Technical Update: Factomize Kittens Part Two

Technical Updates | October 15, 2015
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Factomizing Kittens
The Factom genesis block has been generated and Factom has gone into production on September 1st, 2015. Our software is now available for the world at large.

We have released an updated step by step guide on how to factomize kittens. Please remember that as this is the one and only real Factom, all chains and entries that you create will cost real Entry Credits and will remain unaltered and unalterable in Factom until the end of time (or the Internet, whichever comes first).

Dev Update
Up until now, the cost to add data into Factom (including Factoid transaction fees) has been constant. Starting midday Friday, the Factoid/Entry Credit (EC) exchange rate will be adjusted to better reflect the market price. This brings the cost to enter data back to the expected $0.001/KiB. We will try to keep the exchange rate within 25% of the observed Factoid market price.

How this affects you:

  • If you are using Factom to secure data, ECs that you have already purchased will still enter the same amount of data in the system.
  • If you purchase ECs after the price change, each Factoid will buy a different number of ECs.  It will get much closer to $0.001/KiB than it is now.
  • If you are making Factoid transactions, the minimum fees required will change too. The fees are based on how much load they put on the system. The current wallet calculates the exact minimum fee. If the Factoid price declines by 25% and you happen to construct a Factoid transaction within a short 10 minute period around noon Central time, the new minimum fee might be higher than you are paying. Unlike Bitcoin, fees below the minimum are not allowed. Luckily, no Factoids will be lost, and building the transaction again will work.

Kuala Innovations Limited + Factom Inc
We are thrilled to announce that Kuala Innovations Limited has subscribed for 400,000 seed series shares of Factom Inc. at a price of US$1.00 per Factom share for a total cash consideration of US$400,000. This amounts to 3.64 % of the issued shares of Factom Inc.

At the price paid by Kuala Innovations, Factom Inc. has an aggregate pre-money value of approximately US$11 million.

Commenting on the Factom Subscription, Kuala Co-Chairman Mr Jim Mellon noted:

“Factom has the potential to revolutionise the way industries handle, process and store “big data”, applying the huge advances of blockchain technology to real commercial issues and improving existing practices in terms of cost, time and effectiveness. With growing sales, a wide developer network integrating additional applications, and a pipeline of large client wins expected over the next 12 months, the Board believes this seed round investment by Kuala comes ahead of a significant value shift for Factom when it completes its anticipated Series A funding in the first half of 2016.“

Factom at the Global Blockchain Summit in Shanghai
Our Chairman of the Board David Johnston and our CTO Jack Lu will be attending the Global Blockchain Summit in Shanghai, China on October 15-16. Organized by Wanxiang Blockchain Labs with a theme of “Blockchain: Blueprint for a New Economy” attendees will discuss the applications and opportunities of blockchain technology in areas such as Online Payments, Internet of Things (IOT), Securities Trading, and Digital Assets Management.

There are about 200 guests attending from various backgrounds, including banking, manufacturing, information technology and academia representing companies including: IBM, Deloitte, UBS, NASDAQ Asia, Ethereum, BitShares, Factom, SkuChain, ConsenSys, and more

Thanks for being an awesome and supportive community.

The Factom Foundation Team

POSTED: October 15, 2015 BY Tanner Evans IN Technical Updates