Topic: [ANN] FACTOM - Introducing Honesty to Record-Keeping - page 344. (Read 2115876 times)

Possible answers, just choose the one you like...

1. No, it's just a modern-art-project in crypto.

2.  It tries to solve the problem that nobody knows how a unicorn would answer until they exist.

3. Factom is a system to record stupid questions in a way that makes the list unique (everyone gets the same copy) and allows anyone to add to the list, but does not allow anyone to change those questions once they are in the list.

4. It's an oracle and can answer the question if MtGox will add Paycoin.

5. Next release: upgrade to a timemachine

6. Once Hillary Clinton is president she will record her mails into Factom. She already tested it with Nixons missing recordings:
https://www.reddit.com/r/factom/comments/4ctzce/someone_posted_what_looks_like_the_missing_185/

7. If Sanders should become president he will record her mails into Factom.

8. If Trump becomes president he will factomize selfies - of his wife.

9. It's a betting system about who will become president.

10. Read 5 minutes about it.

Any real use of FACTOM?

The beta explorer does a better job of displaying the raw data:


First entry, with some exposition about what follows, as well as the public key to check if the following entries were valid:
http://beta.explorer.factom.org/entry/67ce19791603f17f5f99f29071d128cd885dcab934744d1e28c3b8e76d80d681

Here is a typical entry:  http://beta.explorer.factom.org/entry/0206429213a7677fafc15af6669ecb3ccf57af2fc0854a34acaa7d03fd6a865a



The poloniex exchange rate recording data is similar to how the Gutenberg data is handled:  https://www.factom.com/monitoring-the-poloniex-exchange-with-factom/


The data is in raw binary form in the blockchain.  the normal explorer does base64 encoding, even when it doesn't make sense.  The beta explorer shows different ways of encoding data.  most of the data is ASCII encoded.

How can I decrypt the content of the block entry?

I tried to get the content of this block in the Gutenberg chain
http://explorer.factom.org/chain/00511c298668bc5032a64b76f8ede6f119add1a64482c8602966152c0b936c77

Is it base64 encoded?

I believe it will be more. Because if we think about possibilities and probabilities, it's very likely that those who already use the system won't use it less but more  in future. And the "chinese market" for example (and whatever that exactly is) started with about 2k Entries 10 days ago and is now at nearly 8k per day. It's also very likely that there is still a lot of customer-testing going on and the real mountains of data will flow after Milestone 3.

Plus, even more important: We can expect that in the next months there will be more new partnerships/customers/user than in the last months.  Factom doesn't have even really started yet. Factom is also about the network-effect. I believe that's highly underestimated and my prediction is: The network effect will play a huge role in more than just one aspect. The more Factom is used the more it will be known and the more attention it will get and the more convincing it will be to potential customers. And the more it's used the more sense it will make for others to use - not just to record data but also to connect data.


And what I think is really interesting because I always focus on that: If we think about how the team communicates, I think we all agree that they are known not-to-hype. I mean, there is even some complaining about it that they don't care about making marketing for Factoids. And it's obvious that they don't even speak about some of the customers, maybe because they can't speak about it. That, in combination with these little hints ("we will surprise people") and predictions ("I am predicting many Entry Credits will be used").... does not say what exactly they know but I would make any bet that they wouldn't ever say such things without knowing "something". I mean, there are even signs that Honduras is back on the table.

So, I believe the situation is even better than expected and my expectations were already high since Factom got my attention and I began to understand it.

Yep and compared from start of the year in Jan at 100k entries FCT entries are up 10x in 4 months, into Q4 2016 or early 2017 I would expect another 10x up to 10 million entries.

Oh, wow! That's much more/better than expected - at least I did not expect such a growth that quickly/fast. It's not even a month back (March 24) that they've announced 500k entries --> 100% growth in less than 30 days and the bigger Customers have just started.

Kind of funny is that there is not much (or even nothing?) to find about a partnership with Enron.

Intrinio has Factom on their site: https://home.intrinio.com/thirdparty/

...but it's also not that I remember Factom would have announced it. Maybe it's some of the stuff they can't talk about.


But I remember this:

"(...) but I think the protocol is going to surprise people (...) We are delivering and that delivery is going to shock people" (Paul Snow: https://youtu.be/1noFK6M8ktU?t=1h6m19s)

The whole interview is one of the best with Paul Snow by the way.


And just yesterday:



Conclusion: More than just promises. They deliver!
Funny conclusion: The "surprise-factor" shouldn't be underestimated. They obviously have more good news than they (can?) talk about.

Factom has over 1 million entries now, seems like it will increase substantially post milestone 2 https://docs.google.com/spreadsheets/d/1RUZLxxoAfT3C5jIJ144DLYdztYe_sqrKqbTlZuD05-s/edit#gid=445871101

This ANN is missing a lot of information that is really entry level stuff... and its at 130 pages long.   Please update it with Currency/Asset Details... Downloads. Idk, make it easier for someone to invest and use your software please.

Just read this article on the limitations of smart contracts:

http://www.coindesk.com/three-smart-contract-misconceptions/

I am wondering how this applies to Factom. It's not clear to me if Factom uses smart contracts. If yes, how is the confidentiality of data on the Blockchain guaranteed?

Also, i noticed that the Factom whitepaper states that it's possible to build applications on the Bitcoin Blockchain (like financial and gaming apps). I thought that this wasn't the main objective of Factom, but that the main objective was to record data entries. Could somepeone explain why apps on the Blockchain are part of the whitepaper?

MILESTONE 2??

I guess Factom team has not learned the importance of communication with Factom community. I thought we d resolved this issue.

;-)

lol I stand corrected 

The term is Factomize, and it's already been used in online publications http://www.newsbtc.com/2015/05/14/the-ultimate-hash/

The possibilities of factom are almost limitless:

Proof of existence of:
- A photo taken at a specific point in time (proof of... fill in any event)
- A document created at a certain time, with proof of contents (contracts, testaments, conversation, ownership, certificates, etc)
- A mediafile (e.g. audio/video) created at a certain time, with proof of contents (think how that would change court cases etc)
- Proof of genuinity of a work (proof by photo or other tag) (think paintings and other art, wine, collectibles)
- Patents
- and so on and so on....

This could well become the new tech verb. Did you factom that already?

Thank you.  I think I'll pick up a few more FCT.

https://www.youtube.com/v/X3rM2TQJt7o&start=314&end=359&version=3

Let me expound on why I like the analogy.

Factom is being built by experienced professionals with a history of delivering finished products.  The median age of the team is probably around ~40 years old. 

Factom is a protocol optimized for securing truckloads of data, in order to deliver useful business/societal value.  It is operating at the frontiers of technology as well.

Factoids are not trying to be money.  They are to serve as the hardware reward mechanism coupled with the user antispam mechanism.  Factoid value is a prediction on the use of Entry Credits.  This is in contrast to Bitcoin being money; a store of value with lunar potential.



That being said, I am predicting many Entry Credits will be used.

You've made quite a few comments like this as of late.  I've been searching for when you or another Factom employee made such comments during the initial offering of Factom.  Could you please link me to such a comment as I can't seem to find it.

Thank you.

Excellent Analogy!

You are showing the space shuttle: a 40 year old space truck which never goes to the moon.  It goes up and down to get useful work done.  Sometimes it touches a high geostationary orbit, but comes back down right after.  https://en.wikipedia.org/wiki/Geostationary_transfer_orbit

Dunno at this point. Part of me hopes it's a rebound 'cos I want to buy more.

But in the interim, I'm having some fun lending Factoids on Polo's Loan Market. It's a neat way to make a few Factoids while staying a HODLer. It helps mollify the short-term downtrends when I can service FCT short-sellers with a friendly high-interest loan.