[ANN] FACTOM - Introducing Honesty to Record-Keeping

[tempus]

Thanks a lot for explanations through the last 3 pages.
I still view Factom only as a "sugar" that may attract customers without technical knowledge, but the same can be (and it already was partly) done around Bitcoin.

If "it is the same as with Bitcoin", how can you ensure the price for storing hashes is going to stay the same 0.01$, if the space in the blockchain is scarce ?

And why go through all the hassle through BTC-FCT-Factoid-EC if I just can use my BTC directly to store my hashes into Bitcoin blockchain ?

Sorry, too many questions

It's possible to store Hashes directly into the Bitcoin-Blockchain, but while Bitcoin can handle only about 7 transactions per second, Factom can handle much much more - billions per day. Factom targets companies who would bloat the Bitcoin-blockchain if they would place their hashes directly. And btw: Factom reduces costs, it's much cheaper.

Regarding the EC-price: It's not the same as in Bitcoin. For now the $0.001 for 1 Entry is a fixed price. After M3, when Factom is running on 32 Servers (plus 32 Audit Servers) those servers will adjust the price a little bit like gold-fixing I believe. And since they are paid with Factoids, they have incentive to do it in the best Interest for a high Factoid-price. Practically that means: A lower prices would be an incentive to place more entries, a higher price would destroy more FCT per Entry but maybe a cost-barrier for customers. It will be about the perfect ratio.

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[schnötzel]

Thanks a lot for explanations through the last 3 pages.
I still view Factom only as a "sugar" that may attract customers without technical knowledge, but the same can be (and it already was partly) done around Bitcoin.

If "it is the same as with Bitcoin", how can you ensure the price for storing hashes is going to stay the same 0.01$, if the space in the blockchain is scarce ?

And why go through all the hassle through BTC-FCT-Factoid-EC if I just can use my BTC directly to store my hashes into Bitcoin blockchain ?

Sorry, too many questions

It's possible to store Hashes directly into the Bitcoin-Blockchain, but while Bitcoin can handle only about 7 transactions per second, Factom can handle much much more - billions per day. Factom targets companies who would bloat the Bitcoin-blockchain if they would place their hashes directly. And btw: Factom reduces costs, it's much cheaper.

Regarding the EC-price: It's not the same as in Bitcoin. For now the $0.001 for 1 Entry is a fixed price. After M3, when Factom is running on 32 Servers (plus 32 Audit Servers) those servers will adjust the price a little bit like gold-fixing I believe. And since they are paid with Factoids, they have incentive to do it in the best Interest for a high Factoid-price. Practically that means: A lower prices would be an incentive to place more entries, a higher price would destroy more FCT per Entry but maybe a cost-barrier for customers. It will be about the perfect ratio.

Don´t know if somebody already posted: https://www.youtube.com/watch?v=kUmYI7A5Pzg

@.m. watch ~ 59. min for your question.



And who can explain ~min. 9.20 - min. 10. ..."you actually incorporating the actual data in the blockchain..."  I thought the only store the hash in the blockchain and the data in a database.

Because of the bad quality i can´t understand all words.

[.m.]

watched a bit - so Factom is "for enterprise" - but still as I said I 'view Factom only as a "sugar" that may attract customers without technical knowledge, but the same can be (and it already was partly) done around Bitcoin.'

Thanks tempus for explanation, I know there is a limit about 7 TPS with BTC, but as I said :
'If "it is the same as with Bitcoin", how can you ensure the price for storing hashes is going to stay the same 0.01$, if the space in the blockchain is scarce ?'
...and you alone admit the price with FCT can go up...

And why go through all the hassle through BTC-FCT-Factoid-EC if I just can use my BTC directly to store my hashes into Bitcoin blockchain ?
( the explanation with a friend that has BTC and can do that for me through an exchange and FCT is really nice - so much for "enterprises"

If I do not need to timestamp every minute, I just chain my hashes and send them at the end of the day to Bitcoin blockchain. Really easy.

There is no need to copy&paste long blah blah "Josef27" that does not answer my questions.

I really feel I found an Achilles heel and everybody avoids my questions

[tempus]

watched a bit - so Factom is "for enterprise" - but still as I said I 'view Factom only as a "sugar" that may attract customers without technical knowledge, but the same can be (and it already was partly) done around Bitcoin.'

Thanks tempus for explanation, I know there is a limit about 7 TPS with BTC, but as I said :
'If "it is the same as with Bitcoin", how can you ensure the price for storing hashes is going to stay the same 0.01$, if the space in the blockchain is scarce ?'
...and you alone admit the price with FCT can go up...    

No, I didn't say that. The price of EC's is fixed now at $0.001. After M3 the federated servers will set it. And of course they will have in mind to do it in best interest for the Factoid-price. That means: They will want to find a price with the highest demand, the highest burning rate of Factoids. If they would set the EC-price very high, those who still buy EC's will burn more Factoids because of that. But it can be expected that there would be less demand in general. If the price would be near to zero, there would be very high incentive to use Factom and to push a ton of entries into it - but less Factoids would be burned.

Example: Let's say a price at $0.0005 would be perfect - it would be cheaper than it is now but maybe more big companies would put more entries into Factom than they would do at a price of $0.001. With other words: A cheaper Entry Credit - price could be better for Factoid-holders.

But what it is not and will never be: The price of Factoids won't determine the price of EC's. FCT's can go up and down without any effect on the EC-price.

And why go through all the hassle through BTC-FCT-Factoid-EC if I just can use my BTC directly to store my hashes into Bitcoin blockchain ?
( the explanation with a friend that has BTC and can do that for me through an exchange and FCT is really nice - so much for "enterprises"

I just used that example to explain the principle. In reality Factom can used by you and me and everybody but Factom targets big companies with tons of important data. And they couldn't do with Bitcoin what they can do with Factom. If they would try it, it would be expensive and it would bloat the Bitcoin-blockchain. The blocksize already was at it's limit, just because of daily transactions.

 
If I do not need to timestamp every minute, I just chain my hashes and send them at the end of the day to Bitcoin blockchain. Really easy.

There is no need to copy&paste long blah blah "Josef27" that does not answer my questions.

I really feel I found an Achilles heel and everybody avoids my questions

Your misconceptions about Bitcoin and Factom are no Achilles heel of Factom and it's business-model. Because, again: While potentially every private person can use it, like potentially everybody can place hashes into the Bitcoin-Blockchain, big companies like banks couldn't do what they want to do with Bitcoin.



Edit: Watch this:

Disruptive Infrastructure Solutions / Insurance Disrupted Q2 2016
 - Tiana Laurence
https://www.youtube.com/watch?v=w_gPYSaZAfE&feature=youtu.be&t=15m45s

And focus on this:
https://youtu.be/w_gPYSaZAfE?t=18m20s

There she explains Factom in opposite to the core limitations of Bitcoin.

[Wexfgy12]

Where can I find information about how many Factoids exist / the distribution of them (how many do the developers hold etc?) Thanks.

[D-Lux]

Where can I find information about how many Factoids exist / the distribution of them (how many do the developers hold etc?) Thanks.

Not sure how many the devs hold, but the rest of the info can be found here: https://factoid.live

[Wexfgy12]

Thanks, my question is more..

the Crowdsale raised 4.3m credits I believe
The Equity sale of 1.1m was for Equity in Factom Inc, correct?
Where did the rest of the 8.7m credits come from/who owns them?

[Josef27]

Thanks, my question is more..

the Crowdsale raised 4.3m credits I believe
The Equity sale of 1.1m was for Equity in Factom Inc, correct?
Where did the rest of the 8.7m credits come from/who owns them?

The distribution of FCT as stated on this thread and during the token sale was 50% token sale, 20% early investors, 30% to people who contributed to the project. There was a total of just over 8 million FCT.

They are not many so it's very easy for a third party whale to stock up and make the good and bad weather on exchanges.

[.m.]

Thanks for that clarification, Josef27. A bit worrisome.

And thanks Tempus for patience, I am sorry, I probably still do not understand, please see below. The whitepaper on the first page says "Factom is a general purpose data layer, secured by the Bitcoin Blockchain."

So it seems to me it really is just another layer and it stores hashes into Bitcoin itself (by spamming it with OP_RETURN). I can do that myself and do not need Factom Inc, Entry Credits, Factoids, and to trust to a new technology with Federated Servers and Audit Servers that they somehow magically come to consensus.
Yes - it is a ready made solution that may attract companies, and Factom Inc. can be their partner. You are right. That's what I meant with "not technically skilled ....".

But again - even if now the price is cheap, if I say "the space in the blockchain is scarce", it must come with a price, so while it will always be cheaper to store data with FCT, the storing price will go up (even if "they will have in mind to do it in best interest for the Factoid-price"). And the infrastructure costs will be there.
Now I'd say it is about 0.1 USD to store 32B with BTC against 0.00003 USD with FCT that is a big (3000x) gain, I agree.
But who needs many can just "chain his hashes" as I mentioned.

Again - as I said - Factom really seems to be "just a sugar" to me (with capitalization over 26,000,000 USD .

Thanks for videos, I stopped the first one in 15 sec after "... Marketing Officer ... what is blockchain" and the second one in 20 sec after " bitcoin .. 7 tps .. company .. trillion transactions per day .. it's never gonna scale" (as I said - "chain hashes").

I am not trying to be clever, I know I am not, just trying to understand.

[haggis]

Thanks for that clarification, Josef27. A bit worrisome.

And thanks Tempus for patience, I am sorry, I probably still do not understand, please see below. The whitepaper on the first page says "Factom is a general purpose data layer, secured by the Bitcoin Blockchain."

So it seems to me it really is just another layer and it stores hashes into Bitcoin itself (by spamming it with OP_RETURN). I can do that myself and do not need Factom Inc, Entry Credits, Factoids, and to trust to a new technology with Federated Servers and Audit Servers that they somehow magically come to consensus.
Yes - it is a ready made solution that may attract companies, and Factom Inc. can be their partner. You are right. That's what I meant with "not technically skilled ....".

But again - even if now the price is cheap, if I say "the space in the blockchain is scarce", it must come with a price, so while it will always be cheaper to store data with FCT, the storing price will go up (even if "they will have in mind to do it in best interest for the Factoid-price"). And the infrastructure costs will be there.
Now I'd say it is about 0.1 USD to store 32B with BTC against 0.00003 USD with FCT that is a big (3000x) gain, I agree.
But who needs many can just "chain his hashes" as I mentioned.

Again - as I said - Factom really seems to be "just a sugar" to me (with capitalization over 26,000,000 USD .

Thanks for videos, I stopped the first one in 15 sec after "... Marketing Officer ... what is blockchain" and the second one in 20 sec after " bitcoin .. 7 tps .. company .. trillion transactions per day .. it's never gonna scale" (as I said - "chain hashes").

I am not trying to be clever, I know I am not, just trying to understand.

Factom doesn't write each entry 1:1 to the bitcoin blockchain and is thus not spamming OP_RETURNs. Only every "now and then" the state of the factom blockchain ("anchoring"), I don't have the real number handy.
Moreover, anchoring to Ethereum is in development as well. Others are possible in the future. So Factom doesn't depend on just one blockchain.

And if you realy try to understand, you shouldn't stop watching videos after 15 or 20 seconds just because the CMO is talking. A CMO is explaining the advantages to an audience with little to no knowledge about blockchain technology. So that might be helpful to you (or not - you will know that AFTER watching the videos ).

[.m.]

Thanks haggis for comment - again unfortunately - does not seem much related to what I wrote.

If you really think a marketing blondie said something with a value, do not hesitate and enlighten us all, sharing is caring.

Anchoring is every 10 minutes as stated in the whitepaper I linked.

I have never said you have to store in the blockchain 1:1 - you can, but why, just chain - hash. Repeating myself. Again.

BTW there is a FREE service running with API for proven timestamping applied on bitcoin blockchain - guess what - they just chain hashes at the end of the day.

I see you are all selling a thin air

[haggis]

Thanks haggis for comment - again unfortunately - does not seem much related to what I wrote.

If you really think a marketing blondie said something with a value, do not hesitate and enlighten us all, sharing is caring.

Anchoring is every 10 minutes as stated in the whitepaper I linked.

I have never said you have to store in the blockchain 1:1 - you can, but why, just chain - hash. Repeating myself. Again.

BTW there is a FREE service running with API for proven timestamping applied on bitcoin blockchain - guess what - they just chain hashes at the end of the day.

I see you are all selling a thin air

Indeed. You just should go ahead and build a wrapper company about this FREE API and then convince experienced investors, DHS, Wall Street and other institutions to rate your company with $30m.

I'm done with you. Me and others tried to educate you but it looks as you are not interested in it. Just trolling.

[Josef27]

Thanks haggis for comment - again unfortunately - does not seem much related to what I wrote.

If you really think a marketing blondie said something with a value, do not hesitate and enlighten us all, sharing is caring.

Anchoring is every 10 minutes as stated in the whitepaper I linked.

I have never said you have to store in the blockchain 1:1 - you can, but why, just chain - hash. Repeating myself. Again.

BTW there is a FREE service running with API for proven timestamping applied on bitcoin blockchain - guess what - they just chain hashes at the end of the day.

I see you are all selling a thin air

Indeed. You just should go ahead and build a wrapper company about this FREE API and then confince experienced investors, DHS, Wall Street and other institutions to rate your company with $30m.

I'm done with you. Me and others tried to educate you but it looks as you are not interested in it. Just trolling.

Ditto +10 

[.m.]

I am not trolling, I am trying to get answers, I wanted to see a revolution, but only thing I see is a personal attack.

Sorry for my English, I do not know what

then confince experienced investors

means. I already said "with capitalization over 26,000,000 USD" so people see a merit in Factom. Thanks for your time anyway, good luck, I mean no harm.

[Josef27]

I am not trolling, I am trying to get answers, I wanted to see a revolution, but only thing I see is a personal attack.

Sorry for my English, I do not know what

then confince experienced investors

means. I already said "with capitalization over 26,000,000 USD" so people see a merit in Factom. Thanks for your time anyway, good luck, I mean no harm.

No one has attacked you ?  But you're making some off the wall claims, Factom is doing 100%+ what it has laid out in its white papers. No trickery or slight of hand. If you haven't grasped the concept by now you probably shouldn't be investing in anything without the advice of a professional. No one thinks you're being clever to be polite. You come off as a know it all kid who hasn't a clue. Factoms concept isn't that difficult to grasp with the exception of it's currency, that's why I think you should seek professional advice before investing/speculating in anything.

[tempus]

Thanks for that clarification, Josef27. A bit worrisome.

And thanks Tempus for patience, I am sorry, I probably still do not understand, please see below. The whitepaper on the first page says "Factom is a general purpose data layer, secured by the Bitcoin Blockchain."

So it seems to me it really is just another layer and it stores hashes into Bitcoin itself (by spamming it with OP_RETURN). I can do that myself and do not need Factom Inc, Entry Credits, Factoids, and to trust to a new technology with Federated Servers and Audit Servers that they somehow magically come to consensus.
Yes - it is a ready made solution that may attract companies, and Factom Inc. can be their partner. You are right. That's what I meant with "not technically skilled ....".

But again - even if now the price is cheap, if I say "the space in the blockchain is scarce", it must come with a price, so while it will always be cheaper to store data with FCT, the storing price will go up (even if "they will have in mind to do it in best interest for the Factoid-price"). And the infrastructure costs will be there.
Now I'd say it is about 0.1 USD to store 32B with BTC against 0.00003 USD with FCT that is a big (3000x) gain, I agree.
But who needs many can just "chain his hashes" as I mentioned.

Again - as I said - Factom really seems to be "just a sugar" to me (with capitalization over 26,000,000 USD .

Thanks for videos, I stopped the first one in 15 sec after "... Marketing Officer ... what is blockchain" and the second one in 20 sec after " bitcoin .. 7 tps .. company .. trillion transactions per day .. it's never gonna scale" (as I said - "chain hashes").

I am not trying to be clever, I know I am not, just trying to understand.

@.m.: I have to agree with the others here. It doesn't make sense to try to explain you more, because....

1) Again and again you try to use yourself and your "I can store hashes into the Bitcoin-Blockchain myself" as argument, while it was already explained multiple times, that Factom does not target private persons with minimal demand.

2) If I give you a video in which Tiana Laurence explains the difference of Factom to Bitcoin, your reaction is:


- "Thanks for videos, I stopped the first one in 15 sec after (...)"
- "If you really think a marketing blondie said something with a value (...)"



3) And after all that you complain that there would be personal attacks against you - kind of weird but funny.

[tempus]

Factom Talent Insights - Carrie Scott
Interview with Factom's Director of Talent, Carrie Scott, with questions from our CMO Tiana Laurence.
https://www.youtube.com/watch?v=gzyu8fwfXKE&feature=youtu.be

[nowhere man]

Anyone can add hashes to the blockchain. But can anyone add a billion easily auditable hashes to the blockchain, every hour, and at very small cost?

Rocket science, It aint.

[neo1947]

Factom receives serious  attention in Japan.
https://btcmanager.com/news/business/booming-entrepreneurship-in-japan-is-good-news-for-cryptocurrency/

[tempus]

Factom receives serious  attention in Japan.
https://btcmanager.com/news/business/booming-entrepreneurship-in-japan-is-good-news-for-cryptocurrency/

Nice!

"But Bitcoin is not the only cryptocurrency of great appeal to Japanese consumers and investors. Factom is currently being used to secure stock market data feeds. Moreover, Coincheck was the first crypto exchange in the country to enable factoid (FCT) trades, the cryptocurrency behind Factom's blockchain. This seems to indicate the currency has a bright future ahead."