This coin is too centralized for me. I don't see it becoming a success because of the centralized mining structure.
This is because you are biased from the results of all the near pointless altcoins.
In the real world, with actual projects that need ongoing maintenance and improvement, giving developers a longterm stake is actually more aligned incentive wise. The developers get paid in proportion to the value they bring to the project. Once the people who run the project have salaries not paid in stake, that is when you have nothing but altruism to rely on or a need to maintain one's credibility.
However all these weirdo POW miner types have this weird sense of entitlement. Their logic is this - Since the first blockchain relies on POW every other blockchain should rely on POW ... just because.
How annoying.
I don't think you understand what factom is. It's mining (PoW or PoS doesn't matter)... but only 8 centralized miners are allowed to mine. These centralized miners will obtain 50% of all factoids created.
This centralization will allow Factom to modify blockchains and create forks easily. This is why I don't understand what this project is. If I wanted my data backed up 8 times redundant I could hash my data myself and host it on Google who would probably offer better redundancy to my data.
Nothing on Factom can be trusted because it's centralized.
For the next project, I would rather the public raise funds for salaries as the project goes a long. No need to hand out golden parachutes to obtain developers. Raise funds every year and create more XCP tokens to give investors.
This will probably go down as the dumbest crypto idea that the public got tricked into buying yet. Amazingly, the public will only be receiving 25% of all Factoids.
