[ANN] FACTOM - Introducing Honesty to Record-Keeping

[coinking]

Using Proof of Stake will end up with Masternode stakeholders owning a lot of beach front property.
Edit: Proof of Stake will allow large Factoid holders to vote on the conversion rate. They will make it prohibitively expensive to buy entry credits. Wealthy attackers can create counterfeit entries and cause genuine entries to be ignored by consensus. In other words, Proof of Stake is not a good consensus, especially for property. Wealthy factoid holders will collude to attack record systems of valuable real estate. This has already been done in countries that have gone to computerized real estate bookkeeping. It would be better to not avoid Bitcoin's consensus approach. Proof of Work offers stronger protection from such attacks.

This.  A thousand times this.  Attacking POS is economically more feasible than POW.

I'm not sure I completely understand your points... But want to point out that Factom is secured by Bitcoin which is PoW

Entry credits are a fixed value. Perhaps they are hedged Bitcoin contracts, but they are purchased with a floating value Factoid that uses Proof of Stake. Bitcoin hedge contracts expire and become volatile over time, so either you will have to secure with holding bitcoins or create new contracts using Factoids. FACTOM claims that you won't be using bitcoins.

They expect people to go from USD to Tether to Factoid maybe?

Likely. It would be better to use a Tether approach and transition to a Lightning Network 'hub and spoke' model.

Factoids are using a protocol to transact on Bitcoin's PoW network, but it is true that Factom will not be using 'bitcoin the currency'.

Entry credits are like IOU's in the Factom network, a fixed value against the floating value of Factoids.

Factom has its own consensus model which is explained in the whitepaper here: https://github.com/FactomProject/FactomDocs/raw/master/FactomLedgerbyConsensus.pdf

Nice, that's some good info. I was curious about Factom's 'use' of the actually currency. Thanks for clearing that up

[lakepopo]

I buy 10 BTC 

[TomKoinify]

Update: 725 BTC has been raised in under 48 hours.

You can check https://twitter.com/factom_sale for a live feed of the sales!

[FACTOM]

Update: 725 BTC has been raised in under 48 hours.

You can check https://twitter.com/factom_sale for a live feed of the sales!

We are thrilled with the support received so far.
A big thank you to all our supporters and contributors!

[FACTOM]

We have sold over 1,600,000 Factoids in just 48 Hours.
A massive thank you to our community and supporters.

Head over to Koinify to get yours before the rate change in 5 days.

https://koinify.com/#/project/FACTOM

[coinking]

We have sold over 1,600,000 Factoids in just 48 Hours.
A massive thank you to our community and supporters.

Head over to Koinify to get yours before the rate change in 5 days.

https://koinify.com/#/project/FACTOM

Huge news Factom! Well done and looking forward to more updates 

[Chang Hum]

Watching

[FACTOM]

If you haven’t already head over to Koinify before the rate goes -100 Factoids:

https://koinify.com/#/project/FACTOM

[FACTOM]

We have raised $250,000 in the first 4 days of our Software Sale! A MASSIVE THANK YOU to our supporters!

Get your Factoids now if you haven't already before the rate change in 2 days:

https://koinify.com/#/project/FACTOM

[freemind1]

Guys you are doing a great job, so i see people supporting you this much. Seems that at this rate will arrive to $500,000 in a few days. Congratulations!

[FACTOM]

Nice work! 1100 bitcoin. Things are moving well. I got in already and thinking about loading up before the price jump

Guys you are doing a great job, so i see people supporting you this much. Seems that at this rate will arrive to $500,000 in a few days. Congratulations!

Thank you for the support guys. We are seeing a lot of attention towards Factom.
We couldn't be more happy. 

[FACTOM]

HAPPY EASTER EVERYONE!

Get your Factoids now if you haven't already before the rate change in 1 days:

https://koinify.com/#/project/FACTOM

[regexlove]

Using Proof of Stake will end up with Masternode stakeholders owning a lot of beach front property.
Edit: Proof of Stake will allow large Factoid holders to vote on the conversion rate. They will make it prohibitively expensive to buy entry credits. Wealthy attackers can create counterfeit entries and cause genuine entries to be ignored by consensus. In other words, Proof of Stake is not a good consensus, especially for property. Wealthy factoid holders will collude to attack record systems of valuable real estate. This has already been done in countries that have gone to computerized real estate bookkeeping. It would be better to not avoid Bitcoin's consensus approach. Proof of Work offers stronger protection from such attacks.

This.  A thousand times this.  Attacking POS is economically more feasible than POW.

I'm not sure I completely understand your points... But want to point out that Factom is secured by Bitcoin which is PoW

@FACTOM   @mortified     @Mashuri
Can you explain this concern deeper
or illustrate by an example/numbers?

[FACTOM]

[coinking]

Huge sales numbers! Might have to just throw a bit more BTC at this before the rates change 

[FACTOM]

We are thrilled to announce that Jocob Dienelt, a veteran at Morgan Stanley, has left to join the Factom Foundation.
He has joined the team as a Treasurer. This was pretty big news so it was covered by a few media outlets today.

Bitcoin technology startup hires Morgan Stanley manager
http://www.reuters.com/article/2015/04/06/morgan-stanley-factom-idUSL2N0X31H020150406

Bitcoin technology startup hires Morgan Stanley manager
http://www.businessinsider.com/r-bitcoin-technology-startup-hires-morgan-stanley-manager-2015-4?IR=T

Morgan Stanley Veteran Joins Bitcoin 2.0
http://finance.boston.com/boston/news/read/29607960/morgan_stanley_veteran_joins_bitcoin_2.0

Morgan Stanley Veteran Jacob Dienelt Joins Bitcoin 2.0 Startup
https://bitcoinmagazine.com/19889/morgan-stanley-veteran-dienelt-joins-bitcoin-2-0-startup/

Blockchain Tech Startup Hires Morgan Stanley Advisor
http://www.americanbanker.com/news/bank-technology/blockchain-tech-startup-hires-morgan-stanley-advisor-1073621-1.html

Bitcoin technology startup hires Morgan Stanley manager
https://au.news.yahoo.com/technology/a/26996206/bitcoin-technology-startup-hires-morgan-stanley-manager/

Bitcoin technology startup hires Morgan Stanley manager
http://zeenews.india.com/business/news/technology/bitcoin-technology-startup-hires-morgan-stanley-manager_122818.html

Factom Hires Morgan Stanley Veteran as Crowdsale 2nd Week Nears 2.9 Million BTC
http://allcoinsnews.com/2015/04/07/factom-hires-morgan-stanley-veteran-as-crowdsale-2nd-week-hits-325000/

Wall Street Veteran, Former Nike CIO Join Bitcoin Startups
http://cointelegraph.com/news/113894/wall-street-veteran-former-nike-cio-join-bitcoin-startups

Bitcoin technology startup hires Morgan Stanley manager
http://ca.reuters.com/article/technologyNews/idCAKBN0MX1EB20150406

Morgan Stanley Veteran Joins Bitcoin 2.0
http://www.marketwatch.com/story/morgan-stanley-veteran-joins-bitcoin-20-2015-04-06

Morgan Stanley Veteran Joins Bitcoin 2.0
https://secure.globeadvisor.com/servlet/ArticleNews/story/PRNEWS/20150406/enUK201504063711

Morgan Stanley Veteran Joins Bitcoin 2.0
http://www.bloomberg.com/article/2015-04-06/ajDV7Gwao6c4.html

Articles are still coming out, so we'll update if we spot more.  

[kjn311]

I'm looking for info. on the yet to be released Factom software. Will it be multi-threaded? If so, how many threads will it utilize? Other system requirements? Designed for everyday home user or a more specialized computer? Etc etc.

[BitcoinIsLiberty]

What would be the advantages of FACTOM over a FACTOM clone where the mining is removed from the data layer and the database of hashes is under centralized control for whoever is using the FACTOM clone?

The security seems to be the same since the top hash is put into bitcoin in both systems. The ability to audit seems similar too.
The blockchain adds irrevocable hashes in the FACTOM blockchain but couldn't FACTOM clone just publish the database of hashes for anyone to mirror if that was important?

Have you speculated on if people will stick with FACTOM for simplicity or will a whole slew of clones appear customized for each client? FACTOM like systems seems like they could be quite useful for a lot of uses.

[FACTOM]

The new rate of 1BTC = 1900 Factoids is now active.

Get your Factoids early if you haven't already before the rate change in 7 days:

https://koinify.com/#/project/FACTOM

[coinking]

We are thrilled to announce that Jocob Dienelt, a veteran at Morgan Stanley, has left to join the Factom Foundation.
He has joined the team as a Treasurer. This was pretty big news so it was covered by a few media outlets today.

Bitcoin technology startup hires Morgan Stanley manager
http://www.reuters.com/article/2015/04/06/morgan-stanley-factom-idUSL2N0X31H020150406

Bitcoin technology startup hires Morgan Stanley manager
http://www.businessinsider.com/r-bitcoin-technology-startup-hires-morgan-stanley-manager-2015-4?IR=T

Morgan Stanley Veteran Joins Bitcoin 2.0
http://finance.boston.com/boston/news/read/29607960/morgan_stanley_veteran_joins_bitcoin_2.0

Morgan Stanley Veteran Jacob Dienelt Joins Bitcoin 2.0 Startup
https://bitcoinmagazine.com/19889/morgan-stanley-veteran-dienelt-joins-bitcoin-2-0-startup/

Blockchain Tech Startup Hires Morgan Stanley Advisor
http://www.americanbanker.com/news/bank-technology/blockchain-tech-startup-hires-morgan-stanley-advisor-1073621-1.html

Bitcoin technology startup hires Morgan Stanley manager
https://au.news.yahoo.com/technology/a/26996206/bitcoin-technology-startup-hires-morgan-stanley-manager/

Bitcoin technology startup hires Morgan Stanley manager
http://zeenews.india.com/business/news/technology/bitcoin-technology-startup-hires-morgan-stanley-manager_122818.html

Factom Hires Morgan Stanley Veteran as Crowdsale 2nd Week Nears 2.9 Million BTC
http://allcoinsnews.com/2015/04/07/factom-hires-morgan-stanley-veteran-as-crowdsale-2nd-week-hits-325000/

Wall Street Veteran, Former Nike CIO Join Bitcoin Startups
http://cointelegraph.com/news/113894/wall-street-veteran-former-nike-cio-join-bitcoin-startups

Bitcoin technology startup hires Morgan Stanley manager
http://ca.reuters.com/article/technologyNews/idCAKBN0MX1EB20150406

Morgan Stanley Veteran Joins Bitcoin 2.0
http://www.marketwatch.com/story/morgan-stanley-veteran-joins-bitcoin-20-2015-04-06

Morgan Stanley Veteran Joins Bitcoin 2.0
https://secure.globeadvisor.com/servlet/ArticleNews/story/PRNEWS/20150406/enUK201504063711

Morgan Stanley Veteran Joins Bitcoin 2.0
http://www.bloomberg.com/article/2015-04-06/ajDV7Gwao6c4.html

Articles are still coming out, so we'll update if we spot more.  

This is big news, congrats to Morgan and Factom.