Topic: [ANN] FACTOM - Introducing Honesty to Record-Keeping - page 445. (Read 2115876 times)

Over-hyped nonsense that will likely result in very little use/adoption. 

Hey, fartbags and NextGenCrypto , I wonder what you have to say about Augurs' current sale with their 20% cut for the "Early Angels & Founding Team and Forecast Foundation"..

Take a sit and watch the magic happen.

Dear fartbags and NextGenCrypto your assumptions are your assumptions, lets consider them for what they are.
When we hosted our token sale it was clearly stated that 20% of the Factoids were reserved for early investors, that is no secret, everyone before purchasing Factoids was able to find that information.
As David mentioned we cannot disclose the names of the people who participated in the early sale, is that what are you looking for, the names of the people?

Their funds helped Factom develop its software since 2014, without them we wouldn't have been able to be where we are now.

David also mentioned: The Genesis block will show the amounts of Factoids owned by all participant addresses that took part in the early sale (20%), main sale (50%), and the early contributors (30%).

That is where you'll be able to see where all the Factoids are.

Amen, fartbags!!!!  We've seen this MO far too many times around here and the lack of transparency will come back to haunt you, many of us will ensure that. 

Do the right thing.

My main concern is with future discussion about the "early sale (20%)".

How do we know any funds were actually raised? Since you say factom will provide no proof of presale funds raised, this will forever be a possible developer 20% hidden premine scam.


I believe there was funds raised but without proof of these raised funds, there will always be this negative theory that you are scammers. Maybe you faked a presale. Maybe you plan to give away some of the early sale (20%) factoids for precrowdsale marketing.


You should show the same transparency with presale as you will with crowdsale. It would be the "Honest Record-Keeping" thing to do.

Thanks for the questions.

In order to respect the privacy of the early Factoid purchasers the Foundation will not be releasing individual transaction ids for participants, as we didn't ask for or seek their permission to release transaction details.

For those interested in checking / auditing the proportion analysis of the holders of Factoids you are welcome to check the public Genesis block when it is released as part of the Factom Genesis version of the live Beta. The Genesis block will show the amounts of Factoids owned by all participant addresses that took part in the early sale (20%), main sale (50%), and the early contributors (30%).

I'm happy to talk about the reason for the early sale of Factoids. It was done in order to provide support for the core developers of the Factom Client from the period beginning in mid 2014 through April of 2015. There have been more than 5 full time core developers working on the Factom Client during that period and getting paid to do so was the only way they could afford to focus all their efforts during that time in order to create the Factom Alpha and now the Factom Beta.

The early purchase period of Factoids was not private or invite only, anyone that approached the Factom Foundation about supporting our efforts was informed about the early purchase opportunity. Similar to the early contributor pool the Foundation was very public about welcoming any community members to help write and review Factom code, spread the word about Factom or otherwise contribute to the project and all their efforts were recorded and included in the Factoid pool for early contributors. More than 70 members of the Factom community took part in being community leaders, code reviewers, advisors, or making other contributions. This whole process has been done openly with repeated calls to the community for support.

Its important to note, the participants of the Factoid early sale didn't get any preferential treatment compared to the price paid by the main sale participants. A similar amount of support was collected during the early sale as was collected during the main sale, but split among a 20% pool instead of a 50% pool. In the end Factom Foundation can't make any predictions about the future price of Factoids, we only know that the protocol connects the utility of the Factom Network to the use of the Factoid tokens via the use of entry credits. The consensus paper is worth checking out on that topic. https://github.com/FactomProject/FactomDocs/blob/master/FactomLedgerbyConsensus.pdf

I hope that information is helpful : )

Can you provide the BTC tx ids of the "early" private investments which will be receiving 20% of the premine?

Could you also go into more detail about this "early" investor stuff. What is it and why was it done? Why was this "early" investment phase private and not open to the public?

In my opinion, just be patient, some governments will use Factom sooner or later, not only Honduras, it's very potential.

can the dev say something about it?

So is it news?
If it is then do you think it affects anything?

We will update on that, at the beginning it will be command line. But we haven't defined what binaries will be available for the full beta.
We will try to make it available for as many platforms as possible.

Yeah, that's a bit short of information.

Here is some discussion about it, which probably lead to the tweet:

https://docs.google.com/document/d/1idEYEHd0woIFJsIiSGX482R2Q12zcQIXMwOcLquS9g8/

Is there a windows version when beta launches?

https://twitter.com/junseth/status/632353045687455745

looks solid, but we will see when the right time comes

Looking forward to the release. We wrote an almost-biblical story about it http://www.newsbtc.com/2015/08/14/factom-genesis/

We do take feedback seriously, the dev team is investigating what can be done to make it easier for our supporters to use Factoids.
We'll try our best to make our wallet work for as many people as possible.