Topic: Is the whole point of Factom the ability to store hashes on a blockchain? - page 2. (Read 1907 times)

The point of Factom is to create a place where users (mostly applications) can place data in an organized list or set of lists, and secure that data against the Bitcoin blockchain.

Factom does not push all of this data into the Bitcoin Blockchain, but rather combines all of the data provided to all lists into a Merkle Root and places that root into the Bitcoin blockchain every 10 minutes.

Factom will use a set of Federated Servers (elected by the users of the protocol, i.e. Delegated Proof of Stake) to collect this data and create the hash placed into the blockchain.  Factom is also set up to separate the accounting and overhead of the protocol from the data recorded in these lists.  So applications that mostly need to read data do not have to wade through the tokens and Entry Credit data to access their application data.

So to the question about placing hashes on a blockchain.... Yes, mostly data held externally will be secured in Factom using hashes placed in some Factom Chains.   You are not limited to hashes, and more small data (like asset trading) the data might be inserted directly into Factom.

Proof of Existence is only part of securing business processes.  What is also needed is uniqueness, sequence and membership.  You need to also be able to assert where records will be secured.  The order in which they are entered.  And proof of what has NOT been entered.  And of course, proof of existence (timestamp and hash) of a document's existence at some point in time.

Now  justusranvier is a big critic of the project, and a very idealistic individual.  We used a token to create a system that will stand on its own and provide incentives for running the servers necessary to support the protocol.  I believe his central complaints with our project is that we use a token to decentralize the protocol, and that we have used a token sale to provide the initial distribution of the tokens and to fund the development.   I have always been open to any review of our design by Justusranvier and suggestions for how to improve (simplify) our project.

Yes, I believe that's all factom does. This is a huge innovation that will have many benefits. It costs BTC to insert data on the blockchain. factom reduces costs of this.

Of course the ICO was over priced. They did not need that much money to build factom. I bought some factom just in case. I will hold mine for 10 years. If bitcoin goes up a lot then factom should as well.






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A side note on user creation for open source software:

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I thought as much 

What use cases do they plan to have for this in Bitcoin?

Include a particular hash in a transaction that gets mined in a block.

This constitutes proof that the data which produced the hash existed at the time the block was mined.

The proof is as strong as the blockchain is difficult to retroactively rewrite.

Can you define proof of existence? Is it storage of small bits of data on the blockchain?

The point of Factom is to profit from a Factoid pump-n-dump.

The rest is handwaving and obfuscation.

There are much better ways to do proof of existence and if the Factom team cared about building a quality product instead of executing a P&D they would have used those instead.

Question in the title 

I feel like I am missing something here..