the idea behind Factom.

And that is basically what Ethereum did, with the reason it's still in development while that should have been a reason not to rush out a flawed $150 Mio-App that started with a lot of nice words and idealism about "social experiment" when it really was about money.

It's something especially you could learn something out of it with your complaints about the M2-delay. Maybe it's better not to rush out releases because of a focus on short-term-priorities (money now!). That can damage everything it is about in long-term.

But of course, it's all right as long as the ETH-price is high, right. ;-)

[crazyivan]

Interesting, the Factom team at the remain support ETH (Ethereum) blockchain or go to the ETC (Ethereum Classic) blockchain?

Etherum classic is just another attempt by another alternative dev team to make some quick money. The market has showed what it thinks about the coin. Huge dump yesterday, 100% down price. It ll continue going down until it dies.

(...)

Funny, Ethereum classic is "just another attempt by another alternative dev team to make some quick money"?

You seem to believe it's a clone-Coin, but it's just Ethereum! It's Ethereum without the DAO-bailout! And it's Ethereum without money backing and it's Ethereum without backing of the market. So, of course the price crashed. That was clear before and those who are behind knew that.

If you want to criticize attempts of making money, my advice would be: Focus on TheDao and why it even existed in that way and on the question if there would have been a bail out if theDAO would've been just a $1 Mio Smart Contract-fail, instead of an overhyped $150 Mio too-big-too-fail-monster.

And yes, most likely ETC has not much chances. But it won't die any time soon. And in the opposite it's not a high price that indicates that Ethereum is healthy. The more I think about it all and about potential intentions behind the rushed out DAO and how it was funded and why the price immediately fell below it's funding-marketcap after launch and before the hack, and if the ETH-market is backed and manipulated by big money or not - the more I believe there could be even more issues that are not seen, yet.

But even if the market should be not backed, they did something that shows priorities. To do a Hard Fork to bail out an application - that's not trivial.

This is a very interesting article about it:

The unfinished state of Ethereum should have been made clear to its investors – and those who invested in the DAO – up front. No way is it ethical to persuade people to invest large amounts of money in a product whose key selling point is its immutability, then when it goes wrong claim that it wasn’t ready for release and needs to be changed.

(...)

The problem with deciding that Ethereum, and by extension the DAO, are still in development (rollbacks are part of life), is that they are in fact live as far as their users are concerned. Never mind the code, the problem is the data. Data in a live financial system should not be changed. That is true even in existing financial systems. The Ethereum community has agreed to a change that makes their system less trustworthy than a conventional financial system. For a technology that aims to disrupt conventional financial systems, that is not clever.


(...)

Ethereum is only immutable because Buterin says it is. Until he changes his mind. Which he inevitably will, next time there is a major loss. His investors will expect him to, since – y’know – the system is still “in development”. And he will agree, since – y’know – the community is in charge. It’s all smoke and mirrors, really. Now where have we seen this before?

The Ethereum community is painfully learning why, after thousands of years “in development”, banking works the way it does.

http://www.forbes.com/sites/francescoppola/2016/07/21/a-painful-lesson-for-the-ethereum-community/2/#5217270d7efa

Just by the way: If Factom would do a Hard-Fork to bail out an application that is build on Factom - what would be left? A system that nobody could have trust in. If the Factom-team would do that it would be like selling the idea behind Factom.

And that is basically what Ethereum did, with the reason it's still in development while that should have been a reason not to rush out a flawed $150 Mio-App that started with a lot of nice words and idealism about "social experiment" when it really was about money.

It's something especially you could learn something out of it with your complaints about the M2-delay. Maybe it's better not to rush out releases because of a focus on short-term-priorities (money now!). That can damage everything it is about in long-term.

But of course, it's all right as long as the ETH-price is high, right. ;-)

If I would like to criticize attempts of making money, my first target would be Factom! Not cause it s making money but cause it aint. The price s been more less static since the last major pump and the market does not seem to respond to these tiny updates and presentations we ve been receiving during the last couple of months. So, M2 s the only thing which can move the market, one way or another. Cause when Ether team promises a fork and set it up for a particular date and block, THIS HAPPENS. With Factom, it s always around the corner.

About the price, the market, via it s perception of the price, is the only real determinant of value of particular coin or token. The fact Ether is almost 10x the price of Factom, even after this DAO charade, can tell you what the market thinks about Ether vs Factom. You or I can hope and wish for things to be different. However, in the end, it all comes down to the market, right.

[Mrboot]

Interesting, the Factom team at the remain support ETH (Ethereum) blockchain or go to the ETC (Ethereum Classic) blockchain?

Etherum classic is just another attempt by another alternative dev team to make some quick money. The market has showed what it thinks about the coin. Huge dump yesterday, 100% down price. It ll continue going down until it dies.

(...)

Funny, Ethereum classic is "just another attempt by another alternative dev team to make some quick money"?

You seem to believe it's a clone-Coin, but it's just Ethereum! It's Ethereum without the DAO-bailout! And it's Ethereum without money backing and it's Ethereum without backing of the market. So, of course the price crashed. That was clear before and those who are behind knew that.

If you want to criticize attempts of making money, my advice would be: Focus on TheDao and why it even existed in that way and on the question if there would have been a bail out if theDAO would've been just a $1 Mio Smart Contract-fail, instead of an overhyped $150 Mio too-big-too-fail-monster.

And yes, most likely ETC has not much chances. But it won't die any time soon. And in the opposite it's not a high price that indicates that Ethereum is healthy. The more I think about it all and about potential intentions behind the rushed out DAO and how it was funded and why the price immediately fell below it's funding-marketcap after launch and before the hack, and if the ETH-market is backed and manipulated by big money or not - the more I believe there could be even more issues that are not seen, yet.

But even if the market should be not backed, they did something that shows priorities. To do a Hard Fork to bail out an application - that's not trivial.

This is a very interesting article about it:

The unfinished state of Ethereum should have been made clear to its investors – and those who invested in the DAO – up front. No way is it ethical to persuade people to invest large amounts of money in a product whose key selling point is its immutability, then when it goes wrong claim that it wasn’t ready for release and needs to be changed.

(...)

The problem with deciding that Ethereum, and by extension the DAO, are still in development (rollbacks are part of life), is that they are in fact live as far as their users are concerned. Never mind the code, the problem is the data. Data in a live financial system should not be changed. That is true even in existing financial systems. The Ethereum community has agreed to a change that makes their system less trustworthy than a conventional financial system. For a technology that aims to disrupt conventional financial systems, that is not clever.


(...)

Ethereum is only immutable because Buterin says it is. Until he changes his mind. Which he inevitably will, next time there is a major loss. His investors will expect him to, since – y’know – the system is still “in development”. And he will agree, since – y’know – the community is in charge. It’s all smoke and mirrors, really. Now where have we seen this before?

The Ethereum community is painfully learning why, after thousands of years “in development”, banking works the way it does.

http://www.forbes.com/sites/francescoppola/2016/07/21/a-painful-lesson-for-the-ethereum-community/2/#5217270d7efa

Just by the way: If Factom would do a Hard-Fork to bail out an application that is build on Factom - what would be left? A system that nobody could have trust in. If the Factom-team would do that it would be like selling the idea behind Factom.

And that is basically what Ethereum did, with the reason it's still in development while that should have been a reason not to rush out a flawed $150 Mio-App that started with a lot of nice words and idealism about "social experiment" when it really was about money.

It's something especially you could learn something out of it with your complaints about the M2-delay. Maybe it's better not to rush out releases because of a focus on short-term-priorities (money now!). That can damage everything it is about in long-term.

But of course, it's all right as long as the ETH-price is high, right. ;-)

If I would like to criticize attempts of making money, my first target would be Factom! Not cause it s making money but cause it aint. The price s been more less static since the last major pump and the market does not seem to respond to these tiny updates and presentations we ve been receiving during the last couple of months. So, M2 s the only thing which can move the market, one way or another. Cause when Ether team promises a fork and set it up for a particular date and block, THIS HAPPENS. With Factom, it s always around the corner.

About the price, the market, via it s perception of the price, is the only real determinant of value of particular coin or token. The fact Ether is almost 10x the price of Factom, even after this DAO charade, can tell you what the market thinks about Ether vs Factom. You or I can hope and wish for things to be different. However, in the end, it all comes down to the market, right.

Why do people keep comparing Factom with Ethereum ? We can also compare factom with bitcoin, but there all diffrent things.
With a complete diffrent purpose. Beside that Eth is worth much more then x10, cause you better look at market cap instead of coin price
otherwise the equivelant aint right to measure.

Im happy were almost what it looks like in M2, but i hope soon we can get a update on how far it really is, cause it can also be ready
and that they going to test it for a month. I tryed to tweet to Paul snow if he can give a update to the less technical people around.

Also its nice that the Entry's starting to increase a little again.

[tempus]

Interesting, the Factom team at the remain support ETH (Ethereum) blockchain or go to the ETC (Ethereum Classic) blockchain?

Etherum classic is just another attempt by another alternative dev team to make some quick money. The market has showed what it thinks about the coin. Huge dump yesterday, 100% down price. It ll continue going down until it dies.

(...)

Funny, Ethereum classic is "just another attempt by another alternative dev team to make some quick money"?

You seem to believe it's a clone-Coin, but it's just Ethereum! It's Ethereum without the DAO-bailout! And it's Ethereum without money backing and it's Ethereum without backing of the market. So, of course the price crashed. That was clear before and those who are behind knew that.

If you want to criticize attempts of making money, my advice would be: Focus on TheDao and why it even existed in that way and on the question if there would have been a bail out if theDAO would've been just a $1 Mio Smart Contract-fail, instead of an overhyped $150 Mio too-big-too-fail-monster.

And yes, most likely ETC has not much chances. But it won't die any time soon. And in the opposite it's not a high price that indicates that Ethereum is healthy. The more I think about it all and about potential intentions behind the rushed out DAO and how it was funded and why the price immediately fell below it's funding-marketcap after launch and before the hack, and if the ETH-market is backed and manipulated by big money or not - the more I believe there could be even more issues that are not seen, yet.

But even if the market should be not backed, they did something that shows priorities. To do a Hard Fork to bail out an application - that's not trivial.

This is a very interesting article about it:

The unfinished state of Ethereum should have been made clear to its investors – and those who invested in the DAO – up front. No way is it ethical to persuade people to invest large amounts of money in a product whose key selling point is its immutability, then when it goes wrong claim that it wasn’t ready for release and needs to be changed.

(...)

The problem with deciding that Ethereum, and by extension the DAO, are still in development (rollbacks are part of life), is that they are in fact live as far as their users are concerned. Never mind the code, the problem is the data. Data in a live financial system should not be changed. That is true even in existing financial systems. The Ethereum community has agreed to a change that makes their system less trustworthy than a conventional financial system. For a technology that aims to disrupt conventional financial systems, that is not clever.


(...)

Ethereum is only immutable because Buterin says it is. Until he changes his mind. Which he inevitably will, next time there is a major loss. His investors will expect him to, since – y’know – the system is still “in development”. And he will agree, since – y’know – the community is in charge. It’s all smoke and mirrors, really. Now where have we seen this before?

The Ethereum community is painfully learning why, after thousands of years “in development”, banking works the way it does.

http://www.forbes.com/sites/francescoppola/2016/07/21/a-painful-lesson-for-the-ethereum-community/2/#5217270d7efa

Just by the way: If Factom would do a Hard-Fork to bail out an application that is build on Factom - what would be left? A system that nobody could have trust in. If the Factom-team would do that it would be like selling the idea behind Factom.

And that is basically what Ethereum did, with the reason it's still in development while that should have been a reason not to rush out a flawed $150 Mio-App that started with a lot of nice words and idealism about "social experiment" when it really was about money.

It's something especially you could learn something out of it with your complaints about the M2-delay. Maybe it's better not to rush out releases because of a focus on short-term-priorities (money now!). That can damage everything it is about in long-term.

But of course, it's all right as long as the ETH-price is high, right. ;-)

If I would like to criticize attempts of making money, my first target would be Factom! Not cause it s making money but cause it aint. The price s been more less static since the last major pump and the market does not seem to respond to these tiny updates and presentations we ve been receiving during the last couple of months. So, M2 s the only thing which can move the market, one way or another. Cause when Ether team promises a fork and set it up for a particular date and block, THIS HAPPENS. With Factom, it s always around the corner.

About the price, the market, via it s perception of the price, is the only real determinant of value of particular coin or token. The fact Ether is almost 10x the price of Factom, even after this DAO charade, can tell you what the market thinks about Ether vs Factom. You or I can hope and wish for things to be different. However, in the end, it all comes down to the market, right.

It's not Factom's fault (the team's) how the market reacts or not reacts. They can do their best to deliver Factom as promised and I hope it's what they do. Exactly that is not what the team of Ethereum did.

You say:

"Cause when Ether team promises a fork and set it up for a particular date and block, THIS HAPPENS. With Factom, it s always around the corner."

And that is hilarious! As if it would be something good that they had to rush out a Hard Fork to prevent that a "Hacker" (who just executed the "law in code" - smart contract) would get the DAO-Ether because they've rushed out the DAO before and funded it with about $150 Mio!

The whole story is a massive fail! And it's a result of "rushed out".

But you are so sticked to your complaining behaviour against Factom that you have to focus on a hard fork as promise that was delivered in time while hiding the facts behind. They failed to deliver what was really promised --> TheDAO as project with future. And that was a massive fail that will have longterm-impact.

The Factom-team doesn't play by Crypto-rules to give a short-term-focused market short-term-signals to pump the price. But what they always did is: A lot of promising long-term-signals. It's not their fault if a "Crypto-Community" prefers hypes without base and roulette as if it would be about luck.

 

[D-Lux]

TOYO KEIZAI and SMART CONTRACT JAPAN to hold a big blockchain event on July 26

http://jftoday.com/TOYO+KEIZAI+and+SMART+CONTRACT+JAPAN+to+hold+a+big+blockchain+event+on+July+26/

It's about 8am in Japan time on the 26th, so conference should be starting soon. Wonder if Devin Johnston will have any announcements ...?

[flashbit]

Culture wars: Preserving digital content on the blockchain

https://digitalcontentnext.org/blog/2016/07/25/culture-wars-preserving-digital-content-on-the-blockchain/

Another solution is a distributed platform for filing stories in an immutable ledger that makes the ledger unique, such as what Factom aims to accomplish in the developing world. Reporters could purchase entry credits—rights to create entries on Factom’s ledger. As with the bitcoin ledger, everyone would get the same copy, and anyone could add to it but no one could alter entries once they were filed. Factom has a “commit/reveal commitment” scheme that serves as an anticensorship mechanism: servers in China, for example, couldn’t prevent the filing of an otherwise valid entry because of its content. If the reporter had attached an entry credit to the filing, then it would get recorded. A government could identify certain entries as offensive but couldn’t delete or block them as the Chinese government has done on Wikipedia. If an official court were to order a change in the ledger, an officer of the court could make a new entry to reflect the ruling, but the history would remain for all to see.[ii]

[flashbit]

This looks promising! Making more inroads into China! Excellent!!!

Financial Network: the world's leading companies Factom block chain's CTO went on shore visits Kai exchange

http://industry.caijing.com.cn/20160725/4153114.shtml
http://www.madailicai.com/static/info/news/201607251041.html

July 21, Mr. Block world-renowned chain company Factom CTO Lvxu Jun (Jack Lu) came on shore Kai Information Technology Co., Ltd. (an Internet banking platform's sack Money) exchange visits. General manager Huang Haimin, block chain technology team introduced to Mr. Lvxu Jun Kai shore currently in the field of exploration of the block chain, the two sides on the block chain technology development and applications in the field of Internet banking conducted in-depth technical exchanges.



Factom CTO Lvxu Jun (second from right) and CEO Kai shore Huanghai Min (second from left) and other staff photo

Factom is a global leader in the tile-based chain technology for recording, verification, audit infrastructure services provider, the company is headquartered in Texas. Block chain has been at the forefront of technological innovation, and continue to shape the future of the block chain technology. Factom products to help businesses and government agencies to obtain data security in the use of the block chain technology, is not bound by the block chain technology inherent scalability limitations. Currently Factom companies are using this technology to help government departments and financial institutions to establish a variety of system interfaces, to achieve data security and records management. In June this year, Factom by the US Department of Homeland Security project allocations, the use of the block chain to improve networking security.

Block Chain (BlockChain) is the underlying technology with the birth of Bitcoin generated, also belong to one of an underlying Internet Protocol. With respect to Bitcoin in countries around the world suffer different treatment, the block chain as the underlying Internet technology and protocols, but are highly concerned about the financial world, the World Economic Forum, is a bold prediction, to 10% of world GDP in 2027 will be stored in chain network on the block. Internet financial sector, "block chain" Perhaps promising technology, and cost less than the traditional model. Some US and European financial institutions have pioneered the use of "block chain" technology, such as the US Nasdaq market private equity transactions Linq.

Haikai on Information Technology Co., Ltd. as a bank with strong technical strength of technology finance company, is the application level active exploration block chain technology. The technology exchange, Mr. Kay Lvxu Jun shore block chain team of technology and actively explore acknowledge and encourage.

Both sides said the chain block the underlying technical and application-level exchange of technology companies is only the beginning, the follow-up will continue to conduct in-depth exchanges and cooperation. We believe full play to each other's strengths, able to both bring more development opportunities, work together to promote the block chain technology in the financial sector of the Internet.

[D-Lux]

Mr. Block world-renowned chain company Factom

That's it, I'm going to start referring to Factom as "Mr. Block world-renowned chain company Factom" from now on, or MBWRCCF for those in the know.

Thanks as always for posting, flashbit. More great news. Sort of ridiculous that FCT only has a market cap of 13M at this point ... Really is the investment of the year imho.