[ANN] FACTOM - Introducing Honesty to Record-Keeping

[STORJX]

Working on a project and need a system of records? Factom is here to help. Introduce us to your use case.

Factom is a simple extension of the Bitcoin blockchain that lets you build faster, cost effective applications.
Factom is a system for securing millions of realtime records in the blockchain with a single hash. This gives you the tools to build applications with all of the security of the blockchain without the speed, cost, or size limitations. The blockchain opens tremendous possibilities to bring honesty to all systems. And Factom creates tools to build on top of it.

• What is Factom? Watch our explainer video: http://youtu.be/YBXNLW-YvoA
• Read our whitepaper: https://github.com/FactomProject/FactomDocs/raw/master/Factom_Whitepaper.pdf
• Test our Factom API: https://github.com/FactomProject/FactomDocs/blob/master/FactomAPI.pdf
• Factom Use Case - Saving BoA $17 Billion: http://youtu.be/DbRVPBFiy64

Are you working on a project and need a system of records? Introduce your project to us, we are looking for use cases and integrating our Open Source code and API with as many ideas as possible.

Storj use cases for Factom

Storj - Decentralized Cloud Storage
Storj has some pretty interesting use cases for Factom as part of a Group of Verification Nodes (GVNs) that manage heartbeats and payments for their cloud storage platform. Clients will need a trustless method to audit heartbeats and payments for farmers using DriveShare, who earn Storjcoin X for leasing their storage. End-users or third-party apps and tools using MetaDisk or its API, who pay for storage, need to be guaranteed files are retrievable and maintain their set redundancy over the network.

Another use could be to record files metadata and the network location of their shards (smaller chunks) into a single hash. This drastically reduces the amount of data to be stored on the blockchain as well as enabling faster throughput. In turn this could help Storj scale up their network to thousands of users in a secure, trustless and reliable way.

An example: Surveillance Records
CCTV footage and photos could be proven to have existed in their original and unmodified form at a certain time by using Factom. Storj on the other end could keep these assets safe and secure on their cloud platform in their original and unmodified state. A front-end app could leverage both platforms to provide irrefutable evidence during a justice proceeding for instance.

[BrianDeery]

@delulo

Would the following summary about Factom be about correct? Factum lets you create ledgers that are periodically recorded in the Bitcoin blochchain. The developer only has to deal with the rules / API of the factom ledger(s) and not with Bitcoin itself.

it would be more accurate to say that they are secured by the bitcoin blockchain.  Not all the data that Factom collects is recorded in the blockchain.  You are mostly correct about dealing with Bitcoin rules.  It depends on how much confidence your application needs.  if you want to double check everything that Factom is doing, then verifying it all the way to the blockchain would give you confidence Factom is not misbehaving.  This is similar to Bitcoin, where you can either run a full node, checking all the miner's work, or using a lite client on your phone.  it depends on how secure you need to be. 

I suspect that a majority of people will use lite clients like they do in Bitcoin.  This would mean they only needed to deal with the Factom API.  Initially, we are planning on having a program that runs on your computer which acts as an interface between a web services API and the Factom network.  This means that we can continue to update the p2p network while the api calls your application uses stays the same.

Also the centralized handling of the Factom ledgers makes "confirmation" fast. This might be pretty wrong since I just read the wsj article. But please enlighten me if it is.

It is more federated than centralized.  I believe it is like NXT, where the server responsible for packaging transactions is known before a block is created, rather than like Bitcoin, where the transaction packager is known after the fact.  Since the network knows who is supposed to do the packaging, an acknowledgement from them is like having a promise from a Bitcoin miner.  There is a continuum of confidence as time goes on.  see#3: https://bitcointalk.org/index.php?topic=850070.msg9754449#msg9754449

[vanbex]

Systems that need to:

- prove a process
- prove existence of something (historical fact checks for example)
- prove the record exists (for auditing, but different than above)

I could see this being useful as an intermediate hash table sitting inbetween a front end web application, and a BPO system http://en.wikipedia.org/wiki/Business_process_outsourcing

In terms of consumer oriented use cases, I think the appeal would be privacy as some transactions may not want to be broadcasted on the Bitcoin Blockchain - the ability for Factom to encode transactions offchain would mean that this can act like a dark pool

[FACTOM]

Systems that need to:

- prove a process
- prove existence of something (historical fact checks for example)
- prove the record exists (for auditing, but different than above)

I could see this being useful as an intermediate hash table sitting inbetween a front end web application, and a BPO system http://en.wikipedia.org/wiki/Business_process_outsourcing

In terms of consumer oriented use cases, I think the appeal would be privacy as some transactions may not want to be broadcasted on the Bitcoin Blockchain - the ability for Factom to encode transactions offchain would mean that this can act like a dark pool

Thanks for the ideas, @everyone keep them coming. 

[delulo]

@delulo

Would the following summary about Factom be about correct? Factum lets you create ledgers that are periodically recorded in the Bitcoin blochchain. The developer only has to deal with the rules / API of the factom ledger(s) and not with Bitcoin itself.

it would be more accurate to say that they are secured by the bitcoin blockchain.  Not all the data that Factom collects is recorded in the blockchain.  You are mostly correct about dealing with Bitcoin rules.  It depends on how much confidence your application needs.  if you want to double check everything that Factom is doing, then verifying it all the way to the blockchain would give you confidence Factom is not misbehaving.  This is similar to Bitcoin, where you can either run a full node, checking all the miner's work, or using a lite client on your phone.  it depends on how secure you need to be. 

I suspect that a majority of people will use lite clients like they do in Bitcoin.  This would mean they only needed to deal with the Factom API.  Initially, we are planning on having a program that runs on your computer which acts as an interface between a web services API and the Factom network.  This means that we can continue to update the p2p network while the api calls your application uses stays the same.

Also the centralized handling of the Factom ledgers makes "confirmation" fast. This might be pretty wrong since I just read the wsj article. But please enlighten me if it is.

It is more federated than centralized.  I believe it is like NXT, where the server responsible for packaging transactions is known before a block is created, rather than like Bitcoin, where the transaction packager is known after the fact.  Since the network knows who is supposed to do the packaging, an acknowledgement from them is like having a promise from a Bitcoin miner.  There is a continuum of confidence as time goes on.  see#3: https://bitcointalk.org/index.php?topic=850070.msg9754449#msg9754449

Thanks for your reply.
What is the business model of Factom?

[jaybny]

factom. a simple yet necessary system that enables off blockchain distributed algorithms to be secured by bitcoins pow? I like. +++

[CreationLayer]

What is the business model of Factom?

I'll do my best to answer this.

Factom will be launching a Factom token, tentatively called factoids. This will help fund initial development, and allow users access to the Factom servers. The tokens ensure use of the system is fair, and help support the ecosystem of nodes.

In addition, the Factom team will be assisting businesses get setup with Factom. If a business has specific needs, the team can help integrate and get them up to speed with using the service on the blockchain. Since a number of businesses have expressed interest but need additional help, the Factom team will be able to provide services, and contribute back to the project if a request leads to additional development. In some cases for more intense integrations, the team may request compensation, as many businesses or other entities are interested in using blockchain technology, but don't have an onsite staff to quickly implement. Of course anyone could offer integration services, and determine compensation. Factom will take a direct focus on larger impactful projects.

[FACTOM]

As CreationLayer mentioned above, if you see how Factom could fit well within your business, project or idea we will be happy to expand on it.
We already have numerous use cases and you will see them explained soon in more of our videos on our YouTube channel.
Businesses, other projects and even governments are approaching us to discuss their plans.

If you would like your idea to be featured in a video with Factom join the discussion below or email us at hello@factom.org.
We are looking forward to hear from you.    

[starsoccer9]

Yesterday shawn(super3) was talking about possibly using factom to verify data on storj network

[STORJX]

Yesterday shawn(super3) was talking about possibly using factom to verify data on storj network

Yes that's right, we are looking to integrate when both projects are able to scale up and nearing their respective public launches.

Storj doesn't believe in competition between different projects but in collaboration and integration. Ethereum, Factom, Maidsafe, etc, try to solve a different problem, each one its own, so for true decentralization (not only for cloud storage) there needs to be cooperation between all these very good ideas. Storj itself tries to be as modular as possible so it can be adapted to work with other parties.

[FACTOM]

Yesterday shawn(super3) was talking about possibly using factom to verify data on storj network

Yes that's right, we are looking to integrate when both projects are able to scale up and nearing their respective public launches.

Storj doesn't believe in competition between different projects but in collaboration and integration. Ethereum, Factom, Maidsafe, etc, try to solve a different problem, each one its own, so for true decentralization (not only for cloud storage) there needs to be cooperation between all these very good ideas. Storj itself tries to be as modular as possible so it can be adapted to work with other parties.

Factom as well as Storj has an API which will allow everyone with the right skills to build apps and tools that leverage Factom.
We are also very happy to see other projects wanting to use us for their needs and we promote that.

As mentioned above please feel free to post your projects and ideas below and let's see how Factom can help you achieve you objectives!
 

[cryptobubble]

So great to see such an open attitude between 2.0 projects. This is the right way to go about it.
Looking forward to 2015, it should be a very interesting year for the whole of the 2.0 space! 

[FACTOM]

Factom Use Case: Unlocking $9 Trillion in Land Value

Watch how Factom can unlock $9 Trillion in Land Value in the developing world! Click below to view.

[The Bitcoin Co-op]

Well, their central banks certainly can't print more land. Not easily, anyways.

[cryptobubble]

Just quoting Peter Kirby at Factom from Reddit:

"Factom is already in discussions with 2 countries about actually implementing title records on the blockchain. At the heart of the poverty problem is secure and legal property records".

That is awesome! 

[STORJX]

If you guys can pull that off with 2 countries I'm sure there will be more to follow suit!

I see more and more use cases for Factom, keep them coming guys!

Factom is definitely a 2.0 project to watch closely in 2015. We at Storj were looking at it when it was still called Notary Chains.

[The Bitcoin Co-op]

We've been working hard to spread Bitcoin to one country in particular, although due to the deal they made with Factom, I'm not sure Factom wants us to name that country's name, yet You'll probably see some other 2.0 applications being used by their government, soon, as well.

[FACTOM]

We've been working hard to spread Bitcoin to one country in particular, although due to the deal they made with Factom, I'm not sure Factom wants us to name that country's name, yet You'll probably see some other 2.0 applications being used by their government, soon, as well.

Yes we will announce our partnerships when we get closer to implementation.
We want to thank your for the help and assistance provided.

[OmegaStarScream]

Was looking for such a project since Zerocoin seems to be off work or at least I don't see any news on it .
Basically your project will be a .exe GUI ?? or a website ?  It would be nice if you can work with some wallet to implent this feature off-chain transactions on one the wallets directly (if It's possible of course , don't have a lot of programming knowledge )

[Aur3]

I like how big this project is thinking and how they are providing these massive use cases.  Bitcoin foundation should take note and start producing content that shows just how giant btc will be.