Topic: [ANN] FACTOM - Introducing Honesty to Record-Keeping - page 453. (Read 2115931 times)

http://www.coindesk.com/factom-land-registry-deal-honduran-government/

Pretty good achievement by Factom, with press releases like these I don't mind waiting a bit longer for the beta version ..

Oh wait, according to the latest blog post on factom.org, mainnet and genesis block is scheduled to go live Q3, so there is indeed a *delay*
May i know why?

oh right. was confused that Q2 ends end of May my bad

Q2 is over June 30th. They are on schedule.

so there is a minor delay in the Beta release because it says Q2 2015 for the milestone.

Answers to a lot of the questions people are asking are covered in the latest Factom blog post.

See at this link or the text below.

http://blog.factom.org/post/119043767999/thank-you-for-supporting-the-factom-foundation-and

Thank You for Supporting the Factom Foundation and Open Source Software
We completed our software sale this morning with over 4.3 million Factoids sold. Paul Snow CEO of the Factom Foundation said this morning, “It has been incredibly humbling to receive such an enthusiastic welcome from the bitcoin community. The Factom Foundation wants to thank each of you for helping to secure the future of the Factom Project and allow us to bring our dream of more honest systems to fruition. Over the next few months we will continue to improve the Factom API and educate developers on how to incorporate Factom into their software”.

Whats next for the Factom Foundation?
Factom will release a stable working BETA software product in Q3 2015. Developers and businesses can begin to build on top of Factom now. If you would like to learn how connect with us here.
As with any new system, user testing is a key to its long time stability and growth. If you’re interested in testing the software or want to run your own Factom server, please reach out directly.

I bought Factoids, now what?
Factoids become usable and tradable software tokens with the release of the beta Factom client. Factom network will begin rewarding the federated servers after milestone 3 is complete and all 32 federated servers have been elected. Each customer will have a Factom wallet and can use their Factoids to buy Entry Credits or send them to fellow Factom customers. Many exchanges have expressed an interest in making Factoids tradable on their platform, so stay tuned for more partnership announcements.

Where do I learn how to build on Factom?
You can find the full coding tool set on GitHub. You’ll also find useful links to developer tools and documentation. You can learn more about the community and connect directly with fellow developers at www.factom.org.

How will the end user redeem their Factoids?
When the system goes live, there will be a basic command line wallet. With this wallet, users will be able to create a Factoid transaction. They can redeem Factoids for the Entry Credit Public Keys. The master passphrase can be entered into this wallet to create the crypto signatures needed to reassign the Factoids to other addresses or to purchase Entry Credits. Easier to use wallets will be developed later on.
How will users verify their software sale identity and receive on-chain Factoids?
The purchase process already credits their identity with Factoids. The payment process sends the Factoid public key along with the bitcoin payment. 
The koinify wallet sent bitcoins to: https://blockchain.info/address/35gLt5EgB367enjSjyEDahhWWcy6p1MGf6 and each payment was tagged with an OP_RETURN value.

This code: https://github.com/FactomProject/FactomDocs/tree/master/token_sale shows how the master passphrase was used to derive the public key in the OP_RETURN.

When the Factoid genesis block is created, all the people who sent in Bitcoins will be credited with the appropriate number of Factoids. Factoid wallets will be able to assign those to new Factoid addresses or redeem them for Entry Credits.

Is Factom building a Wallet?
Yes, Factom is building a CLI wallet for Factoids. We are starting out with a rudimentary wallet. It will be usable by command line users and computer programs. During milestone 2 a storefront will be set up. These businesses will be able to use Factom without touching cryptocurrency.

What is the timeline of the chain going live?
The Factoids will be issued with the genesis block. We have targeted that for Q3 2015.
Everyone at the Factom Foundation would like to thank you for your interest and support in our project. We are working hard to finish testing the Beta and making Factom easier to use and build on. Please stay tuned to learn more about partnerships, and new developments.

Good questions.

1. So the milestone #1 delivery will give us a live Factoid chain so exchanges / Shape Shift and others will be integrating Factoids then and that will create an open market where anyone can buy and sell Factoids.

2. This answers the question as the second milestone and the store front will be after the launch of the Factoid genesis block and anyone will be able to sell Factoids.

Best to stay tuned. Regular updates are posted on http://blog.factom.org/ As you mention Shape Shift has announced it will be among the first integrators of Factoids. But first the genesis block needs to go live as part of the milestone 1.

Trading of the Factoids will start after the genesis block is released. Which is part of the first milestone that must be delivered. You can see the code coming along here on Github: https://github.com/FactomProject/

In short the code is getting close. Paul Snow will be providing a developer update next week on the Factom blog. Testing will be key for the core developers to feel confident to release the Factoid chain live. For those will the dev skills assistance with testing is very welcome.

Thanks for the questions.

1. I agree transparency is important and Factom will certainly be open about how BTC / USD is spent.

2. I think it is reasonable for the Factom Foundation to report its expenses in detail, you can count on this.

3. Koinify did not place any BTC into the sale to my knowledge and they certainly didn't get it back. You can see the address for the Factom sale is a 3 key multi signature address which is not in the control of either the Factom Foundation or Koinify but two of the three keys are held by the independent evaluator and BitGo. The same goes for the ItBit account it requires the authorization of the independent technical evaluators.

4. The Factom Foundation is certainly committed to full transparency and you can expect us to be using our own time stamping to improve that audit ability.

5. The Factom Foundation is going to be very open about this whole process as we have been with writing the whitepaper, development of the code, and so forth.

6. The Factom Foundation does have a CPA and will be doing accurate book keeping. Of course none of this will be begin until the Factom Foundation is released the first 33% of the token sale revenue which happens after the 1st milestone is delivered and approved by the technical evaluator.

In essence what the community has done is place a few thousand BTC in escrow and it only gets released when the code is complete and milestones are met. That is a best practice I hope to see replicated in the ecosystem to prevent bad actors from taking token purchasers money.

How much transparency will factom/koinify go into about the funds raised? I would like to know why every BTC transaction happens. ICOs are highly susceptible to fraud & corruption. Did factom/koinify buy their own coins in a self sale and take back the BTC? I found this post that explains a dirty little secret that koinify uses. https://bitcointalksearch.org/topic/the-icopre-salecrowd-salecrowd-funding-marketing-scam-963493

Is factom going for full transparency? Is factom going to hide behind some generic overview of what the funds are used for? I would think factom now has enough funds to hire an administrator for public book keeping of their BTC transactions.


Factom is "creating a provably time-stamped record keeping system capable of maintaining a near real-time, unforgeable audit trail". Yet, Factom can't even make their own ICO transparent in near real-time.

Let's clear some of this up.

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Factom will be publishing a development update addressing the timeline; but rest assured no money is released (33%) until the beta and chain goes live. We did not avoid publishing any of this information, it is all on the milestone guidelines on the project page.



Also, the Factoids you see in your Koinify wallet are not real Factoids, they are a "proof-of-purchase". When the chain goes live, you will enter your master passphrase you received when purchasing Factoids into the Factom wallet, in which you will then be credited your real Factoids. There will be no sending of Factoids out of your Koinify wallet. You can read more about this process here: https://koinify.com/blog/thank-you-for-supporting-factom-and-the-decentralized-movement/ - Factoids will be issued on the FACTOM chain.

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For anybody else wondering, this is the sale exodus address: https://blockchain.info/address/35gLt5EgB367enjSjyEDahhWWcy6p1MGf6?offset=50&filter=0

There was appx ~$400,000 that was withdrawn and liquidated mid-sale, which is fully disclosed here: https://koinify.com/blog/factom-executes-planned-hedging-strategy-stage-one/

The itBit USD funds require the same multi-signature approval of withdrawal that the BTC address does for funds to be removed.

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Finally, if anybody has any further questions regarding Koinify or the software sales end, you can always reach out to me or shoot us an email at [email protected]

That address is not our sale address not sure why is it even mentioned.

Excellent question.

so this is one of the criteria for milestone 2 ( Q3 2015) "[A]. Storefront for selling Factoids and/or converting them into Entry Credits for users."
 
I want to ask who will be behind the Storefront "selling Factiods" then? (because all initial factoid supply was created after the public sale)

When will Koinify enable Factoids withdrawals ?  I would like to buy some more..

Please provide an anchor reference link to the location of such information.

Can you tell us when will https://shapeshift.io/ let us to swap Factoids? or we must stay tuned for more info? I need some fund back  

when does trading starts?

There was a blog posts released by us and one by Koinify, soon after the sale end. See 1 post above for details.


We have a roadmap based on our Milestones as per the Koinify project page, more details will follow.


We have set milestones to complete before any of the raised funds are released to us.


All details about hedging the BTC contributed to the sale are in Koinify's blog and Factom's blog. We suggest to have a read through before coming to conclusions.


Thank you very much for the support. On our blog and Koinify's blog you will find all the info you need available to read.
You should investigate a little more before posting nonsense in big, red letters, Sherlock.