Topic: [ANN] FACTOM - Introducing Honesty to Record-Keeping - page 462. (Read 2115931 times)

Factom combines hashes off chain, and submits a merkle sum tree, so that all hashes can be verified to avoid spamming the blockchain, as at scale which is the hope it would result in huge amounts of data on the chain.

Factom uses federated servers, and incentives to operate to maintain a system as independent as possible. Any other script at scale will cause massive blowback from developers, because of perceived spam. We saw with satoshidice how the limit for dust transactions was upped to reduce their use of the blockchain in their desired way. While it's not an instant result, I would classify what factom is trying to do as the most courteous solution, and scalable, where huge amounts of hashes can be processed off chain, and only one merkle tree is needed per block.

Let's say 10min passed an a total of 1 million entries needed to be processed into one hash. The entries are split between 9 federated servers at .001. Each federated server would make just over $100. Yet then that is further split between the backup federated servers? Correct? That would be good but Factom doesn't work like that.

What has been said, it could cost only .001 for bulk entries. How is that enough incentive to run a federated server? I must be thinking about this wrong. Can someone elaborate?

From what I gather a federated server could make about $60 if 1 million ppl submitted a bulk entry if price is .001 per bulk entry.

There will be more details on this just ahead of the launch.

Millions of entries for only .001? Why would this be worth anything? I'm not seeing an incentive to be a federated server nor invest in crowd sale except for the fact it's "cool" technology.

That helps a lot. I'm still not clear why factoids are not considered cryptocurrencies and why bitcoins or off-chain Bitcoin contracts cannot be used instead.

I would like to know how many Factoids you plan to distribute in the presale? What will be the value? What is the Market Cap you are aiming for?

This is why we are partnering with Koinify.  We do not get access to any of the raise until certain milestones are met.  The first milestone is a working protocol, with a working token.

So we do not get anything unless we deliver the value in the form of a working protocol.

Getting all the Federated Servers in place and the election process running actually requires a working protocol.  That is the last milestone. 

I hope that helps.  We are not at all trying to scam anyone, and we are not asking anyone to "trust us!  We can make it work!".  The place holder token will exist only through the crowd sale, since we cannot create the genesis block until the end of the crowd sale.  Then we kick it all off.  If we are not ready at that point, we will get no money from the token sale until we are in fact ready and can boot the protocol.  Then when the protocol kicks off, all the tokens are real.

I hope that helps.

You get a token that gives you access to the protocol.  We will not have access to the raise until we meet some hard milestones, the first of which is to produce a usable implementation of the protocol.  That will give us access to 1/3 of the raise.  To get the complete raise, we have to deliver the entire protocol.

So the bigger differences are in the execution and accountability.

Factom is different in a number of ways.  PoE hashes single files and records the hash into the Bitcoin Blockchain.  You could log many files if you wanted to, and only reveal the files you wish at a later date.  

PoE only hashes a single digital thing per Bitcoin transaction.  Factom combines many entries together and places a single hash into the Blockchain every 10 minutes.  Even if thousands or even millions of entries were placed into Factom, only the fixed entries are placed into Bitcoin.

Factom allows whatever data you like to be hashed and secured.  So the data entered and maintained by the Factom network is more flexible.

Factom is way cheaper. PoE charges 5 mBTC to log an entry (~$1.46 at the moment).  Factom would cost roughly ~$0.001 to record an entry.  That's because everyone using the system is "sharing" the Bitcoin entry.

I want to ask about the sell

I have read it is like a software IPO but what is different to the other software IPOs like maid or etherem? I mean you pay bitcoin you get a coin isn't it?

Small unrelated question: Offering a burn address for bitcoins will make those bitcoins not-usable at all forever?

How many total factoids?

If you watch the video right above, Peter Kirby explains why there is a need for Factoids and what they are used for.

The difference between going "all in" with a PoW cryptocurrency vs an ICO is that you invite scammers to target the technology. It's the same as the premined altcoins. I suppose if they offer a burn address for bitcoins that will suffice as proof they are not scamming. But they have to actually give you a working token, not a placeholder token. So far, I have not seen this offer. So to say you are "all in" is purely hype. I will take back the pitchman accusation when there is an actual offer of working factoids that are either bought through PoB or capital investment in the FACTOM network and not merely a pump and dump ICO

Yes at least ... that's a Fact... I hope i get the Token right

We thank you for the support, Blawpaw.

And the confirmation that he/she is not a pitchman is that the name is actually Factom not Factum, a pitchman would spell it right.
 

lol... I am a supporter, a believer in this technology and just for doing that you're calling me a Pitchman??? Can't I express what I think about the technology without being accused of promoting it. At least if that was the case, I would like to be paid! It makes no sense at all. If I were to make similar assumptions as you did, I would say everyone here is a Pitchman, and you're a troll...
Oh and if I was a Pitchman I would be selling something of superior quality and not inferior goods; FactOm (not factum ) technology doesn't need a Pitchman to shout how great its technology is!

Pitchman!

To the uninformed user, and in particular for those who haven’t  even heard or don’t know what Bitcoin is and how it works, it can be hard to understand how Factom technology works.

Factom kinds a looks like Ethereum to me; it presents a decentralized autonomous solution that can be used in all areas. But in Factom case it works more like a semi- decentralized autonomous network because it’s based on a federated server model.

By introducing a futuristic and functional network Factom is introducing a new scale on top of the Blockchain – The Blockchain is a giant ledger where you can store anything, and everybody has access to; it is also an extremely versatile technology because it can be used for practically everything. For now we’re just using it for currency, but it can be extremely useful for various applications.

As I already heard Peter Kirby saying, Imagine the Blockchain as the TCP/ IP as the internet protocol that basically sends bits around then Factom can be the HTTP; the structured data that allows you to build the interesting and functional tools on top of that. Within this environment, Factom will be the application that structures, processes, stores and deploys data on top of the Blockchain. This way Factom becomes a completely new ledger that can be used for storing, auditing and managing data on top of the Blockchain without having to rely on the specific rules of the Blockchain because it uses its consensus algorithm to outstrip the Blockchain limitations. Factom decreases the cost of running millions of transactions while it introduces the needed speeds to manage an optimized processing of the data into the Blockchain ledger.

Factom presents a wide number of solutions for any business and has been gathering a lot of partnerships. That’s why I’m already envisioning it as the platform that will lead blockchain technology to mainstream adoption. I'm totally going all in with this one! Looking forward to getting my hands on some Tokens:P !