Topic: [ANN] FACTOM - Introducing Honesty to Record-Keeping - page 254. (Read 2115900 times)

Can we say Factom!

http://www.coindesk.com/blockchain-perfect-government-services-heres-blueprint/

try this:https://medium.com/blockchain-education-network/its-time-to-move-your-coins-off-an-exchange-890bf49288db#.oc9e9nxuq
it helps me a lot

Thank you. So i sent from polo to my wallet small amount of FCT and  explorer shows correct balance ( http://explorer.factom.org/address/FA2aGhbJHAp4sp228vsmJiNdZrRhk6twFf7dNqidsKBjtPWt6Ctw ), but in my GUI wallet after about 1 hour still 0  

Here is the how-to with screenshots for the GUI: https://www.factom.com/devs/docs/howto/factoid-wallet-gui-guide

I just installed Factoid Wallet GUI but no idea how to send my FCT from exchange to it. Where is my address or how to generate it? Can i find somewhere turtorial, how to use this wallet?

https://bitcointalksearch.org/topic/fct-factom-how-factoids-work-price-speculation-1521895

u have very good eyes. salute 

There were much more:

Quoting Paul Snow: "We started out with 8759968.58633800 factoids in block 0."
https://www.reddit.com/r/factom/comments/3ozje2/eli5_what_are_factom_selling_when_they_sell/cw1va2k

where is the speculation thread?

I see FCT is up to something on Poloniex. Some hype in the trollbox.

Volume is high, mainly thanks to the recent dump...which doesn't make sense.

4,182 BTC in volume last 24 hours. 792,686 FCT

Who in their right mind is dumping that much. I always assumed Polo is shady in inflated volume on some coins.

Price has been creeping up for a month now.

Just now reading up on this coin as it's one of the cheaper coins and price is close to an ATH.

2 year old coin. 9 months ago there were 8,753,873 FCT. Today 8,753,219 FCT

So some were actual burned looks like this year.

If there is a reason for this to go up then the accumulation period should be done. Just waiting for the markup. If the large holders hold and all the BTC on Polo come pouring into FCT then this can go up, way up, very quickly and stay up if there is a reason for large holders to hold.

I'm glad I found this coin. Got a FCT alarm set on my phone so I don't miss the break out when it happens.

And I just found the FCT speculation thread and Reddit trading thread. Sorry for the off topic post. Will head over there and see what people are saying.

Yes. Also Factom-Inc. sells it cheaper for larger amounts.

And: (Theoretically) everybody could open an EC-Store. Most likely there would be some regulatory issues, dependent on the country, but it can be expected that there will be more EC-Stores in future.

If you change them by yourself? Good to know

They make profit with that. Actually 1 EC = max. 1kb of data = $ 0.001

See https://shop.factom.com/
You get 1000 Entry Credits for $10 = $0.01 per EC. One EC can hold up to 1kb of data. A SHA256 hash has a size of 32 bytes. So ~30 hashes fit into one entry.
30 hashes on the Bitcoin blockchain would cost 15x as much = $0.15 (when I use your numbers).

However, transaction fees vary on bitcoin and tend to raise over time. You also don't want to bloat the bitcoin blockchain with billions of hashes.


Yes, probably for both. Not sure on Factom. However, Factoms masterstroke is, that this doesn't affect the price if you want to store data. The price is fixed at $0.01 per EC. In the moment someone buys EC, a federated server calculates how much factoids are worth $0.01 and burns them. If a Factoid is worth $0.01, 1 Factoid is burned. Is it worth $1 than only 0.01 Factoids get burned. The customer who wants to store data doesn't have to care about this.

I guess I don't understand what you mean.

From step 2: when someone buys EC (which are needed to store data), then he would need Factoids which get burned for these ECs. However, Factom Inc. handles this for its clients. They just say "give me 1k EC please". Factom says "ok, here it is" while they are automatically creating a wallet, sending factoids to it and convert them into ECs. Since EC are not tradeable but just a token to store data and because it's value is fixed at $0.01, the customer technically doesn't own cryptocurrency and never needs to have a complicated bookkeeping to record the current exchange rate at the moment the data is stored. Not to mention the regulations involved when you buy/own/use a real cryptocurrency.

1/ with BTC - is 0.005 USD per hash (my guess) expensive ? How much is it with FCT ?
2/ prices may vary, but for both I'd say
3/ custom blockchains probably not with BTC, but there are other solutions, and what is the reason to try with FCT if the data is not guaranteed to be stored ?
4/ ?? you "buy" xxx ?? What is the difference ?

I am sorry I still do not understand

It would be exactly the same, as the conversion rate fct <-> ec is dynamically adjusted by the federated servers so that it always costs the same to store up to 1kb of data.

Yes.

• Adding entries to Bitcoin blockchain directly is very expensive
• Prices for Bitcoin transactions are not stable. Cost for adding 1kb data to factom is.
• You can't create custom chains on Bitcoin
• To store data on Bitcoin blockchain you need to own Bitcoin and handle all the bookkeeping and legal stuff involved with having cryptos, which is a nogo for many companies. At Factom you buy EntryCredits which can't be traded and in the background Factoids get burned. That's a perfect abstraction layer to allow companies using a blockchain without dealing with cryptos.

How much would be the cost for a client when FCT=$400? Did you make this calculation?

I am sorry, I did not get what revolution factom brings, if the data is not guaranteed to be stored ?
And for storing hashes only, Bitcoin can serve quite well and cheap.
Or am I wrong ?

It only happened because of XMR...