[ANN] FACTOM - Introducing Honesty to Record-Keeping

[D-Lux]

Looks promising though translation is brutal.

http://fin.iyiou.com/p/34273

from what I could understand (translator) the FCT team is funded with 10 million EUR or USD or something other?

No, 10 million angels were led to the river side, the article clearly explains that.

(The translation's indeed brutal, but not without its charm imho.)

I believe it's referring to this:

www.reddit.com/r/factom/comments/567hi1/funding_announcement_sticky_thread/

... with some additional commentary:

www.reddit.com/r/factom/comments/56yb1c/tim_draper_i_believe_that_the_factom_team_has_the/

Though it may also have to do with the pending release of funds to Factom, on completion of M2. Hard to tell.

Basically, Jack Lu was a contributor to the Factom Whitepaper. He is credited in this article as being a founder of Factom.

"吕旭军和汪波之前是美国公司公证通（Factom）的联合创始人"
(Translation) "Lu Xujun and Wang Bo were former co-founders of Factom, a US company"

It would appear that they have set up their own company in China called 网录科技 ( and have received 10 million RMB in angel funding led by 网录科技 (River Venture) with 万向分布式资本 (Universal Distributed Capital).

"网录科技是一家区块链技术服务公司，成立于2016年7月，专注于数据存证、数字资产、供应链金融、防伪溯源等领域，为企业、金融机构和政府部门提供区块链应用技术及行业解决方案。"
"Founded in July, 2016, 网录科技 is a block chain technology service company focused on data storage, digital asset, supply chain finance and anti-counterfeit traceability. It provides block-chain applications for enterprises, financial institutions and government departments. Technology and industry solutions."

I won't speculate on whether or not it is offering a similar service to Factom but seems that is the general space they are playing in. FCT already has a decent China presence, will be interesting to see how this plays out.

Thanks for the translation, Yazz. Because Factom has a focus in China ... If you're up for posting translations of other Chinese coverage I (and I'm assuming others) would love to see it. Zero pressure ofc though ... Just good to bring us a little further out of the dark about what's going on in World Factom.

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1714624167

[D-Lux]

Looks like Factom just crossed the 5m entries mark: https://twitter.com/factom

[crazyivan]

Looks like Factom just crossed the 5m entries mark: https://twitter.com/factom

That took place yesterday and someone has already reported it here. I d like to see things speeding up a bit, to reach next million under 1 month time.

[estanis]

estanis, something's not right. Maybe something went wrong with the wallets during the upgrade, since you and I withdrew during the upgrade I think. It's been more than a whole day now, nothing showing up in the Block Explorer or my account. This is something on their end, I hope they fix it or refund us.

I hope so...

What I've seen in the poloniex trollbox is we are not the only ones with the problem.

It would be great if someone (from factom) could explain us why it is such a delay...

Nice try nooblets! Now go away with your FUD!

Check by yourself tx id (d0cb52f5d4d4a291ed3424dd864156011028fd065241deda83830edfc2476a9c) at explorer.factom.org

The tx is complete in poloniex:

http://imgur.com/OAokbYZ

I hope you don't get answers like yours when you have a serious problem...

[cryptonit]

Some people asked how Apostille is different from Factom. 

[estanis]

Some people asked how Apostille is different from Factom. 

http://

NEM process seems to be much simpler, but I have a question:
the integrity of the fingerprint is proportional to the blockchain security, I mean, are NEM and Bitcoin blockchain security comparable against attacks?

[GrossBit]

Some people asked how Apostille is different from Factom.  

NEM process seems to be much simpler, but I have a question:
the integrity of the fingerprint is proportional to the blockchain security, I mean, are NEM and Bitcoin blockchain security comparable against attacks?

I think here you have the whole selling point of Factom

Factom is really a BTC/ETH app and inherits from the security of those 2 blockchains.

XEM would be better IF its security was equivalent to BTC which it has no chance. Its a bit like the chicken and the egg. If everybody decided that XEM was cool and secure then everyone would use it, but nobody does...

That confirms what I've said and being accused of FUDding:

Factom tech is inferior to other techs. However, it 'works' (or will work). They have plenty of salesmen and if they have a finished product, they might sell it. Its not always the best tech product which gets most sales. There are a lot of different parameters. Being first to market is an advantage and I believe Factom has it still. If they cannot make anything out of it, they will lose.

BTW in some sense, BTC is already inferior to many other newer blockchains

[Jack Russell]

I can also confirm there is a problem with FCT withdrawals on Polo. Two days ago I withdrew and never received, although I get a TX ID that 404's on Factom Block Explorer. No response to support ticket yet. Today I try 1 FCT withdrawal and same thing, no receive test TX and invalid TX ID.

[lolikop]

Its a polo thing nothing to do with factom i send fct from one address to another and it went fine

[crazyivan]

There was a similar issue a few months ago, it lasted for a few days and it got fixed. No need to be concerned, they ll fix it.

[Xpedite]

BTW in some sense, BTC is already inferior to many other newer blockchains

Factom is really a BTC/ETH app and inherits from the security of those 2 blockchains.

XEM would be better IF its security was equivalent to BTC which it has no chance.

I rearranged your post a little to analyze it. Can you clarify your argument as to why NEM isn't as secure as BTC and which alts you consider superior to BTC?

[caffeine93]

BTW in some sense, BTC is already inferior to many other newer blockchains

Factom is really a BTC/ETH app and inherits from the security of those 2 blockchains.

XEM would be better IF its security was equivalent to BTC which it has no chance.

I rearranged your post a little to analyze it. Can you clarify your argument as to why NEM isn't as secure as BTC and which alts you consider superior to BTC?

I think you should re-read his post, the answer is like literally "between the lines". As for alts superior to BTC, I guess you could take a look at XMR for example:
1. Faster
2. Truly anonymous
3. Mining is not centralized because the algorithm can't be implemented into ASICs simply

[CanaryInTheMine]

For those who didn't catch this presentation at Scaling Bitcoin Milan conference:

"Progress on Scaling via Client-Side Validation (Peter Todd)"

youtube link https://www.youtube.com/watch?v=uO-1rQbdZuk

Factom technology does this already...    great to see others think about scaling in a similar way

You don't need to download all the data (think whole blockchain!) in Factom and you can just work with what's relevant to your chains.

[GrossBit]

BTW in some sense, BTC is already inferior to many other newer blockchains

Factom is really a BTC/ETH app and inherits from the security of those 2 blockchains.

XEM would be better IF its security was equivalent to BTC which it has no chance.

I rearranged your post a little to analyze it. Can you clarify your argument as to why NEM isn't as secure as BTC and which alts you consider superior to BTC?

XEM or really any other blockchain today isn't as secure as BTC because the tiny size of their network make it vulnerable to things similar to 51% attack...
detractors of BTC would point out that a lot of BTC nodes are in China, which is not a good thing either.

on the specs side, XEM and many other blockchains are superior to BTC.... XMR has stronger anonymity, ETH has smart contracts, etc...

[Mimir]

Would also add that Proof-of-Work is the only proven method today to ensure consensus. Proof-of-Stake has it's flaws, it's a preferable system and people are working to make it happen, because PoW wastes a damn lot of energy, but that's exactly what makes PoW so strong.

 You have to be very deep-pocketed just to attempt altering current btc blocks, and nothing less than nation-state level to change blocks a 12 hours old, beyond a few days it's computationally infeasible for anyone to do, even when quantum computers come along they won't have enough power to undo the bitcoin chain. Immutable.

Factom anchors into the Bitcoin blockchain, but without all the drama of trying to do so directly, this is it's strength.

NEM uses an entirely new system, Proof-of-Importance:

POI is the algorithm used in NEM to time stamp transactions. A NEM user's importance is determined by how many coins they have and the number of transactions made to and from their wallet.

Make up your own mind.

[Mimir]

NEM still has some excellent applications, just think it's not going to win this one.

[crazyivan]

I also have no doubt FCT will be superior to NEM.

Factom business connections, government connects and their team re much superior to what NEM s got. Outside of Japan, NEM s got nothing.

[Mimir]

Is there anymore on Jack Lui? Seems interesting.

From personal experience you can't just turn up in China as a western company and start doing business. It doesn't work like that, without a local presence to share expertise it's very tough, many things will work against you, in most cases a new entity is usually preferable to using the western company. Still, well keen to know if he'll be going solo or using the factom chain?

Network effect makes Factom a solid choice to stick with.

Business is different there, personally think it's easier once you understand, but so many companies fail to realise how different it is.

There's videos where Paul Snow seems to encourage other companies to sell access to the factom network, they don't have a monopoly on it, but undeniably the most talent and knowledge about the system by far, which is the selling point for the company

[Mimir]

Google translations never cease to make me laugh also.

Machine learning has a long way to go to understand the idiosyncrasies between east and west

[Jack Russell]

estanis, something's not right. Maybe something went wrong with the wallets during the upgrade, since you and I withdrew during the upgrade I think. It's been more than a whole day now, nothing showing up in the Block Explorer or my account. This is something on their end, I hope they fix it or refund us.

I hope so...

What I've seen in the poloniex trollbox is we are not the only ones with the problem.

It would be great if someone (from factom) could explain us why it is such a delay...

Nice try nooblets! Now go away with your FUD!

Check by yourself tx id (d0cb52f5d4d4a291ed3424dd864156011028fd065241deda83830edfc2476a9c) at explorer.factom.org

The tx is complete in poloniex:

http://imgur.com/OAokbYZ

I hope you don't get answers like yours when you have a serious problem...

I believe the Polo withdrawal issue is resolved, my transactions arrived recently.