[ANN] FACTOM - Introducing Honesty to Record-Keeping

[hard call]

Hi guys, noob here with a noob question: Why are crypto coins needed -- specifically why does Factom need FCT and Entry Credits? Why can’t external currency (fiat, BTC, etc?) payments for EC just get distributed to the federated servers?  This would prevent spam, and would incentivize them to do the work of maintaining the system. Am I missing something?

[AlanX]

Hi guys, noob here with a noob question: Why are crypto coins needed -- specifically why does Factom need FCT and Entry Credits? Why can’t external currency (fiat, BTC, etc?) payments for EC just get distributed to the federated servers?  This would prevent spam, and would incentivize them to do the work of maintaining the system. Am I missing something?

If you pay a server, then that server gets paid, yet obligates the other servers to expend resources.  Or if one entity collects the fees, the protocol must trust that entity to pay out fairly.  One wallet isn't decentralized. And as servers come and go, money has to be shuffled around to maintain multi SIG's.  So one party with a wallet makes sense.  But now you have a centralized protocol.

If you sit down and attempt to design a truly decentralized protocol that pays incentives to the servers that run the protocol, the complexity of escrows and bonds and multisignatures required to use am external token is unmanageable.

This problem is hard enough without all this.

[lolikop]

When m2 is released i expect lots of news of new companies joining fct

we could see a new eth bull run, but most likley bigger eth went up 1000% in 2-3 months fct with not that much supply could see 2/3000%

Big times coming soon hold ur horses dont sell too early

Please stop this type of worthless speculation comments that are out of the reality in most cases. Not against you nut I have against this type of comments which lure people into getting into FCT and be disappointed soon after.

1. my comments are only for peeps who are already in fct i dont lure people buying fct...

2. my speculation are not worthless, a millionaire already said factom could be bigger then ibm and another big company together (i dont remember the exact company sorry too much weed in my system)

3. if bill gates believes in factom who are you to listen to...  

now buy or sell and let us speculate

thank you

[zoose]

When m2 is released i expect lots of news of new companies joining fct

we could see a new eth bull run, but most likley bigger eth went up 1000% in 2-3 months fct with not that much supply could see 2/3000%

Big times coming soon hold ur horses dont sell too early

Please stop this type of worthless speculation comments that are out of the reality in most cases. Not against you nut I have against this type of comments which lure people into getting into FCT and be disappointed soon after.

If it's just hype it should be ignored and taken with a grain of salt. People shouldn't get involved based off of one comment here.

[crazyivan]

Isn't everything in crypto based on hype? Actually Factom might be the first project in crypto which actually DOES something.

All other do nothing, it s pure speculation. Besides BTC, which is definitely store of value and a medium of exchange, performing some functions of money.

[Mrfrismint]

Isn't everything in crypto based on hype? Actually Factom might be the first project in crypto which actually DOES something.

All other do nothing, it s pure speculation. Besides BTC, which is definitely store of value and a medium of exchange, performing some functions of money.

I think Blockchain technology is is a serious technology, but crypto isn't. Yes, you can make money with the right amount of luck and some knowledge. But as long as the most important crypto exchange in the world has a trollbox with weirdo's floating around all day, nobody is going to take it very serious. The fact that crypto is a small market makes it possible for some to make money. For the rest it's just one big playground imho. By the way, this is not a judgement about Factom's business, but about the world of crypto in general. 

[cryptonit]

i hope FACTOM is there too then people can compare the teams direct
the advantage that FACTOM have now in business contracts might reduce a lot if
NEM based Apostille as competition product is moving into spotlight

i still think the blockchainbased future have more than enough room for both projects to be successful

I’m happy to announce that NEM Marketing in partnership with Mijin is taking a big leap and becoming a sponsor of the Inside Fintech 2016 is Seoul! This is a major yearly conference with all the big players in Korea in attendance.

We will have a have a larger than average booth. We will also have our name and logo on stage, and a full-page add in the information pamphlet handed out to people as they come in.

Additionally, Rene will be giving a 45-minute talk on Apostille and a demonstration of it.

While everyone is “talking” about how the blockchain can do interesting things, we will be demonstrating it.

In the days ahead, we are working to get NanoWallet updated with additional Apostille functions and a new look.

We look forward to updating you with more information as it becomes available.

[YoyodyneSystems]

In regards to price:

I have no doubts Factom will see it's day for a massive rise (as many have said).
The only thing that stands in the way is if BTC needs to rise sooner rather than later.
The FCT market mover will not make his big move with BTC hanging over him.

If this is the breakout for BTC to over 1000 then it might be at least 6-8 weeks or more for FCT to have those types of gains that XMR saw in August.
It doesn't matter if BTC goes up to it's next step now... or in 2-3 months. FCT will still have it's rise.

Just a question of "to hold or not to hold" through this price phase.
What if BTC is about to cool for weeks? What if the opposite? To be left out... or just hold through it all.
I was surprised to see the CNY price for BTC in China break it's resistance and hit the 5400s.
But Bitstamp and Bitfinex are still under 780ish dollars which is their previous resistance.

It's just a personal choice on what you want to sit through.

[CocoLibre]

i hope FACTOM is there too then people can compare the teams direct
the advantage that FACTOM have now in business contracts might reduce a lot if
NEM based Apostille as competition product is moving into spotlight

i still think the blockchainbased future have more than enough room for both projects to be successful

I’m happy to announce that NEM Marketing in partnership with Mijin is taking a big leap and becoming a sponsor of the Inside Fintech 2016 is Seoul! This is a major yearly conference with all the big players in Korea in attendance.

We will have a have a larger than average booth. We will also have our name and logo on stage, and a full-page add in the information pamphlet handed out to people as they come in.

Additionally, Rene will be giving a 45-minute talk on Apostille and a demonstration of it.

While everyone is “talking” about how the blockchain can do interesting things, we will be demonstrating it.

In the days ahead, we are working to get NanoWallet updated with additional Apostille functions and a new look.

We look forward to updating you with more information as it becomes available.

This is not the XEM thread, take your DD to the correct thread and stop posting non Factom related information.

[Mrfrismint]

I don't think Factom fears a lot of competition from NEM. The team behind Factom is imo outstanding compared to NEM, as well as the investors behind Factom. That combination gives Factom a real advantage. Besides this I think in this world there is room for more than one player indeed. Just too bad Factom hasn't reacted yet to the news about the Gates Foundation working with them. I would expect Factom to respond to this as it would be odd if this topic was totally fake by Coinjournal. 2016 still has some good stuff to bring for Factom I think. It's all a matter of patience. Factom is a well established company now and sooner or later the value of the token will take off as the amount of clients will grow with the development of the technology.

[tempus]

(...) Just too bad Factom hasn't reacted yet to the news about the Gates Foundation working with them. I would expect Factom to respond to this as it would be odd if this topic was totally fake by Coinjournal. (...)

I doubt that it was a fake. Most likely they've published it too early. What I believe is that it will be published again. Question is more "when". But since the news already is in the world - there is not that much alternative.

[Mimir]

Tending to a garden well rewarding
grow many a plant
but the lil chilli's the strongest

So hardy and versatile
patiently wait til ripe for harvest
no greater joy

https://youtu.be/6_ndC07C2qw?t=3m28s

[Less338]

http://www.ibtimes.co.uk/factom-gets-bill-melinda-gates-foundation-grant-secure-medical-records-blockchain-1592227

Let's try it again...

[GrossBit]

the news about the Gates foundation seems to be confirmed. Its not bearish, so its bullish...

i haven't seen any figure though. If its 10,000 USD its not gonna change the outcome of the project, 100,000 USD either,
but its good for sentiment and shows they can have good communication with people who matters, which is a very important thing in business.

[tempus]

(...) Just too bad Factom hasn't reacted yet to the news about the Gates Foundation working with them. I would expect Factom to respond to this as it would be odd if this topic was totally fake by Coinjournal. (...)

I doubt that it was a fake. Most likely they've published it too early. What I believe is that it will be published again. Question is more "when". But since the news already is in the world - there is not that much alternative.

http://www.ibtimes.co.uk/factom-gets-bill-melinda-gates-foundation-grant-secure-medical-records-blockchain-1592227

Let's try it again...

Ok, that was earlier than expected!

[dranster]

Haha...... Poor Factom bagholders getting rekt

Remember all the paid Factom shill hypers doing some crappy math calculations when it was at 0.004 and saying each coin  should be worth xx bucks....lmao

While whales got out at over 0.005, rekt bagholders are trapped and looking to cut losses and break even.

Good luck Faktom bagholders......haha

[tempus]

Haha...... Poor Factom bagholders getting rekt

Remember all the paid Factom shill hypers doing some crappy math calculations when it was at 0.004 and saying each coin  should be worth xx bucks....lmao

While whales got out at over 0.005, rekt bagholders are trapped and looking to cut losses and break even.

Good luck Faktom bagholders......haha

...says a Geocoin-bagholder.

Volume: 1.6 BTC
Chart: Ugly
Marketcap: no clue... seems to be not even on Coinmarketcaps

;-)


Edit: Found it on Coinmarketcap. #165... but Factom-Investors are bagholders. You are a funny guy!

[CocoLibre]

the news about the Gates foundation seems to be confirmed. Its not bearish, so its bullish...

i haven't seen any figure though. If its 10,000 USD its not gonna change the outcome of the project, 100,000 USD either,
but its good for sentiment and shows they can have good communication with people who matters, which is a very important thing in business.

Factom has been backed by 2 billionaires now, this has never happened in the history of crypto. Very rare to be witnessing such a shift in the market, a few years ago the biggest thing in crypto was garbage meme coins like DOGE, now we are seeing serious investors starting to back real projects that could disrupt legacy systems worldwide.

[Shiroslullaby]

Hope the Gates Foundation news is true.
Would be nice if we can get more information and additional confirmations on this.

[tempus]

Hope the Gates Foundation news is true.
Would be nice if we can get more information and additional confirmations on this.

No doubt that it's true. IBtimes is legit and the author Ian Allison pushed out a lot of news for Factom.