Factom is a protocol to support applications that can make use of a public, immutable ledger of data. These applications can create their own data sets (chains with unique IDS) where they can write entries of any format at all, up to 10K in length each. Each 1K costs 1/10 of a USD cent ($0.001). Applications can prove the correctness (i.e. that it has not been altered) of the data using the anchors Factom places in the Bitcoin blockchain.Dear Paul,
Would you like to start with what is the current status of things at Factom and what's next?
How is milestone 2 shaping up? Any rough estimate on completion?
We have never planed to sell "checksums". The point of checksums is to detect errors in data transmission. Generally, they are cheaply computed because they are not intended to validate data integrity as much as detect transmission errors. Hashing is a related but more computationally expensive way to not only detect errors in transmission, but also validate data integrity (i.e. not even an intelligent malicious party can modify the data without breaking a hash).So I've heard that Factom is pivoting from the sale of checksums to "Blockchain consulting'. At the top of this thread - you announced Factom as "a scalable way to secure meta protocols and private chains". When did you decide to pivot, why, and what's the plan now?
Until the protocol has the target 32 federated servers, there are no incentives to run a Factom server. Once the protocol is being run on the 32 federated servers (along with an additional 32 audit servers), then about 73,000 factoids will be created per year and paid to those servers. Forever.What are the incentives to running a factom server? How many factoids are being consumed per day right now, and what's the USD value of those factoids? How many servers are on the factom network being supported by these factoids?
Opps. Failed to discuss consumed Factoids.What are the incentives to running a factom server? How many factoids are being consumed per day right now, and what's the USD value of those factoids? How many servers are on the factom network being supported by these factoids?
We have only a hand full of applications currently running on Factom. The use of the protocol slowly built through September and October, with more use coming on line during the holiday season. So I am not too worried about the adoption rate.So currently your servers are making about $500 in two months. Are you concerned that at these rates, there will be no profitability in supporting 12 servers? If those servers ran on the benevolence of the factom foundation, would Factom then be a defacto centralized data store?
Factom is a hybrid of a number of approaches. The 32 federated servers are selected ahead of time so there is no contention about what entity is ordering what part of Factom. Blocks are created every 10 minutes, every 10 minutes, on the dot. A merkle tree is created from the data collected in that 10 minutes, and the root of the Merkle Tree is written into Bitcoin. So the integrity of the Factom blocks are tied directly to Bitcoin.Will factom be secured by Bitcoin or will it have its own blockchain like an altcoin?
Blocknotary is an IPhone application that can hash a picture and place the hash into Factom.Congratulations on getting Factom to milestone one. Are there any companies using Factom in production applications? Also, the price of Factoids has declined by over 90% since trading went live. How does this price decline impact those that purchased Factoids in the crowd sale or the viability of Factom?
Factom is intended to build a data layer with its own incentives which is none the less anchored to Bitcoin to prove its ledger. This means the same proof of work that secures Bitcoin also secures the historical ledger for Factom. So applications (like DIY notary services) are easily supported by Factom. The challenge is to build an application that provides the end user with an intuitive interface. This is certainly doable.Hi Paul, I'm happy to see you're doing good progress with Factom. Our organization (Bitnation) is more focused on DIY notary services (amongst other self-governance services). In what way, if any, do you think the two approaches could work together or benefit from each other?
Yes junseth, we could have built a centralized protocol. The set of servers would have to choose what servers can be in the federation and who cannot not. And they would have to coordinate how they sell entry credits and how they share revenue. If the right to sell entry credits was desired by some other party, they would have to negotiate with the Factom servers, and make arrangements for that process. This is pretty much how the current financial system works, so it is possible. But not without centralized control by one more more parties.I would also like to understand why you sold factoids rather than allowing federated servers to simply sell entry credits for Bitcoin? Is the obfuscation simply so you could call them software licenses and do a crowdfund, or was there some other reason they were needed for the purpose of consensus?
First off, sorry for the delay in answering. And thanks to Junseth for pointing out I'd missed your question.Can you clarify your fundraising a bit for me? I participated on BnkToTheFuture. On this press release http://www.londonstockexchange.com/exch ... 38849.html it states:
"As at 30 September 2015 Factom had total net assets of US$55,727." Did Factom have some prior debts? After raising $1M+ on Bnk why would you only have $55k left after a few months? What is your current burn rate?
I have come to think it's a very relevant question and you can better weight people's opinions having an idea of how many Bitcoins they hold (or do not hold.) So Instead of asking their opinion on bitcoin, I'm now asking every participants the same question:"Never ask anyone for their opinion [...] Just ask them what they have -or don't have- in their portfolio"
Most of my investment is tied up with Factom, followed by capital assets like my home and cars. Bitcoin makes up nearly all my liquid assets. I'm not sure I can give you a percent of personal net worth, but that would be small. As a percentage of liquid assets, it would be majority of them.Hello Paul
I was re-reading Antifragile by iconoclast thinker Nassim Taleb recently. He writesI have come to think it's a very relevant question and you can better weight people's opinions having an idea of how many Bitcoins they hold (or do not hold.) So Instead of asking their opinion on bitcoin, I'm now asking every participants the same question:"Never ask anyone for their opinion [...] Just ask them what they have -or don't have- in their portfolio"
- Do you mind to tell us which percentage of your personal net worth and/or liquid assets you hold in Bitcoins ?
Let me answer this question, and if we need to go into more depth, we can do so.I'm sorry think you actually explained this, but I couldn't really understand clearly... Why can the protocol just pay the Federated servers in Entry Credits which they can sell again?
Factom allows the user to build a chain of entries. So you can not only place a copy of your will on the blockchain, but every update you might make afterwards.Can you briefly tell me some pluses of Factom over a proof of existence like website?
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