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Author Topic: [ANN] FACTOM - Introducing Honesty to Record-Keeping  (Read 1795488 times)
tempus
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January 10, 2017, 07:35:49 PM
 #7481

Some questions just arised for me :

When some big companies or even states want to use Factom and there are not enough Entry Credits on the market. Will Factom just be able to create new ones ?   

Whenever a customer wants to purchase Entry Credits to use Factom, Factoids are converted into Entry-Credits - the converted Factoids are out of the system --> burned. So the answer is: There will always be enough Entry Credits because they are "made out of" Factoids. In a best-case-scenario that there would be very very high demand for EC's, the price of FCT would skyrocket to cover the demand. That's in fact what all Factoid-holder would like to see. ;-)



Quote
I mean this is in their interest to serve big companies and to become bigger. But how are Factoid holders secured to not have some big inflations scenario coming from chaning their code in their own interest ?

It's in their own interest to keep the system as secure as possible and to give the federated servers good incentives to run the system. To change Factom in a way that Factoids would become a high-inflation system-currency would be against that, because the price for Factoids would go down for sure.

Maybe it's comparable to Bitcoin. Miners would like to get more Bitcoins per Block, but if it would be too much it would damage the price.


Quote
How does the company make money at all ?
They develop software for companies which want to use Factom. The Gates-Foundation is a good example:

Blockchain-based company Factom has announced it will soon secure medical records on its platform. The firm received a grant from the Bill & Melinda Gates Foundation to provide immutable and easily accessible records.
https://news.bitcoin.com/bill-melinda-gates-awards-grant-factom/

My bet is that they make (or will make) the most money in the mortgage-sector.


Quote
Factoids are like Ether gas , so just fee's right ?
No, Factoids are more a system-currency behind Entry-Credits. It works this way: Let's say you run a company and you want to use Factom. You hire a Developer who writes you a program to do that. Now you need Entry Credits. Since you don't want to mess around with Cryptocurrencies you and I agree that you buy Entry-Credits from me, $0.001 per EC. You order 10k EC's and send me Fiat. I send Factoids to your Entry-Credit-Address and now you are fine.

Means: Whenever somebody needs and purchases Entry Credits, Factoids are converted into it and "burned" because of that. The lower the price per 1 FCT and the higher the demand for EC's, the more Factoids would be burned - and the other way around. That also means that the value of Factoids has a real base, unlike to other currencies. In my opinion it's legit to say Factoids are backed. Some even say they are backed by the factomized data but I believe it's more precise to say "backed by use".


Quote
How does the coin inflation algorythm of Factoids look like?

So let's say a big companies buys Entry Credits, therefore Factoids are burned, how many new ones are created, how are they spread etc.?

Until Milestone 3 (election of federated servers - expected in about 12 months or something like that) there is no Inflation. The total supply is decreasing since launch. When inflation kicks in there will be about 73k new Factoids per months (10% of initial supply per year). But, again: On the other side there will be the conversion/burning-rate of Factoids through demand.

The new 73k Factoids are payment for the federated servers.
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January 10, 2017, 10:02:38 PM
 #7482

http://blogs.wsj.com/cio/2017/01/10/homeland-security-looks-to-blockchain-to-track-people-goods-across-borders/

Factom mentioned in a WSJ article regarding DHS and CBP proof of concepts; not anything new here but likely will see some more press this month IMO
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January 10, 2017, 10:18:46 PM
 #7483

Some questions just arised for me :

When some big companies or even states want to use Factom and there are not enough Entry Credits on the market. Will Factom just be able to create new ones ?   

Whenever a customer wants to purchase Entry Credits to use Factom, Factoids are converted into Entry-Credits - the converted Factoids are out of the system --> burned. So the answer is: There will always be enough Entry Credits because they are "made out of" Factoids. In a best-case-scenario that there would be very very high demand for EC's, the price of FCT would skyrocket to cover the demand. That's in fact what all Factoid-holder would like to see. ;-)

 

Thank you for your answers and time.

Ok and there are more EC's available as soon as price of Factoids rise, because EC's always cost 0.1cent ?
So if one Factoid is worth 3$ now it can create 3000EC'S and the total of all Factoid's can create 8753219*3000=26259657000 now ?

And for any record saving or transaction you need an EC or just to start a "contract" like in ethereum for example

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January 10, 2017, 10:42:18 PM
 #7484

Some questions just arised for me :

When some big companies or even states want to use Factom and there are not enough Entry Credits on the market. Will Factom just be able to create new ones ?   

Whenever a customer wants to purchase Entry Credits to use Factom, Factoids are converted into Entry-Credits - the converted Factoids are out of the system --> burned. So the answer is: There will always be enough Entry Credits because they are "made out of" Factoids. In a best-case-scenario that there would be very very high demand for EC's, the price of FCT would skyrocket to cover the demand. That's in fact what all Factoid-holder would like to see. ;-)

 

Thank you for your answers and time. 

No problem!

Quote
Ok and there are more EC's available as soon as price of Factoids rise, because EC's always cost 0.1cent ?
So if one Factoid is worth 3$ now it can create 3000EC'S and the total of all Factoid's can create 8753219*3000=26259657000 now ?

Right, but the total supply is already less than that, because there is zero inflation yet but already FCT-EC-conversion:

8,747,840.79620207
https://factoid.live

And if you imagine that a big partnership would be announced and we all expect high EC-demand, the price of FCT already would rise because of what I often call the "psychological market" (speculation). But even if not: A high demand would have natural (real/objective) impact on the price. That's why Factoids, and that's unlike to other Coins and tokens I know of, really have value - as long as Factom is and will be widely used.

Quote
 
And for any record saving or transaction you need an EC or just to start a "contract" like in ethereum for example

To put up to 1kb data into Factom it needs 1 Entry-Credit.
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January 11, 2017, 01:56:56 AM
 #7485



How does the coin inflation algorythm of Factoids look like?




Try this tool https://docs.google.com/spreadsheets/d/1K3OAfBupe3UbcqMX_DMiW0J1txKcvjaCxvRzrtcaQ_A/edit#gid=1905199075

enter variables in the YELLOW boxes only.  It shows the variables of FCT, EC (entry credits) and price.  This tool is for when M3 comes into effect .  That means 74,000 new FCT will be created per month.  Until then they are being burned and not replaced.

Conservatively, its easily possible for 1 billion (1,000,000,000) Entry Credits to be used every month. To maintain supply, that means the price of FCT would have to be around $13.50.  At 1 billion usage **per day** which is actually conceivable and not just BS. The price would need to be $400 per FCT just to maintain equilibrium.

There are other exciting projects on the drawing board for sure, but this one is up and running right now, its value is yet to be truly discovered.  It's like 'google' was before it became ubiquitous.

The tool is an approximation only, there are some subtleties not taken into consideration.  Like EC supply v EC burned
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January 11, 2017, 06:42:12 AM
 #7486



How does the coin inflation algorythm of Factoids look like?




Try this tool https://docs.google.com/spreadsheets/d/1K3OAfBupe3UbcqMX_DMiW0J1txKcvjaCxvRzrtcaQ_A/edit#gid=1905199075

enter variables in the YELLOW boxes only.  It shows the variables of FCT, EC (entry credits) and price.  This tool is for when M3 comes into effect .  That means 74,000 new FCT will be created per month.  Until then they are being burned and not replaced.

Conservatively, its easily possible for 1 billion (1,000,000,000) Entry Credits to be used every month. To maintain supply, that means the price of FCT would have to be around $13.50.  At 1 billion usage **per day** which is actually conceivable and not just BS. The price would need to be $400 per FCT just to maintain equilibrium.

There are other exciting projects on the drawing board for sure, but this one is up and running right now, its value is yet to be truly discovered.  It's like 'google' was before it became ubiquitous.

The tool is an approximation only, there are some subtleties not taken into consideration.  Like EC supply v EC burned

That's very insightful. Thank you for sharing.
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January 11, 2017, 07:44:19 AM
 #7487


That's very insightful. Thank you for sharing.

+1
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January 11, 2017, 03:07:41 PM
 #7488

Hi
I need someone to help me with Factom.
I still have problems to create a chain and add entries.
I run factomd on windows 10 and send curl with php to the wallet.
Some commands like entry-credit-balance work but some I get the following errors.
Error:Failed to connect to localhost port 8089: Connection refusedbool(false)
and
string(14) "Page not found"

We going to demo a website to a bank next week and I also want to demo the blockchain part.

win coins with http://altmaze.com/r/AMT
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January 11, 2017, 03:17:45 PM
 #7489

Hi
I need someone to help me with Factom.
I still have problems to create a chain and add entries.
I run factomd on windows 10 and send curl with php to the wallet.
Some commands like entry-credit-balance work but some I get the following errors.
Error:Failed to connect to localhost port 8089: Connection refusedbool(false)
and
string(14) "Page not found"

We going to demo a website to a bank next week and I also want to demo the blockchain part.


Network is offline for a while now.. m2 stil not rolled out

| ▏▏▎▎▍▍▋▋▊▋▊▊▉▉▉▉▉▉▉▉▉▉▉▉▉▉▉▉▉▉▉▉▉▊▊▋▋▍▍▎▎▏▏|100.000$| ▏▏▎▎▍▍▋▋▊▋▊▊▉▉▉▉▉▉▉▉▉▉▉▉▉▉▉▉▉▉▉▉▉▊▊▋▋▍▍▎▎▏▏|
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January 11, 2017, 04:58:13 PM
 #7490

Factom in the WSJ

http://blogs.wsj.com/cio/2017/01/10/homeland-security-looks-to-blockchain-to-track-people-goods-across-borders/

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January 11, 2017, 06:03:15 PM
 #7491

For those who are not in the Factom slack

mrfrismint [8:42 AM]
@paulsnow  Any short summary possible regarding the M2 rollout. What goes well, what goes less well? What is the expected timeframe for completion at this moment?

paulsnow [9:09 AM]
We will be doing a public update today
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January 11, 2017, 06:56:25 PM
 #7492

For those who are not in the Factom slack

mrfrismint [8:42 AM]
@paulsnow  Any short summary possible regarding the M2 rollout. What goes well, what goes less well? What is the expected timeframe for completion at this moment?

paulsnow [9:09 AM]
We will be doing a public update today



Thank you very much.
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January 11, 2017, 10:47:44 PM
 #7493

For those who are not in the Factom slack

mrfrismint [8:42 AM]
@paulsnow  Any short summary possible regarding the M2 rollout. What goes well, what goes less well? What is the expected timeframe for completion at this moment?

paulsnow [9:09 AM]
We will be doing a public update today

Great news. I didn't expect the update to take this long, I was thinking more along the lines of a few days,
but its best to make sure everything is working 100% before you go live.

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January 12, 2017, 05:43:53 AM
 #7494

If the community thinks this might be a (very) good idea :

https://poloniex.com/featureRequest

Let's get a USDT/FCT pair added for trading on Poloniex. If FCT was traded against something other then just BTC, such as USDT, it would provide people holding USDT a way to trade FCT while not having to change back into BTC to buy FCT. Just helpful when so many people are using USDT while BTC is so volatile.

If anything it will help boost FCT's reputation at Polo.
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January 12, 2017, 06:55:52 AM
 #7495

If the community thinks this might be a (very) good idea :

https://poloniex.com/featureRequest

Let's get a USDT/FCT pair added for trading on Poloniex. If FCT was traded against something other then just BTC, such as USDT, it would provide people holding USDT a way to trade FCT while not having to change back into BTC to buy FCT. Just helpful when so many people are using USDT while BTC is so volatile.

If anything it will help boost FCT's reputation at Polo.

Just submitted a request. Thanks for pointing this out.
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January 12, 2017, 07:58:23 AM
 #7496

If there are any San Fransisco Factom Fans, I will be at the Bitcoin meetup tonight.

https://www.meetup.com/San-Francisco-Bitcoin-Social/events/228473704/
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January 12, 2017, 08:52:10 AM
 #7497

If there are any San Fransisco Factom Fans, I will be at the Bitcoin meetup tonight.

https://www.meetup.com/San-Francisco-Bitcoin-Social/events/228473704/

Hey Brian, what happened to this announcement mentioned on slack?

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January 12, 2017, 02:25:14 PM
 #7498

If there are any San Fransisco Factom Fans, I will be at the Bitcoin meetup tonight.

https://www.meetup.com/San-Francisco-Bitcoin-Social/events/228473704/

Hey Brian, what happened to this announcement mentioned on slack?

New wallet is already out, but not announced yet probably today u can download it @ github

| ▏▏▎▎▍▍▋▋▊▋▊▊▉▉▉▉▉▉▉▉▉▉▉▉▉▉▉▉▉▉▉▉▉▊▊▋▋▍▍▎▎▏▏|100.000$| ▏▏▎▎▍▍▋▋▊▋▊▊▉▉▉▉▉▉▉▉▉▉▉▉▉▉▉▉▉▉▉▉▉▊▊▋▋▍▍▎▎▏▏|
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January 12, 2017, 02:37:04 PM
 #7499

If there are any San Fransisco Factom Fans, I will be at the Bitcoin meetup tonight.

https://www.meetup.com/San-Francisco-Bitcoin-Social/events/228473704/

Hey Brian, what happened to this announcement mentioned on slack?

New wallet is already out, but not announced yet probably today u can download it @ github

It's already possible to download it: https://github.com/FactomProject/distribution
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January 12, 2017, 06:19:26 PM
 #7500

Nice. Now we need to get Exodus as well and bye bye Polo Factoids. It s gonna become big time dry there.

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