Topic: [ANN] FACTOM - Introducing Honesty to Record-Keeping - page 381. (Read 2115933 times)

There is no stopping Factom. No hints, just project deliveries. Solid and hard working business plan.

I invite everyone to actively participate in the portal / forum Cryptocompare and promote the Factom project.
https://www.cryptocompare.com/coins/fct/forum/BTC

Factom inks another deal in China, this time for blockchain notarisation services

Blockchain-based data management solution Factom is to integrate its technology with Ancun Zhengxin's electronic data notarisation services in China.

Factom will offer advice and technical guidance as Ancun Zhengxin shapes its blockchain strategy for its notarisation services for more than 100 locations in 28 provinces across China, the companies said in a statement.

(...)

http://www.ibtimes.co.uk/factom-inks-another-deal-china-this-time-blockchain-notarisation-services-1545591

The easy stuff first.

Why does Factom use its own chain?  The really short answer is that Bitcoin has no room.  Gotta go somewhere else.  But bigger picture, if you want to provide proof of a series of modifications, you have to link entries together in some cryptographically provable ordered set.   Or a chain.  If you want to require everyone to have to have everything, you use one chain (like Bitcoin does).  But if all you want to do is record data, why mix it all together? With Factom, a user can create various chains which to track the data interesting to them, while Factom uses a set of Directory Blocks to track these chains.  Directory blocks are designed to be small and light, allowing applications to find the chains they need.  Then only that data has to be downloaded.

So having a chain outside of Bitcoin is necessary not to produce single proofs of entries, but so you can create a series of related entries in a provable set, without requiring everyone to have everyone's data to prove the content and order of their own set.

Single point of failure issue: The Factom servers are to be a distributed set of servers;  anyone with sufficient support from users of the protocol can run a Factom Server.  Thus our "Single Point of Failure" will be the 32 Federated Servers + the 32 Audit Servers (which can replace a lost Federated Server in real time) + Candidate Servers competing to become Audit Servers.  Or in other words, once past milestone 3, there will be no single point of failure.  In comparison, Bitcoin has far fewer options should the network lose any significant number of the five or six major mining pools. (The Bitcoin situation is more complex, so that five or six might represent (quickly) 10 or 15 entities as hash power moves elsewhere on the loss of a pool, yet it still doesn't have the decision making power distributed over as many diverse entities as Factom does.)

The harder question:  Why does Factom use a token?  Why not a subscription service?  Why not Bitcoin?

Why does Factom use a Token rather than just being a subscription service.  First, Factom IS a subscription based service.  Entry Credits are nothing other than API keys used to push hashes (or data) to the servers.  Nothing more, nothing less.  They cannot be transferred, they keep your balance, and you can recharge them as you wish.  You can buy entry credits from us (you provide an Entry Credit address to our store, pay for entry credits at some rate (1/10 cent + some mark up) and we charge your address at that address.  

Where do entry credits credits come from?  They are created by converting (or destroying) Factoids, the token.

Second, Factom uses the token to reward servers in a distributed system for maintaining the Factom chains and data.  While Bitcoin or some other token might be used for rewards, this would push the accounting onto Bitcoin (or that other token) and thus require (perhaps significant) bitcoin (or other token) blockchain space to support.  If people pay in Bitcoin to get their entry credits, the distribution of those Bitcoin to the servers running the protocol becomes a problem.  Decentralization requires the code (not a wallet) to provide the reward for contributing to the protocol.  The way code does this is through a token.

I hope that helps.  This is very high level, and I'd be happy to answer questions if anything above is unclear.

Paul Snow

Hi, 

best way to learn is to make your own research about Factom, you will love this project if you do that.

Here is great interview with Paul Snow Chief Architect of Factom
https://www.mixcloud.com/dogedradio/se2e01-factom-with-paul-snow/

Here you have Q&A
http://factom.org/faq

Good luck!

Hello Guys,

I have a few questions about factom currency distribution:
What is the daily supply or the rate at which Factom is distributed?
Did you have an IPO in the beginning(If yes, would be great to know volumes and prices)?

I would personally like to see Factom moving to another US/EU exchange which does not allow bot manipulation. I guess that ll come with time as well.

Pretty sure it'll be fine; Paul's super smart, and Peter's a wily businessman. There's a rare combination of talents at Factom, and there will probably be more major wins for it in the news in the near future.

Hello again, 

good to see stable fct/dollar price, but we all know how big is this project.
Personally I think trip to China will double FCT price and community very soon, from that point FCT go up with real support,
not just Polo "manipulation".  This is very early stage of FCT and Factoids distribution.


Mr Paul Snow, nice to see u on bct!

It's okay already. The problem was a very very long synchronization.

You really need to learn to control your posts dude. Since you re one of the biggest Factom holders, creating FUD only hurts your own interests. DO you really think people desire to buy more Factoids after this post of yours?

You are welcome to post any time!  After all, I think I went over and posted on one of your threads at some point. 

Paul Snow

I have been hesitant to post on your thread and inadvertently cause drama, but I agree 100% with Paul when he says there is plenty of room for many parties to succeed. Blockchain technology is a vast expanse of uncharted territory, that no one project could ever explore in its entirety.  There are many dedicated people in crypto, and I wish that there were more positive interactions and collaboration between them.
I wish nothing but success for the Factom project.

Justin
(JJ12880)

guess i should have done more research before saying that about mr. gates, my bad

It s obvious bots on Poloniex are dragging the price lower. This 2k order moves around every 3 seconds. Which means somebody wants to buy.

Of the three, Bill Gates wasn't so broke.  Mom sat on the board of IBM, and his parents were worth about 200 million I believe.

And none of these three had any credibility until they actually delivered products.  Which is exactly the path to success we are focused on.

BTW, I have little knowledge of RAD, though I briefly looked through their documentation.  We are in a technological adoption phase, and there is plenty of room for many parties to succeed.  I have been the starving graduate student starting a tech company, and it is a great deal of fun, but comes with huge amounts of risk.   As does any startup, Factom included.  So I wish our friends at RAD the best.

Paul Snow

I would like to have more community time, and I want to thank people for paying attention to our project. 

What I believe will drive the value of our project is delivering real, scalable, enterprise solutions in Factom, and secured by the massive proof of work of Bitcoin.   So I really am focusing on development.  Also a few days ago our family played tag with a nasty, nasty stomach virus.  I spent one night, well, you don't really want the details.  I worked through it anyway, and that did mean I missed this discussion here for a few days.

We have good progress and we are going to continue to do everything we can to under promise and over deliver.

Again, thanks for your support,

Paul Snow

Off by 10.  Entry Credits (one per entry) cost 1/10 a cent, or 0.001, for a total cost of 1,000$

The Factoid price is irrelevant.  The exchange rate between entry credits and Factoids is managed to keep the
Entry Credit price constant in dollars.

Strongly agree! Just needs a kick, to launch the jet. 

I really don't understand what exactly you wish they should do. Community-Babysitting or working? I mean, read about Factom and look what they are doing:

1. Coding of course. https://github.com/FactomProject/
2. The Factom-inc-HP was updated with very interesting and promising infos http://www.factom.com/solutions/
3. Paul Snow gives interviews nearly every week. And whoever asks him gets answer. (just one example because he seems to be everywhere: http://bitcoin.stackexchange.com/questions/42900/what-are-the-key-differences-between-factom-and-tieron)
4. Tiana Laurence seems to travel all the time. https://twitter.com/factomproject/status/700605664427692032
5. Paul Snow as well by the way: https://bitcointalksearch.org/topic/m.13909123
6. Brian Deery is also very active in communication: https://www.reddit.com/user/BrianDeery (or take a lookt at his bct-profile)
7. Take a look at their Facebook-Page and you will also recognize: Questions are answered: https://www.facebook.com/FactomProject/

And like I already wrote in an earlier post:


In just 2 months:

1. Azure
2. yuanbaohui
3. Chinese Hackathon third place to a Factom-idea (medical records) and the first place wants to use Factom (CargoChain).
4. iSoftStone


Plus the chinese news because of that Paul Snow will travel to China:
https://bitcointalksearch.org/topic/m.13909123


And that's all work! Coding, community-communication, conferences, interviews, negotiations - plus all what we don't see and don't know about. My list above is definitely not complete but in my opinion it's pretty impressive. With other words: It's everyones choice to buy or sell or buy something else. But it shouldn't be underlined with invalid arguments.