Thank You for Supporting the Factom Foundation and Open Source Software

By Nicola Minichiello – Communications

We completed our software sale this morning with over 4.3 million Factoids sold. Paul Snow CEO of the Factom Foundation said this morning, “It has been incredibly humbling to receive such an enthusiastic welcome from the bitcoin community. The Factom Foundation wants to thank each of you for helping to secure the future of the Factom Project and allow us to bring our dream of more honest systems to fruition. Over the next few months we will continue to improve the Factom API and educate developers on how to incorporate Factom into their software.”

Whats next for the Factom Foundation?
Factom will release a stable working BETA software product in Q3 2015. Developers and businesses can begin to build on top of Factom now. If you would like to learn how connect with us here.

As with any new system, user testing is a key to its long time stability and growth. If you’re interested in testing the software or want to run your own Factom server, please reach out directly.

I bought Factoids, now what?
Factoids become usable and tradable software tokens with the release of the beta Factom client. Factom network will begin rewarding the federated servers after milestone 3 is complete and all 32 federated servers have been elected. Each customer will have a Factom wallet and can use their Factoids to buy Entry Credits or send them to fellow Factom customers. Many exchanges have expressed an interest in making Factoids tradable on their platform, so stay tuned for more partnership announcements.

Where do I learn how to build on Factom?
You can find the full coding tool set on GitHub. You’ll also find useful links to developer tools and documentation. You can learn more about the community and connect directly with fellow developers at www.factom.org.

How will the end user redeem their Factoids?
When the system goes live, there will be a basic command line wallet. With this wallet, users will be able to create a Factoid transaction. They can redeem Factoids for the Entry Credit Public Keys. The master passphrase can be entered into this wallet to create the crypto signatures needed to reassign the Factoids to other addresses or to purchase Entry Credits. Easier to use wallets will be developed later on.

How will users verify their software sale identity and receive on-chain Factoids?
The purchase process already credits their identity with Factoids. The payment process sends the Factoid public key along with the bitcoin payment.

The koinify wallet sent bitcoins to: https://blockchain.info/address/35gLt5EgB367enjSjyEDahhWWcy6p1MGf6 and each payment was tagged with an OP_RETURN value.

This code: https://github.com/FactomProject/FactomDocs/tree/master/token_sale shows how the master passphrase was used to derive the public key in the OP_RETURN.

When the Factoid genesis block is created, all the people who sent in Bitcoins will be credited with the appropriate number of Factoids. Factoid wallets will be able to assign those to new Factoid addresses or redeem them for Entry Credits.

Is Factom building a Wallet?
Yes, Factom is building a CLI wallet for Factoids. We are starting out with a rudimentary wallet. It will be usable by command line users and computer programs. During milestone 2 a storefront will be set up. These businesses will be able to use Factom without touching cryptocurrency.

What is the timeline of the chain going live?
The Factoids will be issued with the genesis block. We have targeted that for Q3 2015.

Everyone at the Factom Foundation would like to thank you for your interest and support in our project. We are working hard to finish testing the Beta and making Factom easier to use and build on. Please stay tuned to learn more about partnerships, and new developments.

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