[ANN] FACTOM - Introducing Honesty to Record-Keeping

[tempus]

(...)

But as a potential factoid investor, I want to know how much demand they can expect to create for this blockchain. The 'break even' figure which we all arrived at was 200 million entries per month if memory serves, and that would support the current price (which at that time was 0.005 I think) at 78k rate of inflation. Now I know that big data is going to be......for want of a better word.....big. But can factom drive up the demand to those kinds of levels. This is the big question. Its good that we have the google docs spreadsheet as a document we can all refer to (nice n transparent) but I'd really like to hear of more companies with a need to factomise all their data, and to start seeing figures regarding how many factoids we can expect a company to buy. Demand drives price.

(...)

The above is the key-question when it's about buying FCT or not. But it's too early to know much about it and Factom can't speak about negotiations (NDA's).

But, what we know is:

1) They give their best to build a base for success, to develop a platform that will be used
2) Since there already are partnerships even before M2 is released - we can come to the conclusions: Those companies obviously have reason to be convinced.
3) Even with the M2-delay, I believe nearly nobody really has doubts that they will deliver.
4) (Institutional) Investors obviously believe in Factom as well.

When it comes to the question how much Factom will be used in future, we can't expect predictions yet, but until now I still see all signs on green.

[tempus]

And here is the official Blog-Post from Factom:


Austin, Texas – October 5, 2016 – Factom, Inc., the blockchain technology company that secures data via decentralization, announces that it has raised a Series A round of equity funding led by Tim Draper of Draper Associates.

“We are delighted to have venture capitalists of such calibre help us build Factom,” Peter Kirby, CEO and Co-founder of Factom, Inc. "This round of funding allows us to aggressively grow the company and the underlying technology. We started Factom to build a more honest and transparent world using a pretty simple approach: create software that makes it impossible to change the past and point that software at places where it solves valuable business problems. This funding accelerates our progress down that road."

Tim Draper stated, “Securing data is mission critical for governments, banks, car companies, credit card companies, retailers and any company concerned with hacking. Centralized data is prone to critical failure by any individual mistake, whether by user error or malicious hacking. By decentralizing data through the blockchain, Factom avoids critical failures due to user error or hacker. Factom lets people sleep easy knowing that their bank account won’t be broken into, their car won’t errantly go off the road, and their identity won’t be stolen.”

Factom Apollo and Factom Iris premium products are built on Factom’s open source core software and represent an innovative, lightweight, and scalable approach using the blockchain to secure records and identity. This is more secure than any other solution on the market. The Series A round of financing enables Factom to further develop its core technology and suite of products.

"Consensus is extremely challenging,” said Paul Snow, Chief Architect and Co-founder of Factom, Inc. “Blockchains first pushed the boundaries of computer science with the simple yet revolutionary ability to trade digital value openly. Now we are pushing the limits of computer science in a second revolution. The Factom protocol allows for the open coordination of processes against immutable ledgers of data. It will have the same kind of impact on data and systems as the first revolution had on value."

About Factom, Inc.

Factom, Inc., is an Austin based blockchain technology company that’s on a mission to make the world’s systems honest. People and institutions today can solve hard problems and change the world for the better when they have a reliable framework to build upon. Honest systems free up dead capital, which allows companies to grow and helps people to lift themselves out of poverty.

About Draper Associates

Draper Associates, founded in 1985, is a seed-stage venture capital firm that encourages entrepreneurs to drive their businesses to greatness, to transform industries with new technologies, and to build platforms for extraordinary growth, jobs, and wealth creation.

Factom is a trademark of Factom, Inc. All other company and product names may be trademarks of the respective companies with which they are associated.
https://factom.com/blog/blockchain-startup-factom-inc-raises-series-a-funding

[Mimir]

that would support the current price (which at that time was 0.005 I think) at 78k rate of inflation

Inflation only starts after M3 is complete. It will be quite a long time before any new factoids are created.
Until then all TX fees and Entry Credits will keep on burning.

Factom is one of the few deflationary coins out there currently.
ETH supply will double within a few years, which doesn't seem to bother many people.

[schnib]

will there be any light wallet or easy to use wallet solution for factoid with M2 ?

[tempus]

will there be any light wallet or easy to use wallet solution for factoid with M2 ?

Yes. Factom will improve the GUI, but maybe even more interesting is:

https://www.exodus.io will implement Factoids right after M2.

[AlanX]

that would support the current price (which at that time was 0.005 I think) at 78k rate of inflation

Inflation only starts after M3 is complete. It will be quite a long time before any new factoids are created.
Until then all TX fees and Entry Credits will keep on burning.

Factom is one of the few deflationary coins out there currently.
ETH supply will double within a few years, which doesn't seem to bother many people.

The ~73K per month inflation rate was calculated as being about 10% of the initial supply of Factoids per year.  Assuming no use of the protocol at all (I think a rather conservative, worse case inflation bound assumption) the supply of Factoids will take 10 years to double.  On the other hand, if the use of the protocol takes off, we may never see any inflation.

The design of the protocol was driven around how we could have a near automatic management of deflation and inflation to manage the total supply of tokens so as to stabilize the token price.  If the token price was high relative to the use of the protocol, then the supply would grow. If the token price was low relative to the use of the protocol, the supply would shrink.  In either case, the use of the protocol remains stable.

I think this is rather unique in the crypto space.

Paul

[proletariat]

https://twitter.com/HamdanMohammed

Prince of Dubai

last three tweets sounds like a use case for Factom...

[haggis]

Anyone knows what the customnet is on github? M2 has just been merged into customnet on github

Yes, looks like the Genesis Block has been added to the code 

Are you sure? I can't figure out if it is anything of importance.

This one: https://github.com/FactomProject/factomd/commit/8926f2ed003392bd62e7fa9b6402d650c32e5c54

[JanDzban]

will there be any light wallet or easy to use wallet solution for factoid with M2 ?

Yes. Factom will improve the GUI, but maybe even more interesting is:

https://www.exodus.io will implement Factoids right after M2.

Great. I dont want keep tokens on exchange anymore and im too stupid to use present FCT wallet. Who made it, gosh!

[tempus]

will there be any light wallet or easy to use wallet solution for factoid with M2 ?

Yes. Factom will improve the GUI, but maybe even more interesting is:

https://www.exodus.io will implement Factoids right after M2.

Great. I dont want keep tokens on exchange anymore and im too stupid to use present FCT wallet. Who made it, gosh!

It's not that hard, but of course the GUI can seem complicated on first sight. But usually you can find all answers here:
https://www.factom.com/devs/docs/howto/factoid-wallet-gui-guide

What you already can do and it's easy: Paperwallet
https://www.factom.com/devs/docs/howto/use-factoidpapermill

What I do is: I have a little offline Laptop I generate keys on. And I only use the GUI if I want to transact. And that works pretty well for me.


But, soon it all will be easier!

[schnib]

the point is with the current GUI and fatcomd solution so many guys including me keep getting errors or shutdown or stopped syncing etc.
but thx tempus for your patience with all of us

[flashbit]

http://observer.com/2016/10/benben-factom-bitfury-ghana-georgia-honduras/

[JanDzban]

will there be any light wallet or easy to use wallet solution for factoid with M2 ?

Yes. Factom will improve the GUI, but maybe even more interesting is:

https://www.exodus.io will implement Factoids right after M2.

Great. I dont want keep tokens on exchange anymore and im too stupid to use present FCT wallet. Who made it, gosh!

It's not that hard, but of course the GUI can seem complicated on first sight. But usually you can find all answers here:
https://www.factom.com/devs/docs/howto/factoid-wallet-gui-guide

What you already can do and it's easy: Paperwallet
https://www.factom.com/devs/docs/howto/use-factoidpapermill

What I do is: I have a little offline Laptop I generate keys on. And I only use the GUI if I want to transact. And that works pretty well for me.


But, soon it all will be easier!

Yea i tried to use this wallet with this nice turtorial about month ago, i sent some small amount of tokens to it, but after restart i got errors or shutdown like @schnib said and after 2 days playing with this GUI i deicidet to keep tokens on exchange. But ill try Paperwallet for now, thank you for advice

[Shiroslullaby]

The more I read about Factom, the more I believe it is  good long term investment.
I'm going to buy a few coins, put them away and check the price in a year or two from now.
If this company is able to successfully partner with some governments or big companies, the price of the coin could really make a nice profit.

[astmandu]

Anyone knows what the customnet is on github? M2 has just been merged into customnet on github

Yes, looks like the Genesis Block has been added to the code 

Are you sure? I can't figure out if it is anything of importance.

This one: https://github.com/FactomProject/factomd/commit/8926f2ed003392bd62e7fa9b6402d650c32e5c54

Brian Deery posted this on reddit earlier this morning in response to a question asking what customnet is about:

Up until now we have been testing with the genesis block created from the koinify software sale. For the m2 testnet it did not make sense to continue using that. Instead we will have a different genesis block for the testnet. https://github.com/FactomProject/factomd/commits/testgenesis

you are seeing the customnet feature branch. This creates a feature where personal testnets use their own blockchain, and also have different network IDs. This stops different personal test networks from talking with each other, unless specifically intended.

https://www.reddit.com/r/factom/comments/55wazf/ideas_test_m2/

haggis, I might as well be reading Chinese when I go to the github pages.  Do you have any idea as to what it all means?  Deery is saying they will have a different genesis block for the testnet but the address he provides has commits dating back pretty far.  When will we know testnet has is live?

[AlanX]

Anyone knows what the customnet is on github? M2 has just been merged into customnet on github

Yes, looks like the Genesis Block has been added to the code 

Are you sure? I can't figure out if it is anything of importance.

This one: https://github.com/FactomProject/factomd/commit/8926f2ed003392bd62e7fa9b6402d650c32e5c54

Brian Deery posted this on reddit earlier this morning in response to a question asking what customnet is about:

Up until now we have been testing with the genesis block created from the koinify software sale. For the m2 testnet it did not make sense to continue using that. Instead we will have a different genesis block for the testnet. https://github.com/FactomProject/factomd/commits/testgenesis

you are seeing the customnet feature branch. This creates a feature where personal testnets use their own blockchain, and also have different network IDs. This stops different personal test networks from talking with each other, unless specifically intended.

https://www.reddit.com/r/factom/comments/55wazf/ideas_test_m2/

haggis, I might as well be reading Chinese when I go to the github pages.  Do you have any idea as to what it all means?  Deery is saying they will have a different genesis block for the testnet but the address he provides has commits dating back pretty far.  When will we know testnet has is live?

When the public testnet goes live, we will announce it.

[astmandu]

Anyone knows what the customnet is on github? M2 has just been merged into customnet on github

Yes, looks like the Genesis Block has been added to the code 

Are you sure? I can't figure out if it is anything of importance.

This one: https://github.com/FactomProject/factomd/commit/8926f2ed003392bd62e7fa9b6402d650c32e5c54

Brian Deery posted this on reddit earlier this morning in response to a question asking what customnet is about:

Up until now we have been testing with the genesis block created from the koinify software sale. For the m2 testnet it did not make sense to continue using that. Instead we will have a different genesis block for the testnet. https://github.com/FactomProject/factomd/commits/testgenesis

you are seeing the customnet feature branch. This creates a feature where personal testnets use their own blockchain, and also have different network IDs. This stops different personal test networks from talking with each other, unless specifically intended.

https://www.reddit.com/r/factom/comments/55wazf/ideas_test_m2/

haggis, I might as well be reading Chinese when I go to the github pages.  Do you have any idea as to what it all means?  Deery is saying they will have a different genesis block for the testnet but the address he provides has commits dating back pretty far.  When will we know testnet has is live?

When the public testnet goes live, we will announce it.

Thanks, now I don't need to learn Chinese!

[crazyivan]

Why do I have a feeling something or someone s intentionally keeping Factoid price low and under controls? For example, look at Monero, 1 media event and the price propels 10x up. With Factom, it s a constant stream of great events, a great team behind the entire project, an actual company, large VCs, state support, huge market potential, constant presence on most important crypto conferences, important milestone just to be reached and decreasing number of tokens. Yet, as soon as the price goes up a bit, there s a series of dumping to keep in controlled.

I ve seen some other evidence which support this claim which I do not want to reveal yet until I have a solid proof. However, most of you will agree, Factom should be doing much, much better price wise and I m not talking about one time pump. I m talking about the actual value of Factoids which give access to the technology.

[astmandu]

Why do I have a feeling something or someone s intentionally keeping Factoid price low and under controls? For example, look at Monero, 1 media event and the price propels 10x up. With Factom, it s a constant stream of great events, a great team behind the entire project, an actual company, large VCs, state support, huge market potential, constant presence on most important crypto conferences, important milestone just to be reached and decreasing number of tokens. Yet, as soon as the price goes up a bit, there s a series of dumping to keep in controlled.

I ve seen some other evidence which support this claim which I do not want to reveal yet until I have a solid proof. However, most of you will agree, Factom should be doing much, much better price wise.

That's an interest perspective.  Since I've taken a position, mostly based on the fundamentals you mentioned, I've been paying attention to the price action and would agree it seems unique compared to some other cryptos.  If you have read Reminiscences of a Stock Operator which follows the life story of Jesse Livermore, you learn of the turn-of-the-century bucket shops and pure manipulation taking place in the market 100 years ago.  Crypto is now what the stock market was then.  A guy like Livermore would completely dominate crypto, a true whale.  Someone with resources could plan quite an operation over time with FCT. 

When I first got into crypto I bought DOGE on Cryptsy.  I saw firsthand, and profited along the way, how Wolong played that entire market.  Then he was gone.  It was a masterpiece.  I'm not comparing that to here, but just recognizing that a person with resources could take the market either way at his pleasure and slaughter us sheep.  The lucky won't know until it's over, the rest of us will die in the slaughter.

[Hoplita10]

Why do I have a feeling something or someone s intentionally keeping Factoid price low and under controls? For example, look at Monero, 1 media event and the price propels 10x up. With Factom, it s a constant stream of great events, a great team behind the entire project, an actual company, large VCs, state support, huge market potential, constant presence on most important crypto conferences, important milestone just to be reached and decreasing number of tokens. Yet, as soon as the price goes up a bit, there s a series of dumping to keep in controlled.

I ve seen some other evidence which support this claim which I do not want to reveal yet until I have a solid proof. However, most of you will agree, Factom should be doing much, much better price wise and I m not talking about one time pump. I m talking about the actual value of Factoids which give access to the technology.

lol look at btc, it soo will get pump and all alts go down. This is the reason.