[ANN] FACTOM - Introducing Honesty to Record-Keeping

[cbeast]

Bitcoin bloat, speed, and costs, can be addressed in the Bitcoin protocol itself.

I'm a bit surprised, how so? While you have some points, this is one of the first early, but serious steps of moving off-chain and partially solving the issues mentioned.

Managing block size with speed and storage ability of the internet. Transaction costs will average out. I don't think it's unreasonable for the world to be fiber optic in the next decade. We already have it installed in much of the Philippines.

I've not seen any demonstration of 1:1 pegging in any cryptocurrency. They are asking bitcoin core developers to make hooks for other assets, but those hooks can be exploited and add burdens to Bitcoin. If they can do it with multisig, then I say give it a try. The multisig pegged coins can be swapped for hooked coins later if necessary.

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[dexX7]

Managing block size with speed and storage ability of the internet. Transaction costs will average out. I don't think it's unreasonable for the world to be fiber optic in the next decade. We already have it installed in much of the Philippines.

I've not seen any demonstration of 1:1 pegging in any cryptocurrency. They are asking bitcoin core developers to make hooks for other assets, but those hooks can be exploited and add burdens to Bitcoin. If they can do it with multisig, then I say give it a try. The multisig pegged coins can be swapped for hooked coins later if necessary.

Ah, so you're in the camp of "let's solve the scalability issue with increased block size". I respect this opinion and don't really have one on this, but I think it's very crucial to research and test alternatives.

Now in the context of Factom: imho, and to my understanding, it should not be used for "critical" information, say for example financial transactions, but it could turn out to be a very nice candidate to extend the system with arbitrary data, in particular, and in the context of meta-coins like Mastercoin, I'm thinking about moving meta-data, such as asset descriptions, which are "nice to have", but not mandatory, off-chain.

[cbeast]

Managing block size with speed and storage ability of the internet. Transaction costs will average out. I don't think it's unreasonable for the world to be fiber optic in the next decade. We already have it installed in much of the Philippines.

I've not seen any demonstration of 1:1 pegging in any cryptocurrency. They are asking bitcoin core developers to make hooks for other assets, but those hooks can be exploited and add burdens to Bitcoin. If they can do it with multisig, then I say give it a try. The multisig pegged coins can be swapped for hooked coins later if necessary.

Ah, so you're in the camp of "let's solve the scalability issue with increased block size". I respect this opinion and don't really have one on this, but I think it's very crucial to research and test alternatives.

Now in the context of Factom: imho, and to my understanding, it should not be used for "critical" information, say for example financial transactions, but it could turn out to be a very nice candidate to extend the system with arbitrary data, in particular, and in the context of meta-coins like Mastercoin, I'm thinking about moving meta-data, such as asset descriptions, which are "nice to have", but not mandatory, off-chain.

It's partly that but I have a philosophical problem with Proof of Existence because it's too derivative to be a universal currency. Though that doesn't stop people from making them.

[kjn311]

How many Factoids will be available?

[FACTOM]

How many Factoids will be available?

We haven't gone that far yet. We will make announcements about crowdsale and methods of participation when we have defined it fully.
Our main concern for the moment is towards our software and our team is concentrating on that.

[RGBKey]

Interesting idea, I'd like to see how it ends up.

[FACTOM]

Freedom's Phoenix: Paul Snow Interviewed by Ernest Hancock

Watch Ernest Hancock interview Paul Snow at Factom earlier today for the latest news and updates.

And get some popcorns while you are there as it's 2 hours! Very interesting chat, recommended.

[juicejoyce]

Interesting idea, I'd like to see how it ends up.

that's good point, interested in the future plan.

[starsoccer9]

I think a neat idea for factom would be to have bitreserve use verify their reserve chain on factom rather then just internally.

[FACTOM]

I think a neat idea for factom would be to have bitreserve use verify their reserve chain on factom rather then just internally.

That's another good use case for Factom. Keep the ideas coming everyone!

[dynamite]

This looks like a cool coin but private investors are already involved in it. That is poor practice.

Is this just a pump n dump scam for the early investors?


Sure the product looks cool and will be useful but it seems like it will be used to cover up a pump n dump so a small group of friends can profit huge.



anyways... it's still pretty early on... can I invest in FACTOM yet?

[Voltarius]

This is a really cool idea, I will keep my eye on it and I hope it grows

[starsoccer9]

This is a really cool idea, I will keep my eye on it and I hope it grows

If you think factom is cool, you should be checking out what factom and storj are trying todo together

[CanaryInTheMine]

This is a really cool idea, I will keep my eye on it and I hope it grows

If you think factom is cool, you should be checking out what factom and storj are trying todo together

Very true!  I suspect more cross-integration is forthcoming with other projects for the duo...

[dynamite]

This is a really cool idea, I will keep my eye on it and I hope it grows

If you think factom is cool, you should be checking out what factom and storj are trying todo together

Very true!  I suspect more cross-integration is forthcoming with other projects for the duo...

What are they planning and can you invest in this new collaboration between storj and FACTOM?


This video is pretty nice: https://www.youtube.com/watch?v=lAhLqEn87kM


How do you invest in FACTOM?

[FACTOM]

This is a really cool idea, I will keep my eye on it and I hope it grows

If you think factom is cool, you should be checking out what factom and storj are trying todo together

Very true!  I suspect more cross-integration is forthcoming with other projects for the duo...

What are they planning and can you invest in this new collaboration between storj and FACTOM?


This video is pretty nice: https://www.youtube.com/watch?v=lAhLqEn87kM


How do you invest in FACTOM?

There will be a crowdsale in the near future but you will not be investing in Factom per se, there are no shares or dividends in Factom.
When the network goes live you will also be able to earn Factoids for offering your computational power by being a node.
Factoids (the Factom coin) is like fuel for our platform, used within our software. We will release more details when an official crowdsale announcement is made.

[FACTOM]

This is a really cool idea, I will keep my eye on it and I hope it grows

If you think factom is cool, you should be checking out what factom and storj are trying todo together

Very true!  I suspect more cross-integration is forthcoming with other projects for the duo...

Both Factom and Storj are very open to collaboration and integration with other projects in the space.
We have a very close relationship with Storj, we have met several times and look forward for our respective platforms to launch and see what we can do together.

We are also in touch with a number of other projects, businesses, and organizations, watch this space for news, updates, and announcements.

[FACTOM]

Factom will be attending TNABC on January 16-18.

Paul Snow will be presenting at 11:30-12:30 EST on Saturday the 17th on Main Stage.

More details about the presentation can be found here: http://btcmiami.com/speakers/paul-snow/

If you are in Miami and plan to go to the conference you are invited to come and see us at the Factom booth.

Peter Kirby and David Johnston together with our community leaders will also be present and will be ready to answer any questions you may have.

[embicoin]

Factom will be attending TNABC on January 16-18.

Paul Snow will be presenting at 11:30-12:30 EST on Saturday the 17th on Main Stage.

More details about the presentation can be found here: http://btcmiami.com/speakers/paul-snow/

If you are in Miami and plan to go to the conference you are invited to come and see us at the Factom booth.

Peter Kirby and David Johnston together with our community leaders will also be present and will be ready to answer any questions you may have.

Would it be any live stream?

It would be awesome...

Good luck, Mr. Snow & co. there seems to be a lot of expectation about Factom, I really like it.

[FACTOM]

Paul Snow will make major announcements about Factom tomorrow at 11:30AM.

In the meantime both Factom and Storj teams are hanging out over dinner before the TNABC inauguration party.