Topic: [ANN] FACTOM - Introducing Honesty to Record-Keeping - page 218. (Read 2115900 times)

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

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.

Lot of chit-chat today but I think most of it misses the mark. The news about the Series A funding is pretty good, nice to see factom will be liquid for a while (although they have quite a big team with salaries to pay) and they have the support of some big names in crypto. Should help to legitimise them when promoting the factom product to future companies.

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.

Obviously with wills, school qualifications, driving licences, passports, birth certificates, .......... (the list is endless really)........all in need of proof of existence, audit and process, if factom get's the number one spot in this nascent industry, holding factoids would be quite a good idea. Can the team pull it off?

Can I also thank Paul Snow for replying to me on reddit regarding the companies position on the selling of factoids. I think its fair to ask this question as whilst it could feel like an unpleasant accusation, we need to be open about the methods which the company intends to use to fund their organisation.

Best of luck everyone

Reuters picked it up:
http://www.reuters.com/article/us-factom-blockchain-draper-idUSKCN1251RG

Infographic on Draper is very insightful!

LOL  dude your're the serious mess with all the FUD vomit that comes out of your mouth about FCT. Go back to drinking kool-aid buddy!

http://fundersandfounders.com/inside-the-vc-mind-tim-draper-riskmastering/

In my opinion it's pretty simple: The headline is more about the personality Tim Draper. And of course, he has a big name and he also has connections that might help. It gives additional trust if a guy like Draper obviously believes in Factom and the FCT-price react.

Is it a big news like the M2-release would be (will be)? Of course not. It's just one information in between. Not more, not less. And while I wouldn't say it's something to get overexcited about - it's still a good news.

I'm not even sure why it needs that much controversy about something like that. I myself was kind of confused after the first article was taken down but now that info is safe, the price reacted a little bit, but much more important is what will come. And the Factom-team is known for their hard work and that they deliver.

With other words: I'm already invested but if I should make a decision now, I wouldn't buy into because of the latest news or the name "Tim Draper". I would buy into because I know what will happen when they'll release M2 and exodus will add Factoids and when it will be about new partnerships.

I'm sure about that there is a lot in the pipeline. That is the Factom-potential I've never seen this way in other projects until now.

He bought a lot of Bitcoin in an auction at 600 or so I think. It is a possibility he does the same here. We'll find out or not find out.

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

the real news is the list of big investors included some VC celebrities, which certainly can interpreted as a good thing.

the headlines news were of a ("new") round of funding of 4.2M usd. It turns out that this amount was related to the Series A funding which closed in July earlier.
At the time, it was announced that the amount raised was over 5M usd. it turns out that it was only 4.2M, less than initially announced.

The delay between the filing and the end of the bnktothefuture subscription can be explained by paperwork. But the timing is a little bit "strange" or "fortunate", or just lucky :-)

I will let the FCT market vote

in the meanwhile, its kind of a "positive" news for A-shares holder as it means no dilution. However less funding means less development, i don't know which is best for the LT. I trust that Factom has raised the right amount of money to be able to conduct their business. Anyway its also the own interest of the founders to avoid share dilution.

Well i am ready to retract my words if I am wrong , but i think i've given enough evidence to those who want to examine it seriously. bnktothefuture have confirmed themselves. you just need to create an account and see it on their site.

Increase it more and you see a rainbow and unicorn.

Increase timeline and you'll see cup and handle.

H&S on FCT https://www.coinigy.com/s/i/57f50702/ similar to xmr situation.

I take your point. But I have to say, this Grossbit fella is taking it a bit far and is getting stalkerish. This thread is starting to become more about him than Factom. How about we rename it "Re: [ANN] GROSSBIT - Introducing Fear and Uncertainty to Every Forum Post)"?

It blows my mind that anyone was able to somehow spin today's news into a negative. I think he even called it "non-news" at some point. But I suppose we should listen, because he did win 40 Bitcoin on Polo  

I think I will join the Factom team in stepping away from this toxic thread for a while.

Why would anyone want it to go down? Especially from here. So you are telling me the market cap is too high? The only reason anyone would want Factom to go down or help it go down is to shake out weak hands, accumulate themselves for a cheaper price because they know it's about to pump hard soon. Otherwise everyone would collectively want it to go up.

Of course there is manipulation.  If people can't accept that then crypto isn't for them.

But it goes both ways.  Every person on here who is long is cheering it up.  Why is that motivation more legit than someone else who is short and wants it to go down?  Logic doesn't give favors. 

I agree that lies should be rooted out, but not everything is a lie.  For example, Snow did send a private email it turned out.  There was confusion about the Draper press release getting pulled.  It's fair to ask questions and seek out the truth.  It doesn't mean someone is getting paid as a troll because they raise an issue that questions the sanctity of a crypto (many of which are shady in this segment). 

I bet all the people making money on Enron on the way up would have skinned a person alive who dared to call it a massive fraud.

If you don't see the manipulation and intentional distortion of facts to create that not 100% certainty just to shake people out, you guys are blind. Happens all the time in crypto, we aren't regulated, no SEC up our buts, it's the Wild Wild West. Factom will be a big winner. If it wasn't for manipulation we would be way over $4 right now, but once M2 is released and successful, it will be hard to stop. Just buy for a long position, and give it a few months

Welcome to the internet.

You are right.  I often just observe the boards but it is often the case that people are shouting at each other accusing of differing motivations.  Everyone needs to pull up his panties and make his own moves.  We're grown-ups. 

This place is a serious mess. There's even two sides, and both aren't able to communicate rationally between each other.