[ANN] FACTOM - Introducing Honesty to Record-Keeping

[D-Lux]

Lol once again getting dumped...this is hilarious

look at what AMP has been doing recently and you will see what a real dump and capitulation is

Thats only the beginning, AMP will fall even lower.

I agree, but Amp is nothing like FCT at all, they had funding rounds, and they still own how much % of the coins ?
Maidsafe is a much safer bet in that section. Although i believe the world might be to lazy to switch internet

I agree. Not sure if the Synereo comparison was serious or not, but I can hardly imagine a crypto project more different from Factom at the moment. Despite the price, Factom has had its recent successes (Draper, Gates, SMARTRAC, etc) whereas Synereo is currently in the middle of an extraordinary technical and management crisis.

Anyone interested in the current state of Synereo can check out their Slack or watch this conference call from yesterday: https://www.youtube.com/watch?v=FLrvV2YKbZg

It's a long video, but you can click pretty much anywhere to see that the CEO and CTO are basically in an all-out dogfight. And product-delivery has fallen flat. It's actually an interesting comparison with Factom, though only as a proof-case of the dissimilarities between the two projects.

Interestingly, Factom is mentioned in the video as a model for Synereo's attempt to reboot a healthy organization ... can't remember where but it was towards the end I believe.

[1715411494]

1715411494

[D-Lux]

A few questions I hope someone can answer.

The reason Factom works with a token (Factoid) is to prevent it from SPAM. With Factoids you can buy (EC) Entry Credits.

1. What is the price of an EC (as I heard this always stays the same, regardless of the Factoid price)?
2. Are the costs of 1 entry equal to 1 EC?
3. If the Factoids are meant for preventing SPAM, why are they tradable at all? i.o.w: Why not just buying EC's directly for a fixed price and that's it.

1. Price is $0.001

2. yes

3. Factoids are also meant as payment for those who run the federated server (about 73k FCT in total per month). That's why they are an important aspect for a decentralized system. And the value of Factoids will reflect the use of the system, because every time when Entry Credits are bought, Factoids are converted into EC's and "burned" and the total supply decreases.  

Just to add to this ... Yes an internal currency/FCT is required to 1) prevent spam and censorship, 2) pay the servers, and 3) as a necessary component for decentralization.

This last point is the most complicated and gets into the weeds pretty quickly, but basically if you use an external currency (BTC, fiat, etc), decentralization become essentially impossible.

[Pap0u]

Hopefully this BTC bull run wont gut Factom too hard. Factoms market cap has to recover one day. It is just way too damn low compared to the projects which are higher than it. One day logic and reason have to prevail. I feel in a super long term position, Factom is one of the safest choices in terms of present day to future potential value however it just sucks not knowing how low they will bring this. Two months ago 400k was an amazing buy but now for the same investment you could have a 30%+ bigger holding. No matter what price you buy in, in the long term it will be worth it. I understand how bad it sucks though in the short term.

[Pap0u]

You know what really amazes me? Factom could get pumped right now about a 40x and trade there for a solid while with great volume and be totally justified too. That means big holders or any holders really can cash out slowly at 40x the current price from here easy. If you look at Factom at just the company level, they have had an amazing year as a start up and all signs are pointing to an amazing and promising future. Factom is honestly the only crypto project that can confidently say that. We have never had bad news or any bad event; the only negative thing is the market price and the forum FUD. Just look at all the projects above us. Why are we honestly still at this market cap? Nobody could give a logical and reasonable answer. It really is amazing we dont collectively set this floor 40x from here and sit back and enjoy. This is getting absurd and unnecessary now at our current market price. Can we stop letting people get a cheap entry into this?

[D-Lux]

Blockchain-based document authentication solution launches next week

Blockchain authentication company Factom Inc. will demonstrate an integrated physical document verification and authentication solution called dLoc next week.
The demonstration, in partnership with Internet of Things platform provider Smartrac N.V., will come at the trade show Trustech in Cannes Nov. 29 to Dec. 1.
http://siliconangle.com/blog/2016/11/22/smartrac-launches-document-authentication-solution-using-factoms-blockchain/

Anyone have any info on how the trade show went?

[crazyivan]

We re almost 1 month after testnet s been lunched and Factom did say it was gonna be couple of weeks. What s with Factom and missing their deadlines? Double, triple, quadruple deadline? Is this how business word acts and operates today? Now someone s gonna say, "it s better to wait and have perfect product....." Well, in that case you can wait till next NY cause in business, there s always something to improve.

[Mrfrismint]

We re almost 1 month after testnet s been lunched and Factom did say it was gonna be couple of weeks. What s with Factom and missing their deadlines? Double, triple, quadruple deadline? Is this how business word acts and operates today? Now someone s gonna say, "it s better to wait and have perfect product....." Well, in that case you can wait till next NY cause in business, there s always something to improve.

BTC goes up, FCT (and all other alts go down a bit) = Crazyivan crying again. Who from the official FCT team made any promises in regards to launch date? Nobody... Why don't you just sell your coins and leave this forum? Better for your heart I think.

[crazyivan]

We re almost 1 month after testnet s been lunched and Factom did say it was gonna be couple of weeks. What s with Factom and missing their deadlines? Double, triple, quadruple deadline? Is this how business word acts and operates today? Now someone s gonna say, "it s better to wait and have perfect product....." Well, in that case you can wait till next NY cause in business, there s always something to improve.

BTC goes up, FCT (and all other alts go down a bit) = Crazyivan crying again. Who from the official FCT team made any promises in regards to launch date? Nobody... Why don't you just sell your coins and leave this forum? Better for your heart I think.

I do not feel browsing back but either Brian or Alan stated "couple of weeks" in one of their previous posts. So I suggest you read a bit before you start attacking crazyivan. Do I need to teach you about the "ignore" option you re free to use anytime somebody rattles your cage again.

[GrossBit]

"Making the world honest"
i laugh.

- BS deadlines...

- the Honduras project

- Caught lying about the Bnktothefuture crowdsale numbers...

whats the next lie ?

[Mrboot]

People are just emotional cause they are losing money now, but just be patient. Now isnt even the best time to launch m2.
The btc is in uptrend to 800$ and when the decline start a anouncement will be much better create much more buzz around m2 launch.

People what if the entry coins go x50 after launch can you imagine the daily burn rate. and a lower price only burn more and will eventually be noticed and rocks the price up again. Be patient let them work and do what they do best.

I agree on the fact some additional info now and then would be appreciated, and i really have no idea why they dont do that. Hiring someone isnt that expansive, but i'm saying that already for months and i dont see that changed anytime soon. And it doesnt change my view about factom.

Maybe anyone of the factom team can give an update about how the testing is going and if there are any problems, im trying to understand github better and better but its just not that easy if your not that comp. technical.

[Mrfrismint]

People are just emotional cause they are losing money now, but just be patient. Now isnt even the best time to launch m2.
The btc is in uptrend to 800$ and when the decline start a anouncement will be much better create much more buzz around m2 launch.

People what if the entry coins go x50 after launch can you imagine the daily burn rate. and a lower price only burn more and will eventually be noticed and rocks the price up again. Be patient let them work and do what they do best.

I agree on the fact some additional info now and then would be appreciated, and i really have no idea why they dont do that. Hiring someone isnt that expansive, but i'm saying that already for months and i dont see that changed anytime soon. And it doesnt change my view about factom.

Maybe anyone of the factom team can give an update about how the testing is going and if there are any problems, im trying to understand github better and better but its just not that easy if your not that comp. technical.

I agree with this. A bit more official communication about the progress would be appreciated. For the rest I think this year has been a very good year for Factom so far with some great grants and positive news.

[crazyivan]

People are just emotional cause they are losing money now, but just be patient. Now isnt even the best time to launch m2.
The btc is in uptrend to 800$ and when the decline start a anouncement will be much better create much more buzz around m2 launch.

People what if the entry coins go x50 after launch can you imagine the daily burn rate. and a lower price only burn more and will eventually be noticed and rocks the price up again. Be patient let them work and do what they do best.

I agree on the fact some additional info now and then would be appreciated, and i really have no idea why they dont do that. Hiring someone isnt that expansive, but i'm saying that already for months and i dont see that changed anytime soon. And it doesnt change my view about factom.

Maybe anyone of the factom team can give an update about how the testing is going and if there are any problems, im trying to understand github better and better but its just not that easy if your not that comp. technical.

I fully agree with this but there s one big issue there, we re not their target group and Factom does not really care about Factoid holders since we our only purpose in their eyes was to contribute to the ICO funding. From business perspective, this is how capitalism works. From a perspective of building positive marketing and a strong community, yes, they should keep us regularly informed.

We do not lose money unless we sell and even then I would not lose much cause I do not have much. Still, this BTC jump might go over 1k and get prolonged over the next few months. I m sure they cannot that long with M2 and time their products to match BTC price decline.

[Mrboot]

People are just emotional cause they are losing money now, but just be patient. Now isnt even the best time to launch m2.
The btc is in uptrend to 800$ and when the decline start a anouncement will be much better create much more buzz around m2 launch.

People what if the entry coins go x50 after launch can you imagine the daily burn rate. and a lower price only burn more and will eventually be noticed and rocks the price up again. Be patient let them work and do what they do best.

I agree on the fact some additional info now and then would be appreciated, and i really have no idea why they dont do that. Hiring someone isnt that expansive, but i'm saying that already for months and i dont see that changed anytime soon. And it doesnt change my view about factom.

Maybe anyone of the factom team can give an update about how the testing is going and if there are any problems, im trying to understand github better and better but its just not that easy if your not that comp. technical.

I fully agree with this but there s one big issue there, we re not their target group and Factom does not really care about Factoid holders since we our only purpose in their eyes was to contribute to the ICO funding. From business perspective, this is how capitalism works. From a perspective of building positive marketing and a strong community, yes, they should keep us regularly informed.

We do not lose money unless we sell and even then I would not lose much cause I do not have much. Still, this BTC jump might go over 1k and get prolonged over the next few months. I m sure they cannot that long with M2 and time their products to match BTC price decline.

Or your mindset is to much focussed on a pump compared to real usage, eventually the price will be determined not by a pump here and there but by usage like bill gates foundation to smartrac. And maybe they dont care about the value cause they know it can easly go to levels that are unreal.

I heared more then once in interviews/meeting that people ask them if they can make a trillion transactions a day on the network.
https://www.youtube.com/watch?v=OBnZoZtkoa8   (example listen between 3:10 to 3:40 and see the Unionpay and Mastercard)
If this happens there will be such a huge gain people will never talk about fct price anymore.

*edit not on a bad way anymore

[haggis]

Does anyone know how to start a local private network? I don't mean the testnet but a real private one for development purposes.

I remember Brian or Paul mentioned it somewhere as a sidenote, but I can't find it anymore...



edit: seems like the solution is somewhere buried within factomd/scripts folder

edit: I'm now using this command. However, I'm not sure if it makes totally sense At least the node visualizer starts counting blocks from 1 increasing every 10 seconds:

Code:

factomd -enablenet=false -node=0 -count=3 -network=LOCAL -blktime=10 -runtimeLog=true -netdebug=5 -customnet=123

Any improvement suggestions or comments on this?


edit: run the following command to import an address with 20k factoids (this works at least on the m2-rc1 branch):

Code:

factom-cli importaddress Fs1KWJrpLdfucvmYwN2nWrwepLn8ercpMbzXshd1g8zyhKXLVLWj

[D-Lux]

We re almost 1 month after testnet s been lunched and Factom did say it was gonna be couple of weeks. What s with Factom and missing their deadlines? Double, triple, quadruple deadline? Is this how business word acts and operates today? Now someone s gonna say, "it s better to wait and have perfect product....." Well, in that case you can wait till next NY cause in business, there s always something to improve.

BTC goes up, FCT (and all other alts go down a bit) = Crazyivan crying again. Who from the official FCT team made any promises in regards to launch date? Nobody... Why don't you just sell your coins and leave this forum? Better for your heart I think.

I do not feel browsing back but either Brian or Alan stated "couple of weeks" in one of their previous posts.

This isn't true.

Paul Snow said 11/7 wrt M2 release: "At least a few weeks, but as long as necessary.”

On 11/1 he wrote: "A couple of months ago I said we were weeks away from a testnet. Our schedule is dictated by testing, and we are testing the heck out of M2, so we are at the edge of that statement. We are quiet, but as Github shows we are hard at work. I am not ready to delay out to 2017. I've been terrible at estimating our schedule, so I'll not say more than that.”

Brian Deery hasn't speculated on a timeline.

So I suggest you read a bit before you start attacking crazyivan.

Indeed. But you forgot the comma before "crazyivan."

[D-Lux]

Or your mindset is to much focussed on a pump compared to real usage, eventually the price will be determined not by a pump here and there but by usage like bill gates foundation to smartrac. And maybe they dont care about the value cause they know it can easly go to levels that are unreal.

I heared more then once in interviews/meeting that people ask them if they can make a trillion transactions a day on the network.
https://www.youtube.com/watch?v=OBnZoZtkoa8   (example listen between 3:10 to 3:40 and see the Unionpay and Mastercard)
If this happens there will be such a huge gain people will never talk about fct price anymore.

*edit not on a bad way anymore

Nice post. As an investor in FCT I would be disappointed to see Brian or Paul waste time responding to 99% of these claims. There are a lot of project leads that will hold investors' hands day in and day out, instead of doing what the Factom team is doing: building code like a boss, securing partnerships and contracts like a boss, and ignoring the prattle of day-traders—like a boss.

The only real criticism of FCT atm is the lack of communication, but that becomes circular ... (see above).

[Embat]

Just a few words. I don't care about BTC price. I am continuing with strong buying strategy. Good luck to all traders! Grossbit, why do not open a hate topic about FCT. 😀

[AlanX]

We re almost 1 month after testnet s been lunched and Factom did say it was gonna be couple of weeks. What s with Factom and missing their deadlines? Double, triple, quadruple deadline? Is this how business word acts and operates today? Now someone s gonna say, "it s better to wait and have perfect product....." Well, in that case you can wait till next NY cause in business, there s always something to improve.

We test and test.  I think I said a few weeks, though someone might have misspoke and said a couple of weeks.  That might have even been I who misspoke.  But no matter what anyone says, testing comes first.

The Testnet has been running very solidly.  So we are pleased with that.  And we are pushing to get every duck in a row before we swap out the current server with the federated set of servers.

We have a pretty high bar.  The network of servers needs to handle 20x or even 100x the transaction rate of Bitcoin to make us happy. And we are seeing this kind of performance.  All sorts of network failures should not derail the protocol.  We have to have processes in place in the software to upgrade the protocol.  And we have to test.

I am very excited about this update.  Nobody is more eager to get this code out than I am.  But we cannot have the disruptions to the protocol that come from pushing out the software when we can test, and can discover issues we could have taken the time to fix first.

Paul

[crazyivan]

We re almost 1 month after testnet s been lunched and Factom did say it was gonna be couple of weeks. What s with Factom and missing their deadlines? Double, triple, quadruple deadline? Is this how business word acts and operates today? Now someone s gonna say, "it s better to wait and have perfect product....." Well, in that case you can wait till next NY cause in business, there s always something to improve.

BTC goes up, FCT (and all other alts go down a bit) = Crazyivan crying again. Who from the official FCT team made any promises in regards to launch date? Nobody... Why don't you just sell your coins and leave this forum? Better for your heart I think.

I do not feel browsing back but either Brian or Alan stated "couple of weeks" in one of their previous posts.

This isn't true.

Paul Snow said 11/7 wrt M2 release: "At least a few weeks, but as long as necessary.”

On 11/1 he wrote: "A couple of months ago I said we were weeks away from a testnet. Our schedule is dictated by testing, and we are testing the heck out of M2, so we are at the edge of that statement. We are quiet, but as Github shows we are hard at work. I am not ready to delay out to 2017. I've been terrible at estimating our schedule, so I'll not say more than that.”

Brian Deery hasn't speculated on a timeline.

So I suggest you read a bit before you start attacking crazyivan.

Indeed. But you forgot the comma before "crazyivan."

I m not a native English speaker so I might be wrong but when somebody says to me that line, I really do not expect 16 weeks. What do you expect when you read that D-lux? Does 16 weeks, for example, ever fits the definition of "at least couple of weeks"? Nah, in my mind it means, 2 weeks would be the best possible result, but we do anticipate some potential problems so it might extend to 4 weeks. Ok, we ve had 4 weeks now. Can I it be 16? Definitely not. If you count in the part "as long as it s necessary, then 16 week or 2 years definitely become an option and I really do not think this is what Paul wanted to say. He used that second part of the sentence to state he s been bad at estimating and when he stated "I am not ready to delay out to 2017" then we come back to my original understanding, 2 weeks would be best, 4-5 should be top, final deadline.  

If my understanding s wrong, please correct me, crazyivan is a naval term, I m not really crazy.....much. )

EDIT: Alan updated us just at the moment I posted this previous comment. Thank you, Alan. It s nice of you to update us from time to time. Thx again. Does this mean this goal of 2016 s still the goal we should all expect?

[AlanX]

Does anyone know how to start a local private network? I don't mean the testnet but a real private one for development purposes.

I remember Brian or Paul mentioned it somewhere as a sidenote, but I can't find it anymore...



edit: seems like the solution is somewhere buried within factomd/scripts folder

edit: I'm now using this command. However, I'm not sure if it makes totally sense At least the node visualizer starts counting blocks from 1 increasing every 10 seconds:

Code:

factomd -enablenet=false -node=0 -count=3 -network=LOCAL -blktime=10 -runtimeLog=true -netdebug=5 -customnet=123

Any improvement suggestions or comments on this?


edit: run the following command to import an address with 20k factoids (this works at least on the m2-rc1 branch):

Code:

factom-cli importaddress Fs1KWJrpLdfucvmYwN2nWrwepLn8ercpMbzXshd1g8zyhKXLVLWj

One of the tests I run is:

Code:

 g factomd -count=25 -net=alot+ -blktime=30 -enablenet=false -network=LOCAL -startdelay=5 > out.txt 

This sets up a control console that you can use to play with a simulated network of 25 factom instances.

Then I cd to the factomd directory (on my machine that's ~/go/src/github.com/FactomProject/factomd

Then in another console I run

Code:

 scripts/startstatus.sh  

Now this console gives an over view of all the nodes running in real time. Think of it as a "status console".  This is really crude 1980's console programming, but it is lightweight and effective.  As status messages are printed, they replace the previous, to give the illusion of status updates in the status console.

If you go back to the control console, you can type 'h' followed by an 'enter" to get all the commands you can execute.   The important one is to type 's' followed by enter.   This will start the printing of status to the status console.

Typing the node number (0-24 in this case) puts the 'focus' on one of the nodes (as denoted by the 'f' on the that node's line in the status console).  

Typing 'w' followed by enter directs all api calls to the instance denoted by the 'w' on that node's line in the status console.

If you go to http://localhost:8090 , you will see factomd's built in Explorer to get web based feedback on the status of a node in your test.  Please note that this information comes only from the instance with the 'w' next to it, and by default node 0 if you don't do anything.

I hope this helps get you started.  I really do intend to get some better documentation and blog posts together for people as soon as I can get some time.