[ANN] FACTOM - Introducing Honesty to Record-Keeping

[tempus]

please factom should be more accessible, for example, where to download your wallet? , Buy credit entry, and how to use it? etc .. all this must be in its official website

It is all on their official website:

https://www.factom.com/howto/

[capone1340]

thnks 

[capone1340]

 you need this link on you website          http://factom.org/downloads/   

[crazyivan]

Temporary seed file added... https://github.com/FactomProject/factomproject.github.io/commit/c3ef941ea8034fd0ae0a066a596370f123330a66

Pretty exciting. And Factom is looking better by the minute. I'm expecting a rebound to 0.0023 today then on to 0.003 this weekend. Looks like some daytraders sold because of the rise in Bitcoin, they will be back once there is no action in Bitcoin.

Action in BTC will probably continue, at least till June 9th, when we can expect halving. However, M2 progress is what Factom holders should expect, that would differentiate FCT from bunch of similar coins.

Action maybe. I don't think it gets much better than this in Bitcoin.. not worried about FCT/BTC market during halving, I think we've seen the biggest market surges in Bitcoin already. Besides my own calculations I have a little tinfoil and maybe even fud theory that big miners are offloading Bitcoin now that they've kept in their coffers for a while which should even out the enthusiasm over incoming halving. I'm however bull long-term over the halvings effects on markets. But we actually have to get past the halving event and give it some time before that is to be seen.

Check few posts up. There is some exciting movements on Github. Got any thoughts on what that could be Ivan? The optimist in me says they are getting ready to roll out M2.

There s no doubt M2 will be ready soon. However, I do not think they ll publish it before halving cause now BTC is under spotlights and they do not want it to to steal their light.
BTC will probably keep rising in the next 2 weeks, due to halving. If this happens, FCT will continue going down and we ll see another dump. After the halving, we might see reverse of the trend.

There re no fundamentals behind my thinking, this is just common logic. However, I ve been wrong before so do your own math. For now, it seems FCT seems to be following my line of thought, down 15% compared to yesterday and BTC went up about the same %.

[Blazin8888]

https://youtu.be/zUtnwcv-quE 

[BrianDeery]

I submitted a transaction via factom-cli almost an hour ago and it still hasn't been reflected in the factom.org block explorer or with 'factom-cli balances'.  How can I troubleshoot this?

I assume you are trying to move factoids, not make entries.  It should take a maximum of 10 minutes.  which program are you using to build the transaction walletapp or fctwallet?

[Blazin8888]

Would be cool if the Factom elections came about around the same time as the USA elections! Exciting times...

[BNO]

Hi Tempus,

no i would be interested in an explanation how EC's are created out of factoms. With detail i did not mean super technical step by step like: "go to the Cli comand type in"... but more in procedural sense...

Not sure if I understand you correctly, but maybe this helps:

https://www.factom.com/howto/convert-factoids-to-entry-credits/
...........

Thanks for you trying to help but your did misunderstand me. This link i already read and its not what i am looking for

In Core my question is this: If i buy Entry credits for 10 factoms how is then the decision made how many EC's i do get Is it a "fixed rate" like for 10 Factoms you always get 10000 credits or how is the mechanism to determine how many EC's one factom is worth?

[Blazin8888]

Hi Tempus,

no i would be interested in an explanation how EC's are created out of factoms. With detail i did not mean super technical step by step like: "go to the Cli comand type in"... but more in procedural sense...

Not sure if I understand you correctly, but maybe this helps:

https://www.factom.com/howto/convert-factoids-to-entry-credits/
...........

Thanks for you trying to help but your did misunderstand me. This link i already read and its not what i am looking for

In Core my question is this: If i buy Entry credits for 10 factoms how is then the decision made how many EC's i do get Is it a "fixed rate" like for 10 Factoms you always get 10000 credits or how is the mechanism to determine how many EC's one factom is worth?

read the whitepaper.

[marechoux]

Hi Tempus,

no i would be interested in an explanation how EC's are created out of factoms. With detail i did not mean super technical step by step like: "go to the Cli comand type in"... but more in procedural sense...

Not sure if I understand you correctly, but maybe this helps:

https://www.factom.com/howto/convert-factoids-to-entry-credits/
...........

Thanks for you trying to help but your did misunderstand me. This link i already read and its not what i am looking for

In Core my question is this: If i buy Entry credits for 10 factoms how is then the decision made how many EC's i do get Is it a "fixed rate" like for 10 Factoms you always get 10000 credits or how is the mechanism to determine how many EC's one factom is worth?

read the whitepaper.

Hope it can help you

https://www.reddit.com/r/factom/comments/3p190a/the_economics_behind_the_factoid_to_entry_credit/

[flashbit]

COINSILIUM GROUP LIMITED
(“Coinsilium” or the “Group")
Company update
https://www.trustnet.com/Investments/Article.aspx?id=20160701123315P4903

Coinsilium Portfolio Panel-  Peter Kirby on the panel
https://m.youtube.com/watch?feature=youtu.be&v=vImNdQNwQfk

Peter Kirby of Factom speaks to Coinsilium
https://youtu.be/r-bmsfT8kjQ

[tempus]

Hi Tempus,

no i would be interested in an explanation how EC's are created out of factoms. With detail i did not mean super technical step by step like: "go to the Cli comand type in"... but more in procedural sense...

Not sure if I understand you correctly, but maybe this helps:

https://www.factom.com/howto/convert-factoids-to-entry-credits/
...........

Thanks for you trying to help but your did misunderstand me. This link i already read and its not what i am looking for

In Core my question is this: If i buy Entry credits for 10 factoms how is then the decision made how many EC's i do get Is it a "fixed rate" like for 10 Factoms you always get 10000 credits or how is the mechanism to determine how many EC's one factom is worth?

Ah, ok. Now I understand.

Entry Credits have a fixed price: $0.001

The value of Factoids is variable and fluctuates, so it's always also about the current FCT-price.

At this moment:

10 FCT = 10 * 0.002114 (price now) * 678 (BTC-price now) = $14.33

14.33 / 0.001 (EC-price) = 14,330 EC's (would you get for 10 FCT at this moment)


But for most customers (companies) most likely the best/usual way wouldn't be to buy FCT to buy EC's, but to buy Entry Credits directly with Dollar in an Entry Credit Store (of Factom for example). The Company/Customer knows how many EC's they want, they order it and the system  sends an amount of Factoids to their EC-Address that is proportional to the EC-supply they want.

Maybe that sounds a little bit complicated, but the thing is: It's not complicated for a potential customer who doesn't even need to know about the FCT--> EC - conversion. For them it's just an order and they don't need to use any kind of Cryptocurrency.


*******************

It's possible that this design could change, because there are (or were - not sure) also scenarios that would be similar to "gold-fixing". The federated server would set a price for Entry Credits. Their incentive would be the focus on the value of Factoids which would increase if most-possible Factoids are converted. And that's a very interesting concept because: If they would set the price to high, the use of the system would decrease and less Factoids would be "burned". If they set it too low, the use of the system would increase while the burning rate also wouldn't be perfect (as high as possible).

And their incentive to find the best potential price would be high, because they are paid with Factoids. That's why I believe it's kind of a great idea. But: I'm not sure if a company that exactly knows how many EC's they need per month would like to handle with changing prices. And: For different customers it would basically make sense to have different prices. If I just want to use Factom for 10 photos and 10 documents per year even $0.1 wouldn't be much = $2. If Dropbox would want to record all uploads into Factom even $ 0.001 would be a lot = Millions of Dollar per month.

With that said: I don't know what exactly is Factoms plan for the future and if the price will stay at the fixed rate or if they realize the "EC-price-fixing" and if yes, how. But I'm sure that there is a potential solution which would be most perfect. It's just important in my opinion that it also will be about high demand and low demand of a potential customer.

[Azael]

COINSILIUM GROUP LIMITED
(“Coinsilium” or the “Group")
Company update
https://www.trustnet.com/Investments/Article.aspx?id=20160701123315P4903

Coinsilium Portfolio Panel-  Peter Kirby on the panel
https://m.youtube.com/watch?feature=youtu.be&v=vImNdQNwQfk

Peter Kirby of Factom speaks to Coinsilium
https://youtu.be/r-bmsfT8kjQ

Nice talk!

[Blazin8888]

COINSILIUM GROUP LIMITED
(“Coinsilium” or the “Group")
Company update
https://www.trustnet.com/Investments/Article.aspx?id=20160701123315P4903

Coinsilium Portfolio Panel-  Peter Kirby on the panel
https://m.youtube.com/watch?feature=youtu.be&v=vImNdQNwQfk

Peter Kirby of Factom speaks to Coinsilium
https://youtu.be/r-bmsfT8kjQ

Nice talk!

https://youtu.be/vImNdQNwQfk  

From 23 min on is key. Factom is gonna kill it. Wow...

[Azael]

COINSILIUM GROUP LIMITED
(“Coinsilium” or the “Group")
Company update
https://www.trustnet.com/Investments/Article.aspx?id=20160701123315P4903

Coinsilium Portfolio Panel-  Peter Kirby on the panel
https://m.youtube.com/watch?feature=youtu.be&v=vImNdQNwQfk

Peter Kirby of Factom speaks to Coinsilium
https://youtu.be/r-bmsfT8kjQ

Nice talk!

https://youtu.be/vImNdQNwQfk  

From 23 min on is key. Factom is gonna kill it. Wow...

Peter on point.. jesus. Guy has pitched before. Nice to see the entire founding team of Factom are born entrepreneurs!

[Blazin8888]

https://www.youtube.com/watch?v=saZlYvBw1xg  - Great interview with Paul Snow


https://youtu.be/WmXKuSl3h8w  ( Factom mentioned at 7:20  )

[Nxtblg]

I assume you are trying to move factoids, not make entries.  It should take a maximum of 10 minutes.  which program are you using to build the transaction walletapp or fctwallet?

Nice to see you back. If you have time, could you drop a link to a page that explains what hashing the Factom system uses once an Entry Credit is used? Is it SHA-256 or something else? Thanks.

[Blazin8888]

I assume you are trying to move factoids, not make entries.  It should take a maximum of 10 minutes.  which program are you using to build the transaction walletapp or fctwallet?

Nice to see you back. If you have time, could you drop a link to a page that explains what hashing the Factom system uses once an Entry Credit is used? Is it SHA-256 or something else? Thanks.

https://github.com/FactomProject/FactomDocs/raw/master/Factom_Whitepaper.pdf

[flashbit]

Toyo Keizai Co., Ltd. (Headquarters: Chuo-ku, Tokyo, President and CEO Yuichiro Yamagata) in, was the creation of new business and the purpose of the development of Japan's block chain industry, Japan's largest block chain event "Smart Contract Conference the "will be held on July 26 at Tokyo Toranomon Hills forum (Tuesday).
Ethereum Co-Founder Joseph Rubin started, Mr. slock.it CTO Christophe Ienchi, Mr. Ujo music Director Jesse Gurushaku, Factom Chairman of the Board David Johnston block chain experts Everyone overseas. The essence for the Ministry of Economy, Trade and Industry-like block chain industrial revolution, which is said to market 67 trillion yen, with talk of experts like, it is proposed that if possible the discussion.
◆ financial industry, domestic and international block chain use case in the non-financial industry market impact
◆ block chain technology brings the creation of new business opportunities
◆ smart contract overseas latest case studies of
◆ smart contract
◆ business exchanges, innovation create opportunities
block chain technology (domestic financial institutions, money transfer system, ID authentication) smart contract of possibility (IoT, corporate governance, copyright, automatic authentication) P2P energy market of asset digitization future of the block chain industry × startup, such as «Outline» ○ Dates 2016 July 26 (Tuesday) 10:00 - 20:00 (9:30 start accepting) ○ Venue Toranomon Hills forum main hall ○ entry fee early application of 20,000 yen (including tax ) / general application of 30,000 yen (including tax) ○ versus management of elephant financial institutions and non-financial institutions, new business person in charge, smart contract, such as customers who are interested in block chain ○ co-sponsored by Toyo Keizai Inc., a smart contract Japan details
http://Toyokeizai.Net/sp/scc2016/

[MyFarm]

Last 2 commits on github have been removal of debug