Topic: Factoid - The Software Token For The Factom Network - page 2. (Read 11822 times)

Glad to see you posting the info publicly. I know I had encounter an issue when I tried originally and could not find an easy way to contact you directly.

Reminder: If you encounter any technical or account issues with your purchase, email [email protected] and we will get back to you right away. We have a hotline you can call as well for instant support.

Cheers!

Team Koinify

You are welcome. Thanks for the well articulated questions.

djohnston, thank you for the excellent answers.

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You are indeed understanding correctly. 50% of the genesis block Factoids will come from the software sale, 20% from the early sale, and 30% from the early contributors. One note, there are no "insiders" these Factoids in the early contributor pool are rewarded to everyone who added value to the Factom project before its launch post May 15th. This includes white paper reviewers, advisors, community leaders, core developers, and everyone else who the Factom team recorded as having added value to the Factom project. This process was open to anyone and the team has repeatedly invited members of the community to join the effort and earn Factoids from the early contributor pool. This open process and transparency has been one of the main drivers of the large team and community that Factom has gathered.

To answer your question, Yes, that does mean that if 10 million Factoid are sold during the software sale, the total number of Factoids will be 20 million in the genesis block.

Thanks again for the great questions.

Thank you for your answers, they were very helpful.  Could you help me understand the percentages referenced above?  If I'm understanding it correctly, the Koinify website says 50% of the genesis block Factoids will come from the public sale, 20% from the early private sale, and 30% from endowments to insiders.  Does this mean that if 10 million Factoids are sold during the public sale, that number will be doubled to 20 million for the genesis block?

There isn't a set number of Factoids. The Software Sale will give you a total number of Factoids sold.
Over the years more Factoids will be earned by Factom Servers and Nodes as a reward for contributing computing power and resources to the network.

You can find an estimate on the Koinify website: https://koinify.com/#/project/FACTOM

so what will be the total amount of factoids???

Thanks for the questions. See here below.

#1. The genesis block of the Factoids (to be released post May 15th) will contain all Factoids from the software sale, early contributor and early sale pool participants as described in percentages on the Factom Koinify profile: https://koinify.com/#/project/FACTOM

So to answer the question directly. No. The genesis block will contain all Factoids that will be valid in the protocol and they will come into existence at the same time, no Factoids (beyond for testing purposes) will be created before the Factoid Chain is released.

#2. No Factoids will be created after the Genesis block of the Factoid Chain, except for the 10% annual emission you highlight. Its worth highlighting that this 10% annual emission is multiplied against the genesis block Factoids and is thus non compounding. Specifically the number of Factoids in the 10% annual emission is set by the genesis block and stays the same in absolute terms year after year. Thus the percentage of the Factoids rewarded to Federated Servers declines as a percentage of the total Factoids that have been issued over the history of the network.

#3. There will not be a cap on the number of Factoids. The emission will continue in perpetuity.

#4. Shape Shift has committed to integrate Factoids into their system and so yes it is anticipated that Factoids will be tradable after May 15th, though this is out of the control of the Factom Foundation and will depend on third parties conducting integrations.

#5. The Factom Foundation does NOT have its own pool Factoids separate from the early sale, early contributors and software sale. Though the Factom Foundation is able to hold Factoids as part of its endowment in addition to the BTC that is collected during the software sale or later via donations from sponsors.

This question of holding Factoids has come up as one the purchasers in the early sale pool failed to complete the committed amount of the purchase and the Factom Foundation ended up holding these Factoids as part of its endowment. Though not originally planned this scenario resulted in the Factom Foundation holding a minority of the Factoids in the early sale pool.

#6. On the question of if "Factom" will provide "Off Chain Transactions" I could interpret this question is several ways. Provided you are asking about Factom supporting financial transactions off the bitcoin blockchain, I'd say that any record can be recorded in Factom, though generally speaking this is data records and not financial transactions. Though given Factom doesn't have any gate keepers or restrict the type of data a user adds to the system its possible users will add financial transactions to the Factom system. Will these qualify as "off chain" I suppose in a way they would, though given Factom places an anchor every 10 minutes into the Bitcoin Blockchain this data is secured to the blockchain periodically though without having to place nearly as many transactions into the Bitcoin Blockchain to accomplish this security and audit ability.

#7. Factom is a general purpose data verification layer in which the user can write and read from an immutable set of records that have been secured to the blockchain. Factom does not have any application layer features. Anyone issuing tokens, securing records, creating transactions on top of the Factom data verification and auditing trails would be doing so independent of the core Factom protocol which only provides for the writing and reading of data. In short, there is virtually no overlap between Counter Party, Omni Layer, or other decentralized applications which have features such as decentralized exchange, token issuance, smart contracts and so forth. In fact the goal is as Factom proves itself a stable protocol for the publishing and reading of data done in a way that is secured to the blockchain, but allows for much greater scaling, speed and cost efficiencies, that platforms such as Counter Party and Omni will integrate Factom into the way they secure meta data for their different features.

I hope those answers are helpful.

 

Will any Factoids exist before 5/15 besides those sold in the crowdsale?

Will any Factoids be created after 5/15 besides the annual 10% emission?

Will there be a cap on the total number of Factoids or will the annual emission continue into perpetuity?

Will Factoids be available to trade on the open market after 5/15?

Does Factom the organization hold any Factoids, or will they?

How will Factom provide for off-chain transactions?

How much overlap exists between the functionality provided by Factom and that provided by Counterparty?

Sales been going great, feel free to reach out to [email protected] for any questions, comments, or concerns on the sale.

We are thrilled to announce that Jocob Dienelt, a veteran at Morgan Stanley, has left to join the Factom Foundation.
He has joined the team as a Treasurer. This was pretty big news so it was covered by a few media outlets today.

Bitcoin technology startup hires Morgan Stanley manager
http://www.reuters.com/article/2015/04/06/morgan-stanley-factom-idUSL2N0X31H020150406

Bitcoin technology startup hires Morgan Stanley manager
http://www.businessinsider.com/r-bitcoin-technology-startup-hires-morgan-stanley-manager-2015-4?IR=T

Morgan Stanley Veteran Joins Bitcoin 2.0
http://finance.boston.com/boston/news/read/29607960/morgan_stanley_veteran_joins_bitcoin_2.0

Morgan Stanley Veteran Jacob Dienelt Joins Bitcoin 2.0 Startup
https://bitcoinmagazine.com/19889/morgan-stanley-veteran-dienelt-joins-bitcoin-2-0-startup/

Blockchain Tech Startup Hires Morgan Stanley Advisor
http://www.americanbanker.com/news/bank-technology/blockchain-tech-startup-hires-morgan-stanley-advisor-1073621-1.html

Bitcoin technology startup hires Morgan Stanley manager
https://au.news.yahoo.com/technology/a/26996206/bitcoin-technology-startup-hires-morgan-stanley-manager/

Bitcoin technology startup hires Morgan Stanley manager
http://zeenews.india.com/business/news/technology/bitcoin-technology-startup-hires-morgan-stanley-manager_122818.html

Factom Hires Morgan Stanley Veteran as Crowdsale 2nd Week Nears 2.9 Million BTC
http://allcoinsnews.com/2015/04/07/factom-hires-morgan-stanley-veteran-as-crowdsale-2nd-week-hits-325000/

Wall Street Veteran, Former Nike CIO Join Bitcoin Startups
http://cointelegraph.com/news/113894/wall-street-veteran-former-nike-cio-join-bitcoin-startups

Bitcoin technology startup hires Morgan Stanley manager
http://ca.reuters.com/article/technologyNews/idCAKBN0MX1EB20150406

Morgan Stanley Veteran Joins Bitcoin 2.0
http://www.marketwatch.com/story/morgan-stanley-veteran-joins-bitcoin-20-2015-04-06

Morgan Stanley Veteran Joins Bitcoin 2.0
https://secure.globeadvisor.com/servlet/ArticleNews/story/PRNEWS/20150406/enUK201504063711

Morgan Stanley Veteran Joins Bitcoin 2.0
http://www.bloomberg.com/article/2015-04-06/ajDV7Gwao6c4.html

Articles are still coming out, so we'll update if we spot more.  

Thanks for the questions.

First, the demand for the Factoids / Entry credits will be driven by demand in the market based on those seeking to use the capabilities of the platform.

Second, the Factom team can't make an predictions or set any expectations about the future price of Factoids as this is entirely determined by the open market.

Third, its worth reading the whitepaper on http://factom.org/ to understand the how Factoids function.

Here is a useful video on the topic: https://youtu.be/MlzyI1bfyD4

In short the primary function of a Factoid is to convert into entry credits which are used in the Factom system to make entries into the blockchain secured Factom ledger. Basically publishing the hash of a larger data file in a way that is immutable, time stamped and decentralized. This is helpful for auditing and other business processes. I recommend checking out the Use Case videos on the Factom website.