[ANN] FACTOM - Introducing Honesty to Record-Keeping

[coinking]

Hey everyone, I'm so glad I kept my factom but I just have a question now I've seen the investment opportunity for factom Inc.

What is the total number of factoids that are being created? When we invested on koinify did we as a whole only invest in around 10% or did we actually buy all the factoids that will ever be created?

Also, are the factoids we bought getting broken down, say 10 software tokens for 1 factoid?

Any answers would be great!! Great work so far factom team!

The post-sale number of Factoids is 8,759,944. As mentioned on the Koinify Token Sale page 50% of the total Factoids were up for sale.
The rest are 30% to be distributed to early contributors and 20% for early purchasers.

Once the network goes live there will be Factoids generated by the network and distributed to Factom nodes and Federated servers.
That is an incentive to help maintain the network with resources and computing power.

The Factoids purchased on koinify are 1 for 1.

Hope this helps. 

Thanks for clarifying, I'm curious as to the total supply. I guess my question is the same as above. What are we looking at here?

[FACTOM]

Does that mean there will be more than 8,759,944 Factoids once the network starts operating?

Thanks for clarifying, I'm curious as to the total supply. I guess my question is the same as above. What are we looking at here?

Factoids get converted to Entry Credits once people uses Factom to hash entries on the blockchain.
In the process the Factoids are used (means they don't exist anymore). Once a Factoid is converted to Entry Credit it cannot be converted back to Factoid.

So yes there will be more Factoids created over the years, there isn't a set number, they will be created to maintain the network and support/incentivize Federated Servers.

Although the initial number is the above, that number is subject to be reduced once people starts hashing things in the short term, even for testing purposes before we go live.
In the long term, after we go live, there will be more Factoids created by the network (not by the Factom Foundation).
We'll be able to estimate what percentage of the initial supply will be generated each year, depending on usage of our system.
We are still a while away from then and without testing the live network we can't make estimates for the moment.

[FACTOM]

The Pre-Release is Up!

As of last night, we have a pre-release of Factom available online. This is a very limited version.
We will be testing for robustness over the next few weeks. We expect several iterations before we have our release candidate available.
We will need to break the pre-release version a few times before getting the robustness needed for our Beta.

Find out more on our blog:

http://blog.factom.org/post/123128104184/technical-update-pre-release-version

[djohnston]

The Factom Foundation will be partnering with General Governance, (doing business as) Factom Inc.,

These guys?

http://www.generalgovernance.com/

Here is the website for the Factom Inc. for profit company working with enterprise clients to get them using the Factom Network and technology: http://www.factom.com/

[bubbletea789]

The Factom Foundation will be partnering with General Governance, (doing business as) Factom Inc.,

These guys?

http://www.generalgovernance.com/

Here is the website for the Factom Inc. for profit company working with enterprise clients to get them using the Factom Network and technology: http://www.factom.com/

what sort of works and services will be offered for these "enterprise clients" ?
what are the main sources of income?

[FACTOM]

what sort of works and services will be offered for these "enterprise clients" ?
what are the main sources of income?

Blockchain as a Service (BaaS). We will help enterprises integrate our tech with their existing or new systems and for that will we charge a fee.

More info on our Blog: http://blog.factom.org/post/122941176349/factom-inc-factom-foundation-partnership

[bubbletea789]

what sort of works and services will be offered for these "enterprise clients" ?
what are the main sources of income?

Blockchain as a Service (BaaS). We will help enterprises integrate our tech with their existing or new systems and for that will we charge a fee.

More info on our Blog: http://blog.factom.org/post/122941176349/factom-inc-factom-foundation-partnership

do you plan to expand into a full-fledged consulting firm for blockchain tech?
i see that the same people are on both factom foundation and factom inc. Do they then work 16 hours a day?

[djohnston]

what sort of works and services will be offered for these "enterprise clients" ?
what are the main sources of income?

Blockchain as a Service (BaaS). We will help enterprises integrate our tech with their existing or new systems and for that will we charge a fee.

More info on our Blog: http://blog.factom.org/post/122941176349/factom-inc-factom-foundation-partnership

do you plan to expand into a full-fledged consulting firm for blockchain tech?
i see that the same people are on both factom foundation and factom inc. Do they then work 16 hours a day?

The goal for GG / Factom Inc. is more to create generalized blockchain / Factom tools for auditing, finance, land titles and so forth. Doing some consulting for large enterprise clients is a means to defining these general software tools. In short the goal for Factom Inc. is not to be primarily a consulting company, but rather to build software tools that can be used by dozens and eventually hundreds of different companies.

As for the work hours, both the Foundation and Factom Inc. teams actually do often work 16 hour days, plus weekends (you can see the late night commits + weekend commits time stamped on Github).

In general the Foundation is focused on supporting the core developers and the for profit is supporting the marketing / business folks. The two organizations staff will become more and more divergent over time. For example Peter Kirby serves as the CEO for the for profit while Paul Snow serves as the CEO of the Foundation given their different focuses.

[gagalady]

Looking forward to bug release.

[bitcoinrocks]

Do Factom Inc investors have an opportunity to sell their shares if the company does not go public and is not otherwise sold?

[FACTOM]

We have released our latest Technical Update with news on development progress, Factoids, and our new coin logo

Find out more on our blog: http://blog.factom.org/post/123637666729/technical-update-on-factoids

[Nxtblg]

I don't know about other investors, but I'm going to find it very difficult to sell my first wave (1 btc/2k coins) factoids. I've never felt so much potential in an altcoin purchase before.

Myself, I bought some with an eye to using them - so I don't know if I'll sell 'em at all.

[Fargo]

I don't know about other investors, but I'm going to find it very difficult to sell my first wave (1 btc/2k coins) factoids. I've never felt so much potential in an altcoin purchase before.

Myself, I bought some with an eye to using them - so I don't know if I'll sell 'em at all.

Same here

[djohnston]

Heads up to the Factom community.

Bitcoin Magazine Coverage of the Factom Client Release Candiate One.
https://bitcoinmagazine.com/21268/factom-team-launches-release-candidate-one-calls-test-participation/

Here is the blog post:
http://blog.factom.org/post/124249017699/technical-update-release-candidate-one

[Cornett]

Heads up to the Factom community.

Bitcoin Magazine Coverage of the Factom Client Release Candiate One.
https://bitcoinmagazine.com/21268/factom-team-launches-release-candidate-one-calls-test-participation/

Here is the blog post:
http://blog.factom.org/post/124249017699/technical-update-release-candidate-one

Great! RC1 is ready and Beta release is around the corner 

[FACTOM]

Thanks to the hard work of testers from our community and our Factom core developers,
we have a Release Candidate One (RC1), a critical step for launching the Factom network.
Read more about it on our blog.

We also reached the Factom Inc. funding goal of $1 million on BnkToTheFuture.

The news have been shared by the press: Bitcoin Magazine - July 16, 2015 Factom Team Launches Release Candidate One, Calls for Test Participation Bitcoinist.net - July 16, 2015 Factom Experiences Groundbreaking Fundraising Round, Releases Beta Finance Magnates - July 16, 2015 Factom Hits $1 Million Crowdfunding Goal on BnkToTheFuture Last but not least our President Peter Kirby appeared on the Keiser Report: Keiser Report - July 16, 2015 America's Shrinking Stock Market (E784)

[richwang01]

Factom Inc. crowdsale is already over-funded, why don't you guys stop it, it's a little bit greedy.

[djohnston]

The Factom Inc. BnkToTheFuture syndication of shares with investors finishes tomorrow.

https://bnktothefuture.com/pitches/2087/_factom-inc-bringing-the-blockchain-to-business.html

We thought it best to let it run the full 30 days.

[jaft16]

another crowd sale and we still waiting on factoids. bullshit.
 
maybe get one project done then move on to the next one?
just maybe

[FACTOM]

another crowd sale and we still waiting on factoids. bullshit.
 
maybe get one project done then move on to the next one?
just maybe

Factoids are coming soon. We have been releasing regular updates on progress and will continue to do so.
The software is undergoing testing and we want to make sure it's stable enough before releasing.
See above for the latest updates and also check our GitHub if you want to get involved with testing.

The founding round is for Factom Inc. which is separate from the Factom Foundation.
Factom Inc. has been setup to help businesses who want to integrate our tech and expand user base.
It will be essential to drive demand for Factoids at the same time as more and more companies use Factom.

Also the funding round is not taking time away from our development efforts.

We appreciate the feedback, rest assured our developers and community testers are hard at work to deliver as soon as feasibly possible.