Factom President: ‘Real Time Auditing of Govt Spending Will Bring a New Level of Accountability’

CT: What are your thoughts on other decentralized data storage approaches like Storj, Maidsafe etc.?

PK: I’ve had a chance to meet Shawn and Tome at Storj and a few of the Maidsafe guys like Daniel and Nick. Totally wonderful people working on some impressive technology. It fills a different need in the technology stack as Factom, so we’ve been able to collaborate on projects and share ideas. These are tools that look to replace cloud storage like Dropbox. Factom is designed to be a thin data verification and validation layer.


I hope he’s right, but that’s precisely why (almost) no government on Earth would want to use such a system unless it was centralized under someone’s control (it’s not too hard to guess whose).

Because terrorists, you know…

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Yup, and don’t forget, governments are not allowed to store their data all over the world. There are laws that prevent that due to law, security etc. That’s one of the reasons Amazon and Google etc. have data centers all over the globe.


I’m not seeing massive interest in it really, considering it’s raised around $220,000 only in 5 days. …still 5 weeks to go though :smiley:

Technically data is stored in your own servers (which can be on premise or in country), only the hashes are stored on the blockchain, so I think with MaidSafe the location may be an issue, but with an on-premise fork you’d be good. Also with some custom local blockchain. But if one controls Factom servers and also storage nodes, how is that different from Apache + Oracle?

Do you know what is actually being sold? If you know, tell us why this is not considered massive interest (or what would be massive interest in your view - 500K, 1 mil, etc.).

Factom thingymabobs…

$1000,000,000,000,000,000,000… : in 1st 5 mins :smiley:

Just like I thought - gibberish!

Lol…you asked, so I answered and both answers made perfect sense. :smile:
I think rather than gibberish, the word you are looking for is flippant…as I answered in the spirit with which the question was asked. :smiley:

Still little interest… :smiley:
I can see this being really useful but seems to me to be something that would be integrated into other systems, rather than work as a system by itself. I was waiting to see if interest picked up but it hasn’t really- the reason being that it was mentioned/intimated (somewhere on Factom) that the expectation was for $4m upwards. Don’t quote me on this but it was touted that 4m was suffice to keep dev team going for 2 years. As they are halfway through a crowdsale (with diminishing rewards) and have still not raised 1m, then my worry would be what happens after 6 mths?
The other off-putting thing is the expense of using Factoids/credits - if you got 1000 credits per Factoid, then maybe…but 1:1? Why would you invest?
Surely, you’d be better off investing in Mastercoin, which is going to integrate it, especially as Safe is invested in it too? Just my thoughts…

Yeah, perhaps people will one day start asking this questions in numbers.
And when I (above) asked if you checked what was actually sold, you ridiculed my comment.

Lol…Come on you didn’t “just ask” and I answered flippantly in response, I certainly didn’t ridicule you and the only apparent ridicule was in the (apparent to me at least) intimation that I didn’t know what I was talking about or hadn’t done any research - hence the flippant reply…
All of these coin ipo’s Safe included are a way to fund the projects and get the tech “out there”. The people who will mainly initially benefit/monetize are the app developers. To my mind it is analogous to manufacturing a car for example, the car makers reap the rewards along with tyre,engine, wheel ,headlights etc makers… Investors get the plentiful “oil” that runs the car- as has been said many times.
I’m only in Safecoin because I want to see the project succeed in the hope of a better future- I’m under no illusions as to becoming mega-rich from Safecoin. :smiley:
The dynamic at work here seems to be fractal like. It starts with money flowing into Bitcoin, from there it trickles down into Bitcoin 2.0 etc projects, the value of Bitcoin transferring to the next level apps/systems - eventually Bitcoin will be maybe $10,acting as the “oil” for the sub eco-system in the way Safecoin will from the start, Safe- Network will seed sub eco-systems and apps.The trick (to make money), as I see it, is to either create or invest in apps, or follow the projects where the money is trickling down into.
It’s also very likely that there is going to be consolidation of projects working collaboratively,each invested in each other this is the fractal nature of any sub projects.
I see Safecoin as a means to an end by firstly creating the eco-system/platform from which investments in sub-projects/apps can be made - it isn’t “just” the oil of the Network. :smiley:

This is about Factom so I’ll just ignore the MaidSafe part.

I was telling you the response was not likely to be overwhelming because people are essentially buying “micro-licenses to use an open source software platform which has little value to Average Joe”, so it was not hard to figure out why there was no Ethereum-like mania.
Maybe companies and organizations will need those in significant quantities, but for individuals they seem non-essential.

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Yes, I understand where you are coming from. Where I was thinking it may be quite useful in regard to small businesses, sole traders etc is in conjunction with a cheap accountancy package. For example, in my case, I couldn’t afford an accounts package such as Sage, so I (eventually) made a “make do” one in Excel and added Diary etc as I am totally incapable of keeping a paper one. I always end up months behind with my accounts/diary and have to re-construct everything,downloading bank statements, finding all receipts etc. The thing is, although I am scrupulously honest, I’m sure I’m going to get “stung” by the Taxman at some point for whatever crappy regulation/rule I’m not following.
Now I recognise it will not solve all my problems, but at least I would be able to maybe upload my excel sheet once a month, so I can “prove” no changes have been made -at least one month to another. I believe an actual open source accounts package maybe tied to the Factom system might be useful. As I say, this may not solve my my main problem of not being arsed keeping proper records in a timely manner.
I’m just thinking well wtf, I don’t earn a great deal, largely by design, as my goal is to work less and spend more time doing interesting shit, than earning more. Once my bills are paid, I stop working basically, (so I have a bit of a backlog actually…lol). I also know that I’m honest, so that’s what I’ll just tell Taxman, bollocks to 'im I say. :smiley:

The world I’d like to see is one where PRISM still exists and is actually much much more aggressive but its run by the open source community and it is aimed exclusively at every big corporation and government so that they have no reasonable or enforceable expectation of secrecy ever past, present or future. They do it in the light or they don’t do it at all. Think of its as maximum due process. No more 911s. We couldn’t afford them to begin with and certainly not in this world of nuclear proliferation. No more freeing psychopaths to do moronic things, no more glorification of psychopathy. If there is going to be fear it will be what’s left of states and big money fearing the public and not the other way around. Weaponized money will have a camera following it everywhere.

DIY bit-stamping:

  1. Install a Linux VM and bitcoin 0.10
  2. Install one of these software packages
    GitHub - maraoz/proofofexistence: Prove the existence of files using the bitcoin blockchain.
    GitHub - shesek/btproof: btproof.com - trusted digital timestamping on the bitcoin blockchain
  3. Once a montth, fire up the VM and bitcoin so that it catches up
  4. Use s/w from step 2 to broadcast its checksum
  5. Email the checksumed file to your dedicated “archive” gmail address which you otherwise never use

If you’re too lazy, then:

  1. Encrypt your file
  2. Use https://www.btproof.com/ or http://www.proofofexistence.com/ to broadcast
  3. Email the file, encrypted, to your dedicated “archive” gmail address (record the password somewhere)

I don’t know if your gov’t recognizes such proof, though… It may be enough to simply email yourself the damn files to Gmail and Hotmail (2, just in case).

Aw…thanks Janitor, I really appreciate the info - I’m going to look into it and bookmark post. Cheers :smiley:

This is the sort of thing I hope to see forced on governments initially through stuff like Slur, but eventually just how they function. They should never be allowed black budgets.