Topic: [ANN] FACTOM - Introducing Honesty to Record-Keeping - page 419. (Read 2115876 times)

Okay, thanks! But there is also the possibility to use the system like a network and giving others access to a document, right? For example: A Journalist works with another one in another country on an article. The first writes it and gives the other access so he could revise it... That'll also be possible, right? But also without storing it in the Factom-system itself, more like peer-to-peer..?

One per entry, always.

Not the files themselves are stored through Factom, but a hash. Merkle Magic is used to reduce any piece of data to a single hash. Then anyone can verify, using this hash, that the data existed in the point in time that the hash was put into the blockchain.

Factomise, baby !

Thank you for the update!

One question, what I still don't understand: Will it depend on the file seize how many entry-credits one will need or will it be the same if a document is, for example, 1 MB or 20 MB?   

They are diligent. Several updates every day: https://github.com/FactomProject/

True that. 20/80 ftw.

Mr Wang, artificially inflating token prices like that ALWAYS backfires. I've seen this time and time again. Even teams who make it their number 1 objective to stabilize a price by putting up buy and sell walls have failed. ALL of them.
You can only control a market rate for so long. Then people will game that system and abuse the attempt to create stability for their own gains.

The market will decide... the market had decided right now that the demand to raise Factoids above the ICO price is not there. Fine by me !!


Disclosure :  I've bought quite a lot extra and will continue to do so as long as I can afford it.

Does anyone really expected maximum price factoids on the market in the next year after the launch of the system and application performance? What are the predictions for the price of factoids? It can factoid cost in the next year such as 1-3-5-10 dollars/1factoid? What are your predictions?

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.

I'm not worried about price, only worried about development.
And that's what they're working on. It's the end result that counts. Coding is always based on the Pareto principle...

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.

Our timelines have slipped.   Some tasks have turned out to be harder than expected.  Working on the consensus mechanism now.  Still optimistic we can come close to our deadlines.

The price of Factoids will recover with the introduction of applications running on the protocol.  We are a small team, but we are working hard to bring applications onto the blockchain.   Then as applications need entry credits, factoids get converted to entry credits, and leave the system.  The servers will be paid in Factoids, but only after the full system is up and running.  That means that until the full system is up and running, applications will drain the supply of Factom, and help the price.

The conversion of Factoids to Entry Credits is to be set to hold an Entry Credit around 0.1 cents USD.  We have not adjusted the exchange rate yet, but will be doing so I think on Friday.  From that point on, we will follow a procedure for maintaining the exchange rate.   If the value of Factoids continues to fall, more factoids will be required to use the protocol, and more factoids will be drained from the supply.   This should stabilize the price so that the value of Factoids reflects the value of the protocol.

Volume likely bears to zero. Tomorrow will drop below 1 BTC perhaps. Notably, roadmap says the network of federated servers should have been rolled out by the end of q3 but from what im seeing there is only one 1 out of 8 servers so far. P2p consensus mechanism is expected to be revealed in q4, between oct and dec. They have less than 70 days till the end of the year to fulfill their promises on those two milestones. What if they gonna prolong their development till march or may, 2016 or beyond that? If so, it won't save the price, only extend the dying process cause there seem not to be any deep pockets supporting the price, look at the buy side, twin 20K dump could get it below 36K in a wink of an eye. Smells fishy to me, large team of coders, advisers and marketing gurus behind this coin, and nobody's worried about the price.

As far as I understand it's about the volume. 1 KB = 1 entry-credit = let's say $0,001

A file: let's say 200 kb = 200 entry credits = $0.20

That's wouldn't be much... But most of all files have much more volume. And think of a hospital and than think of 10 hospitals, other companies, thousands or even millions of private persons with personal stuff. Some little girls who like it to write a diary. Some pensioners who write testaments. Authors of books, or journalists etc. The potential demand is really everywhere. Or just think of important emails. Maybe there will be an entire e-mail-system about factom.



The thing about this project is: It doesn't look that "sexy" on first sight, but the idea really has huge potential.

For me there are two relevant questions:

- will they be able to realize it that way?
- will there be others who make it better and/or cheaper?


If they will realize what they've planned, without hard setbacks, and if they're on top of this technology, there will be demand and it will be used. I have no doubt about that. And there is also a lot of potential for a lot of other features. In best case there will be other Devs who will build applications on top of it. Maybe, just a little idea: Screenshots... proof about existence and time included. Or maybe a photo-app for a cellphone. You make a photo and it would be instantly signed by Factom "as it is" and who it made and when it was made. No more doubt about photoshop and so on. There would be proof about it that it's no fake in any way.

I don't know much about coding etc., but I believe that there really is a lot of potential in the base-idea and that there is a lot of potential in possible innovations that could be build on top of it. And theoretically it could have use for nearly everybody.

Privatpersons and companies, banks or even governments. I doubt they want it, because it's part of their "business-model" to lose files or change or fake them, but maybe... "honesty is subversive" ;-)

This is imprecise , but at a high level... (anyone, feel free to correct it)

Lets say to go to closing.  You have the closing document, the lead based paint disclosure, your loan agreement, the etc.  Lets say there are 16 documents.  The title company puts 16 document entries in, all related in a factom chain.  Two years later some question comes up.  The title company produces 14 documents.  You can look at that and say, you are missing two documents.... and that loan document is not the original.  I may not know what the original loan document was, but that ain't it.   Factom does one entry into the bitcoin blockchain (all 16 were in the same 10 minutes).  The closing may have had 16 entries into factom...or a million...or 1.

So anybody have ideas on how different use-cases may warrant different entry frequencies?
Or, is everybody assuming most factom users will put in an entry every 10min.

6 entries/hr * 24 hr/day = 144 entries/day

vs a utilization rate of 1 entry/day is a drastic difference in uptake of factoids.

Would a title registration company really have a need to update every 10 min?
Even if you were proving the starting timestamp of a patent idea, artwork, or whatever, I'm trying to understand why I'd need anything more than 1 entry/day.


What are people's thoughts and expectations on this?
The only counter I can think of is that even 144 entries/day is only $14.40, which is not a whole lot for proving honesty and goodwill--yet still comes off to me as somewhat overkill. 

And it stopped at the presale price. That's a good sign!

care to elaborate or just pumping?

Going to be a wild ride soon in FTC. Larger buyers are trying to slowly vacuum the market around these prices. Big news on the way.

2000-1500 FCT = 1BTC (average 0,0005 FCT/BTC)

Thanks, now if i can remember how much was the presale price 1 FCT/BTC