What I still don't understand is, what will happen to the "used" FCT's?
In the FAQ's they say, they won't get burned:
"No. The Entry Credits are burned. Entry Credits are non transferable. They can only be used to buy entries. But when they DO buy entries, the Factoid in the protocol that was used to buy the Entry Credits is released. The amount of Factoids varies since the price of Entry Credits per Factoid varies.
The Factoid paid out is calculated by dividing the total number of Factoid in the protocol by the number of outstanding Entry Credits.
The number of Factoids in the protocol and the number of outstanding Entry Credits are all computable from the Entry Chain and the Factoid Chain."
http://factom.org/faq
But in the reddit-conversation, Paul Snow says:
"Factom has both an inflation aspect (a fixed payment to the servers per peiod) and a deflation aspect (fees and conversions of factoids to entry credits remove factoids from the supply)."
https://www.reddit.com/r/factom/comments/3ozje2/eli5_what_are_factom_selling_when_they_sell/
Could somebody explain it more concrete what will happen to the FCT's after they were sold for EC's?
Topic: [ANN] FACTOM - Introducing Honesty to Record-Keeping - page 418. (Read 2115876 times)
can someone explain the federated server "system" - who elects them? - why are they limited to 32 etc. pp?
I would like to know too.
can someone explain the federated server "system" - who elects them? - why are they limited to 32 etc. pp?
Very interesting conversation about the economic design of Factom (Paul Snow answers):
https://www.reddit.com/r/factom/comments/3ozje2/eli5_what_are_factom_selling_when_they_sell/
Thanks, good readings. Hope to see the supply and inflation estimates and graphs soon. https://www.reddit.com/r/factom/comments/3ozje2/eli5_what_are_factom_selling_when_they_sell/
Very interesting conversation about the economic design of Factom (Paul Snow answers):
https://www.reddit.com/r/factom/comments/3ozje2/eli5_what_are_factom_selling_when_they_sell/
https://www.reddit.com/r/factom/comments/3ozje2/eli5_what_are_factom_selling_when_they_sell/
Again, what Factom is used for is to store HASHES not unhashed data. A hash could be compared to a fingerprint of the original data. Factom locks that hash into place on the blockchain.
Because it goes through the Factom layer first, and not directly on the blockchain, it's very scalable and pretty much without limit. It's mindboggling when you think about it.
Here's a video about it. Check it out. https://vimeo.com/125384943
Gotcha, just trying to figure out how this pricing model works. So if one entry is .001 cents, and if the marketprice of one Factoid is 10 cents, does that mean 1 factoid will buy me 10,000 hash entries on the btc blockchain?
"If you are using Factom to secure data, ECs that you have already purchased will still enter the same amount of data in the system.
If you purchase ECs after the price change, each Factoid will buy a different number of ECs."
I think this means that if the price of factoids gets lower then you will need to buy more factoids to enter the same hash.
Again, what Factom is used for is to store HASHES not unhashed data. A hash could be compared to a fingerprint of the original data. Factom locks that hash into place on the blockchain.
Because it goes through the Factom layer first, and not directly on the blockchain, it's very scalable and pretty much without limit. It's mindboggling when you think about it.
Here's a video about it. Check it out. https://vimeo.com/125384943
Gotcha, just trying to figure out how this pricing model works. So if one entry is .001 cents, and if the marketprice of one Factoid is 10 cents, does that mean 1 factoid will buy me 10,000 hash entries on the btc blockchain?
"This brings the cost to enter data back to the expected $0.001/KiB"
So if I have my math right, that is roughly a dollar per megabyte of storage, so to store a duplicate of the Bitcoin blockchain on the Bitcoin blockchain would cost roughly 46,000 dollars?
So if I have my math right, that is roughly a dollar per megabyte of storage, so to store a duplicate of the Bitcoin blockchain on the Bitcoin blockchain would cost roughly 46,000 dollars?
To store a hash of the entire blockchain on the block chain would be silly, because the blockchain is already immutable
But you CAN and it'd only cost you 1 entry credit
Again, what Factom is used for is to store HASHES not unhashed data. A hash could be compared to a fingerprint of the original data. Factom locks that hash into place on the blockchain.
Because it goes through the Factom layer first, and not directly on the blockchain, it's very scalable and pretty much without limit. It's mindboggling when you think about it.
Here's a video about it. Check it out. https://vimeo.com/125384943
"This brings the cost to enter data back to the expected $0.001/KiB"
So if I have my math right, that is roughly a dollar per megabyte of storage, so to store a duplicate of the Bitcoin blockchain on the Bitcoin blockchain would cost roughly 46,000 dollars?
So if I have my math right, that is roughly a dollar per megabyte of storage, so to store a duplicate of the Bitcoin blockchain on the Bitcoin blockchain would cost roughly 46,000 dollars?
But, they don't offer storage as in "cloud file storage", they are hasing it on the bitcoin blockchain, if you need file storage you can check on Storj and Sia projects.
"This brings the cost to enter data back to the expected $0.001/KiB"
So if I have my math right, that is roughly a dollar per megabyte of storage, so to store a duplicate of the Bitcoin blockchain on the Bitcoin blockchain would cost roughly 46,000 dollars?
So if I have my math right, that is roughly a dollar per megabyte of storage, so to store a duplicate of the Bitcoin blockchain on the Bitcoin blockchain would cost roughly 46,000 dollars?
Sounds like the price should be higher.
"This brings the cost to enter data back to the expected $0.001/KiB"
So if I have my math right, that is roughly a dollar per megabyte of storage, so to store a duplicate of the Bitcoin blockchain on the Bitcoin blockchain would cost roughly 46,000 dollars?
So if I have my math right, that is roughly a dollar per megabyte of storage, so to store a duplicate of the Bitcoin blockchain on the Bitcoin blockchain would cost roughly 46,000 dollars?
Our latest Technical Update is out: Factomize Kittens and learn how to factomize your entries, Entry Credits conversion rate news and more.
Check it out on our blog:
http://blog.factom.org/post/131223682859/technical-update-factomize-kittens-part-two
http://www.coindesk.com/blockchain-factom-400-funding-11-million-valuatoin/?utm_content=buffer49f80&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer
"The investment was provided by Kuala Innovations, which purchased a 3.64% stake in the company for 400,000 Seed Series Shares at $1 per share. According to a statement by Kuala, the investment gives Factom Inc a pre-money valuation of $11m."
"The investment was provided by Kuala Innovations, which purchased a 3.64% stake in the company for 400,000 Seed Series Shares at $1 per share. According to a statement by Kuala, the investment gives Factom Inc a pre-money valuation of $11m."
can anyone explain me the difference between factom inc, factom and the factom foundation?
it would be funny as hell if factom inc (which I assume is an institutionalized entity using the factom network would be valued 13th times as high as the whole network).
it all does not really make any sense for me.
what is kuala BUYING there?
The Foundation oversees the protocol. It owns stuff, but doesn't have a development staff. The public entity pays developers and pursues projects that build on the protocol.
There are many problems with a non-profit established to promote an open source project. The idea of dual incorporation was pioneered by the Mozilla foundation, which develops and owns the rights to the Firefox browser. Factom is organized in a slightly different fashion, but utilizes the same dual incorporation model to solve the same issues, plus provide legal isolation for a distributed blockchain technology.
I know this raises perhaps as many questions as it answers, but I hope it helps anyway.
Paul
Is this email legitimate? I have had a few friends receive it, and we did promote their crowdfund in the past, although it seems a bit sketchy.
This is legit. I emailed Kevin, and he did in fact send out that email. We tracked referrals, and owe Bitcoin to people that participated in the program.
Paul
http://www.coindesk.com/blockchain-factom-400-funding-11-million-valuatoin/?utm_content=buffer49f80&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer
"The investment was provided by Kuala Innovations, which purchased a 3.64% stake in the company for 400,000 Seed Series Shares at $1 per share. According to a statement by Kuala, the investment gives Factom Inc a pre-money valuation of $11m."
"The investment was provided by Kuala Innovations, which purchased a 3.64% stake in the company for 400,000 Seed Series Shares at $1 per share. According to a statement by Kuala, the investment gives Factom Inc a pre-money valuation of $11m."
can anyone explain me the difference between factom inc, factom and the factom foundation?
it would be funny as hell if factom inc (which I assume is an institutionalized entity using the factom network would be valued 13th times as high as the whole network).
it all does not really make any sense for me.
what is kuala BUYING there?
Oh, man
Investors gave you 6000+ BTC totally, If you really want to help the price, please take a little of them(e.g. 600 BTC) to do price thing like buy back some FCT etc, you believe in your project, correct? Moreover, price going up will attract more investors and be eye-catching, it will help to build more stronger Factom ecosystem and community on the contrary, influence is power, this is how crypto currency price working at the current stage, does it make sense?
But the most important thing is the business, if a real company or government uses Factom, it will be a very big news! I believe Factom is/has been already contacting with some potential customers like Honduras.
Please take my suggestions seriously, I hope and believe Factom has a good future.
We are not in a position to do a buy back. We need the funds to drive the projects we are working on, and ensure we meet our commitments on projects. And that will do more for the price of factoids than any buy back.
The system is designed to be valued by the users of the protocol. Without significant users, Factoids will trend to zero no matter what we do. The opposite is also true, the value will go up with use of the protocol. So it is the latter that is our focus.
Paul
Is this email legitimate? I have had a few friends receive it, and we did promote their crowdfund in the past, although it seems a bit sketchy.
Doesn't seem right. I'll check on it.
Paul
EDIT:
Checked up with Kevin, and this is in fact legit.
The Holy Trinity: Blockchain, Medical Records and Wearable Tech
Technological advancements in this day and age are seen as both a blessing and a curse. Innovation is always heralded with anticipation and hesitation at the same time, leaving the door wide open for mass consumption of technology that isn’t properly protected. Recent innovations, such as wearable tech, might prove to be a security risk in the near future. While mass adoption of wearable tech will not happen just yet, protecting medical records is becoming a key point of focus.
https://news.bitcoin.com/holy-trinity-blockchain-medical-records-wearable-tech/
Technological advancements in this day and age are seen as both a blessing and a curse. Innovation is always heralded with anticipation and hesitation at the same time, leaving the door wide open for mass consumption of technology that isn’t properly protected. Recent innovations, such as wearable tech, might prove to be a security risk in the near future. While mass adoption of wearable tech will not happen just yet, protecting medical records is becoming a key point of focus.
https://news.bitcoin.com/holy-trinity-blockchain-medical-records-wearable-tech/
http://www.coindesk.com/blockchain-factom-400-funding-11-million-valuatoin/?utm_content=buffer49f80&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer
"The investment was provided by Kuala Innovations, which purchased a 3.64% stake in the company for 400,000 Seed Series Shares at $1 per share. According to a statement by Kuala, the investment gives Factom Inc a pre-money valuation of $11m."
"The investment was provided by Kuala Innovations, which purchased a 3.64% stake in the company for 400,000 Seed Series Shares at $1 per share. According to a statement by Kuala, the investment gives Factom Inc a pre-money valuation of $11m."
No.
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