I think a neat idea for factom would be to have bitreserve use verify their reserve chain on factom rather then just internally.
That's another good use case for Factom. Keep the ideas coming everyone!
Topic: [ANN] FACTOM - Introducing Honesty to Record-Keeping - page 466. (Read 2115876 times)
That's another good use case for Factom. Keep the ideas coming everyone!
I think a neat idea for factom would be to have bitreserve use verify their reserve chain on factom rather then just internally.
Interesting idea, I'd like to see how it ends up.
that's good point, interested in the future plan.
Freedom's Phoenix: Paul Snow Interviewed by Ernest Hancock
Watch Ernest Hancock interview Paul Snow at Factom earlier today for the latest news and updates.
And get some popcorns while you are there as it's 2 hours! Very interesting chat, recommended.
Watch Ernest Hancock interview Paul Snow at Factom earlier today for the latest news and updates.
And get some popcorns while you are there as it's 2 hours! Very interesting chat, recommended.
Interesting idea, I'd like to see how it ends up.
How many Factoids will be available?
We haven't gone that far yet. We will make announcements about crowdsale and methods of participation when we have defined it fully.
Our main concern for the moment is towards our software and our team is concentrating on that.
How many Factoids will be available?
Managing block size with speed and storage ability of the internet. Transaction costs will average out. I don't think it's unreasonable for the world to be fiber optic in the next decade. We already have it installed in much of the Philippines.
I've not seen any demonstration of 1:1 pegging in any cryptocurrency. They are asking bitcoin core developers to make hooks for other assets, but those hooks can be exploited and add burdens to Bitcoin. If they can do it with multisig, then I say give it a try. The multisig pegged coins can be swapped for hooked coins later if necessary.
I've not seen any demonstration of 1:1 pegging in any cryptocurrency. They are asking bitcoin core developers to make hooks for other assets, but those hooks can be exploited and add burdens to Bitcoin. If they can do it with multisig, then I say give it a try. The multisig pegged coins can be swapped for hooked coins later if necessary.
Ah, so you're in the camp of "let's solve the scalability issue with increased block size". I respect this opinion and don't really have one on this, but I think it's very crucial to research and test alternatives.
Now in the context of Factom: imho, and to my understanding, it should not be used for "critical" information, say for example financial transactions, but it could turn out to be a very nice candidate to extend the system with arbitrary data, in particular, and in the context of meta-coins like Mastercoin, I'm thinking about moving meta-data, such as asset descriptions, which are "nice to have", but not mandatory, off-chain.
Managing block size with speed and storage ability of the internet. Transaction costs will average out. I don't think it's unreasonable for the world to be fiber optic in the next decade. We already have it installed in much of the Philippines.
I've not seen any demonstration of 1:1 pegging in any cryptocurrency. They are asking bitcoin core developers to make hooks for other assets, but those hooks can be exploited and add burdens to Bitcoin. If they can do it with multisig, then I say give it a try. The multisig pegged coins can be swapped for hooked coins later if necessary.
I've not seen any demonstration of 1:1 pegging in any cryptocurrency. They are asking bitcoin core developers to make hooks for other assets, but those hooks can be exploited and add burdens to Bitcoin. If they can do it with multisig, then I say give it a try. The multisig pegged coins can be swapped for hooked coins later if necessary.
Ah, so you're in the camp of "let's solve the scalability issue with increased block size". I respect this opinion and don't really have one on this, but I think it's very crucial to research and test alternatives.
Now in the context of Factom: imho, and to my understanding, it should not be used for "critical" information, say for example financial transactions, but it could turn out to be a very nice candidate to extend the system with arbitrary data, in particular, and in the context of meta-coins like Mastercoin, I'm thinking about moving meta-data, such as asset descriptions, which are "nice to have", but not mandatory, off-chain.
Bitcoin bloat, speed, and costs, can be addressed in the Bitcoin protocol itself.
I'm a bit surprised, how so? While you have some points, this is one of the first early, but serious steps of moving off-chain and partially solving the issues mentioned.
I've not seen any demonstration of 1:1 pegging in any cryptocurrency. They are asking bitcoin core developers to make hooks for other assets, but those hooks can be exploited and add burdens to Bitcoin. If they can do it with multisig, then I say give it a try. The multisig pegged coins can be swapped for hooked coins later if necessary.
Bitcoin bloat, speed, and costs, can be addressed in the Bitcoin protocol itself.
I'm a bit surprised, how so? While you have some points, this is one of the first early, but serious steps of moving off-chain and partially solving the issues mentioned.
Will you guys be using Counterparty for more than just tokenization?
Does Counterparty still destroy bitcoins? I never liked them much after they sent a couple thousand bitcoins to their doom.
2100 destroyed BTC were exchanged automatically for XCP on a protocol level. I don't know why you wouldn't like them for that. It increased the scarcity and therefore the value of Bitcoin... Would you prefer if they raised BTC in an illegal crowdfund like 99.9% of all altcoins? How fantastically that worked out for most projects.
I'm sure many more than 2100 BTC are unspendable due to lost private keys or wallet files...
Factom Use Case - Protecting Sony Pictures with Blockchain Technology
Watch how Blockchain Technology can protect Sony Pictures using Factom and Storj.
Watch how Blockchain Technology can protect Sony Pictures using Factom and Storj.
Will you guys be using Counterparty for more than just tokenization?
Does Counterparty still destroy bitcoins? I never liked them much after they sent a couple thousand bitcoins to their doom.
Will you guys be using Counterparty for more than just tokenization?
We are planning our crowdsale for the moment. Once we have some clear guidelines and announcements have been made we can look at the rest.
Bear with us in the meantime.
Will you guys be using Counterparty for more than just tokenization?
Is Factom still planning to use Omni/Master Protocol?
We will issue tokens on Omni and Counterparty to be converted to Factoids on Factom at the end of the crowdsale.
We want to give our supporters more than one option to participate.
I will join in.
seems a good project....do it fast so i can try it out and if it legal and worked well then i can arrange nearly 50-100people to spend money on it
Concerns:
1. Document forgery
2. Document storage
3. Human error in surveys and documents
4. Anonymity
5. Fraudulent assets
Mostly I'm concerned about monetizing sovereign land with decentralized networks. Powerful countries would more easily exploit poor nations. Land ownership requires biometric ID. I can see the benefit of decentralized record keeping like Storj and MaidSafe, but FACTOM seems susceptible to fraud. Bitcoin bloat, speed, and costs, can be addressed in the Bitcoin protocol itself. There will always be counterparty risk with human derived assets and it's best to keep them accountable.
I can see FACTOM become a documentation service like TransUnion.
1. Document forgery
2. Document storage
3. Human error in surveys and documents
4. Anonymity
5. Fraudulent assets
Mostly I'm concerned about monetizing sovereign land with decentralized networks. Powerful countries would more easily exploit poor nations. Land ownership requires biometric ID. I can see the benefit of decentralized record keeping like Storj and MaidSafe, but FACTOM seems susceptible to fraud. Bitcoin bloat, speed, and costs, can be addressed in the Bitcoin protocol itself. There will always be counterparty risk with human derived assets and it's best to keep them accountable.
I can see FACTOM become a documentation service like TransUnion.
FACTOM? I barely knew 'em!
We used to be called Notary Chains, we have now moved to Factom.
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