Topic: [ANN] FACTOM - Introducing Honesty to Record-Keeping - page 388. (Read 2115876 times)
really interesting website there
I see koinify is/has shut down and that it doesn't matter in regards to our presale buy. But, is there a GUI wallet ready? I never imported my 12 word phrase anywhere - or the coins safe in their original place forever? Or must I eventually import? I would rather not touch them for years.
To check your balance, or to see if you were one of the handful of people that had problems with the koinify purchase, run the keymaker app. instructions here: http://factom.org/howto and here: https://github.com/FactomProject/keymaker
I would recommend keymaker to see if the 12 words work. If they work in keymaker, you can hold them there like a paper wallet.
If you are impatient, you can create an account on poliniex and import the 12 words and all the factoids directly (unless you were one of the lucky handfull, which keymaker will tell you)
l still did not get an answer for above question, is our 12 word phrase safe next few years?
Regards
It should be. Twelve random words from the Diceware word list goves more than 150 bits of entropy, or about the same as a password made up of 24 randomly-generated alphanumeric characters. According to the Keepass widget, that level of entropy is well within the green zone. There's no way that a genuinely random 12-word passphrase will be cracked over the next several years.
I see koinify is/has shut down and that it doesn't matter in regards to our presale buy. But, is there a GUI wallet ready? I never imported my 12 word phrase anywhere - or the coins safe in their original place forever? Or must I eventually import? I would rather not touch them for years.
To check your balance, or to see if you were one of the handful of people that had problems with the koinify purchase, run the keymaker app. instructions here: http://factom.org/howto and here: https://github.com/FactomProject/keymaker
I would recommend keymaker to see if the 12 words work. If they work in keymaker, you can hold them there like a paper wallet.
If you are impatient, you can create an account on poliniex and import the 12 words and all the factoids directly (unless you were one of the lucky handfull, which keymaker will tell you)
l still did not get an answer for above question, is our 12 word phrase safe next few years?
Regards
Total Factoids today: 8753715
With each passing day becomes less factoids.
Why less and no more than in other coins?With each passing day becomes less factoids.
Every time the system is used, Factoids are converted into Entry Credits which means that they are out of the system. And until Milestone 3 there is no inflation.
10% of the initial amount per year, which will be approximately 73k per months.
Only we must also say that, about the same 73k factoids will be converted into Entry Credits every month, so we'll see constantly the total amount 8.5 -8.8 million factoids and inflation would actually be zero.
There s no change such a good project does not face constant increase in demand. With 0% inflation and increased demand, what s going to happen to the price?
For example, if Factom gets closely to Ethereum, we will see the cost 22 dollars per FCT coin. Perhaps even at the end of the year.
Although I said earlier (in November 2015) about 9-10 dollars per FCT coin before the end of the year. Time will tell.
Total Factoids today: 8753715
With each passing day becomes less factoids.
Why less and no more than in other coins?With each passing day becomes less factoids.
Every time the system is used, Factoids are converted into Entry Credits which means that they are out of the system. And until Milestone 3 there is no inflation.
10% of the initial amount per year, which will be approximately 73k per months.
Only we must also say that, about the same 73k factoids will be converted into Entry Credits every month, so we'll see constantly the total amount 8.5 -8.8 million factoids and inflation would actually be zero.
There s no change such a good project does not face constant increase in demand. With 0% inflation and increased demand, what s going to happen to the price?
Total Factoids today: 8753715
With each passing day becomes less factoids.
Why less and no more than in other coins?With each passing day becomes less factoids.
Every time the system is used, Factoids are converted into Entry Credits which means that they are out of the system. And until Milestone 3 there is no inflation.
10% of the initial amount per year, which will be approximately 73k per months.
Only we must also say that, about the same 73k factoids will be converted into Entry Credits every month, so we'll see constantly the total amount 8.5 -8.8 million factoids and inflation would actually be zero.
Yes. Will depend on the use of the system and on the price of Factoids.
Total Factoids today: 8753715
With each passing day becomes less factoids.
Why less and no more than in other coins?With each passing day becomes less factoids.
Every time the system is used, Factoids are converted into Entry Credits which means that they are out of the system. And until Milestone 3 there is no inflation.
10% of the initial amount per year, which will be approximately 73k per months.
Only we must also say that, about the same 73k factoids will be converted into Entry Credits every month, so we'll see constantly the total amount 8.5 -8.8 million factoids and inflation would actually be zero.
Total Factoids today: 8753715
With each passing day becomes less factoids.
Why less and no more than in other coins?With each passing day becomes less factoids.
Every time the system is used, Factoids are converted into Entry Credits which means that they are out of the system. And until Milestone 3 there is no inflation.
10% of the initial amount per year, which will be approximately 73k per months.
Total Factoids today: 8753715
With each passing day becomes less factoids.
Why less and no more than in other coins?With each passing day becomes less factoids.
Every time the system is used, Factoids are converted into Entry Credits which means that they are out of the system. And until Milestone 3 there is no inflation.
Total Factoids today: 8753715
With each passing day becomes less factoids.
Why less and no more than in other coins?With each passing day becomes less factoids.
Every time the system is used, Factoids are converted into Entry Credits which means that they are out of the system. And until Milestone 3 there is no inflation.
What s the average daily reduction? Anyone s got that data?
Total Factoids today: 8753715
With each passing day becomes less factoids.
Why less and no more than in other coins?With each passing day becomes less factoids.
Every time the system is used, Factoids are converted into Entry Credits which means that they are out of the system. And until Milestone 3 there is no inflation.
Total Factoids today: 8753715
With each passing day becomes less factoids.
Why less and no more than in other coins? With each passing day becomes less factoids.
You should also note your last record and quote it 
Total Factoids today: 8753715
With each passing day becomes less factoids.
With each passing day becomes less factoids.
Smart cities will have almost 10 billion connected devices by 2020
http://www.ibtimes.co.uk/smart-cities-will-have-almost-10-billion-connected-devices-by-2020-1492385
http://www.ibtimes.co.uk/smart-cities-will-have-almost-10-billion-connected-devices-by-2020-1492385
This seems to be really huge and the price is reacting immediately. Let s see how far up it can go this time.
Smart cities will have almost 10 billion connected devices by 2020
http://www.ibtimes.co.uk/smart-cities-will-have-almost-10-billion-connected-devices-by-2020-1492385
http://www.ibtimes.co.uk/smart-cities-will-have-almost-10-billion-connected-devices-by-2020-1492385
Chinese good luck dolls have joined the Steel Dinosaur at the Factom office for the lunar new year.
http://i.imgur.com/yobB3aU.jpg
http://www.ibtimes.co.uk/factom-signs-smart-city-deal-roll-out-blockchain-verification-across-china-1542059
http://i.imgur.com/yobB3aU.jpg
http://www.ibtimes.co.uk/factom-signs-smart-city-deal-roll-out-blockchain-verification-across-china-1542059
and if I'm one of the "unlucky few"?
*also, unlucky as in 1/300 people, or 1/5? I want to make sure I have access to this, I have 5 figures in dollars tied up to you guys - I would be pissed if I am screwed out of this money for things outside of my own control.
To check your balance, or to see if you were one of the handful of people that had problems with the koinify purchase, run the keymaker app. instructions here: http://factom.org/howto and here: https://github.com/FactomProject/keymaker
I would recommend keymaker to see if the 12 words work. If they work in keymaker, you can hold them there like a paper wallet.
If you are impatient, you can create an account on poliniex and import the 12 words and all the factoids directly (unless you were one of the lucky handfull, which keymaker will tell you)
*also, unlucky as in 1/300 people, or 1/5? I want to make sure I have access to this, I have 5 figures in dollars tied up to you guys - I would be pissed if I am screwed out of this money for things outside of my own control.
I see koinify is/has shut down and that it doesn't matter in regards to our presale buy. But, is there a GUI wallet ready? I never imported my 12 word phrase anywhere - or the coins safe in their original place forever? Or must I eventually import? I would rather not touch them for years.
To check your balance, or to see if you were one of the handful of people that had problems with the koinify purchase, run the keymaker app. instructions here: http://factom.org/howto and here: https://github.com/FactomProject/keymaker
I would recommend keymaker to see if the 12 words work. If they work in keymaker, you can hold them there like a paper wallet.
If you are impatient, you can create an account on poliniex and import the 12 words and all the factoids directly (unless you were one of the lucky handfull, which keymaker will tell you)
I see koinify is/has shut down and that it doesn't matter in regards to our presale buy. But, is there a GUI wallet ready? I never imported my 12 word phrase anywhere - or the coins safe in their original place forever? Or must I eventually import? I would rather not touch them for years.
To check your balance, or to see if you were one of the handful of people that had problems with the koinify purchase, run the keymaker app. instructions here: http://factom.org/howto and here: https://github.com/FactomProject/keymaker
I would recommend keymaker to see if the 12 words work. If they work in keymaker, you can hold them there like a paper wallet.
If you are impatient, you can create an account on poliniex and import the 12 words and all the factoids directly (unless you were one of the lucky handfull, which keymaker will tell you)
1. Factom is geared more for indexing data rather than storing it. in some cases they are one in the same, but the system makes no long term promise about quickly serving your data back to you whenever you request it. Think of it like pruning in bitcoin. Something the size of an omni or counterparty transaction would easily fit in an entry.
Now if you store a local copy of the data you need, then the factom data structures give you the ability to provide a proof later on to peers.
1.1 The current target price is about $0.001 per KiB, which equates to $1000/GiB. When the system goes decentralized in the future, it is not knowable what the Federated Servers will set this price at though.
2. It has more to do with a holistic approach to access control. If an element of immutable time is required for access, then it gives sysadmins time to respond to certain types of attacks.
3. two points.
a. We expect that communities will share their data subsets amongst each other freely. If property records are secured for some country, then it makes sense for various citizens in that country to download and share up the public data. People share up bittorrent data for free to members of their communities who want their particular datasets.
b. This is all public data, and someone will record it. Take centuries old newspapers for example. They can still be found, just not a the corner shop. You would need to go to a library to get it, or maybe pay a fee. I don't think the data will ever go away as long as there is some chance that it may be valuable, but it may be harder to get.
4. Countrywide would sign the hashes before placing them into factom. spam would be unsigned and could be ignored.
5. Paying for upload bandwidth in a distributed way is a really tricky unsolved problem in general. Both storj and maidsafe are exploring solutions to this. Every solution Paul and I explored could be gamed one way or another. If it is as successful as you are claiming, then the inflation subsidy would more than pay for upload services. There is no mining in factom so inflation does not get dissipated in electricity bills.
I made some back of the envolope numbers which Paul will present in Miami about how the data is segregated. I guess it isn't really an announcement, just an analysis, so I'll share it here. There are lots of wild guesses here, but it gives you the idea of how it will scale.
This is data per year.
Assume:
50 million shipping containers, each with 10 entries per year
117 million mortgages with 12 entries per year
5 million mortgage originations/title transfers with 30 entries per year
300 million health records with 10 entries per year
1 stock exchange with 1500 companies with 10 million entries per day each
assume 1k per entry.
total data in all the layers per year is 26.4 petabytes.
The shared part in blue is the directory blocks. This comes to 313 gigabytes.
the Entry Credit payment overhead (yellow) is only to prevent spam in the present. it can be discarded by most people, and they can just store the balance info. (think UTXO set vs full chain in Bitcoin) Notice factoids do not even show up on the graph. those are just a way to get entry credits in the first place, and there would be a 10,000-100,000 ratio in EC commits compared to factoid transfers.
Only very small subsets of the red Entry Block data is only needed by the applications to prove their states. your application would only need a small sliver of the red.
If the annual user data is 19.5 petabytes, you would only need to sift through blue 300 gigabytes to find the data for your application.
5.1 data in factom is separated into chains, which are a clean way to segregate applications and what data you are storing. I imagine in the future, you will only be storing and uploading the data which is important to your application. There are also plans to segment the network, so peers form subnets which only relay some of the data.
6. Because Sibyl. We get advantages from having a predefined authority set. As that set gets bigger it gets harder to manage. Also there need to be few enough of them to matter to vote out. see Dunbars number.
7. yes, sorry, we tweaked the protocol between the whitepaper publishing and launch. They are indeed every 10 minutes. we have a few other mistakes in the paper: https://github.com/FactomProject/FactomDocs/blob/master/Factom_Whitepaper_Errata.md
8. Thats where we started out with, but that one party could censor an individual while leaving the rest of the network working. would all of bitcoin switch over to a new network just because the miners were censoring one particular person? the next step is to allow free entry, but then to prove the negative, an application would need to download data from all possible sources, making spam trivial.
more thoughts here: https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2015-March/007721.html
2. Would you care to give an example?
3. What about private data?
5. I either don't understand or I didn't phrase my question properly. Do full nodes hold the same amount of information as Federated Servers? Federated Servers would be required to store everything in blue and everything in red, right? Would full nodes have to do the same? How much space is that?
6. Frankly, I'm not much of a security expert and while I have a vague idea of how a Sybil attack works I don't understand how one could be performed without a fixed number of Federated and Audit Servers. If you would care to explain, it would be much appreciated.
8. I'm beginning to grasp the whole censorship resistant while simultaneously spam resistant concept. However, Factom seems like an expensive solution to prevent the occasional censor and in a free market I feel like a trusted 3rd party who engaged in such practices would die while other blockchain stamping services took their place. Is this a bad assumption?
And if it's not too much trouble, I'd like to add a couple more questions...
9. Given that the factoid's real value, speculation aside, is based completely on the amount of entries entered into the protocol, given that currently less than 2000 entries are made a day, and given that when milestone 3 is achieved, which is expected to happen in the coming months, 73000 factoids will be generated each month, the current price for a factoid seems vastly overvalued. Is this all just speculation, or am I missing something?
10. Is there anything I can do to help out??
Once again, thanks for the helpful response.
3. There is no private data in factom. everything in factom is public. it may be encrypted, the the cyphertext is public.
5. Good question, this comes down to nomenclature. keep in mind that even bitcoin miners do not need to be full nodes. all they need is the UTXO set to validate transactions. The factom federated servers are the same way, they only need the chain heads, Entry Credit and Factoid balances to create new blocks. It is in their interest to serve up the data later, but the protocol does not require it.
Axiomatically, a full node will have all the data.
factom is setup so that you will eventually be able to usefully contribute upload bandwidth to the network without being a full node. This was the point I was trying to make.
6. Perhaps sibyl isn't the right term, since it means something specific. Mostly we are worried about getting the balance right between too many and too few servers. We want to have different people be the various federated servers. If an unlimited number of people can be a federated server, then it will be hard for whoever is voting to determine if someone is running multiple servers. Also, it is a bit disruptive when servers drop out, so it would be better if they were professionals who could dedicate enough attention to it. If it is spread out too much, then not enough attention will be paid at the lower levels. Also, conversations with others who have implemented similar consensus systems in the past observed that numbers much higher than 32 became problematic technically.
8. You are ignoring the network effect. Imagine if counterparty was built on a system where built on a system where it needed to be packaged by servers owned by digicash, inc. In order for a counterparty transaction to be valid, it would need to be accepted by digicash, inc. If digicash occasionally decided to cut someone out from the ecosystem, then that person effectively loses their tokens. if the system stops you from transferring them in exchange for money, you might as well not have them.
Assume there is free entry into the system. In order to verify your counterparty asset, you needed to download all of the Digicash, inc counterparty transaction. ok, that is what you had to do anyway. Another entrant, Beenz, decides to process counterparty transactions too. now in order to validate counterparty you need to download all of Digicash and Beenz. Who gets to decide what new entrants are worthy? If there is free entry, Cheapestparty, inc will start up and provide free counterparty transactions. The market goes wild and puts petabytes of counterparty trades into Cheapestparty. Now in order to validate the counterparty transactions, you suddenly need to download petabytes instead of gigabytes of transactions.
It seems you are confusing timestmping with blockchains. timestamps are for proving the positive and blockchains are good for proving the negative.
see: http://tpbit.blogspot.ca/2016/01/positive-and-negative-proofs-in.html
10. we will be starting to test the p2p network soon with milestone 2 code. we are looking for community testers who will help us test the milestone2 code before we launch it. please reach out to [email protected] if you would like to help test.
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