Factoshi – Transparency on how Factom is being used

Factoshi has published a script which will record your FCT revenue in a fiat currency of your choice. It writes key details including (but not limited to) time, transaction ID and payment values to a file for easy importing into Excel and can post receipts directly to Bitcoin.tax. The script is designed to be kept running, but it will also backfill historical transactions with historical market prices (price data for transactions which are greater than one week old are slightly less accurate). Find this script on the Factoshi Github and ensure you take note of the read me first.

Who is Factoshi?

Alex and DC (currently anonymous) met through crypto and quickly became good real-life friends.

The Factoshi project/s timeline

Factoshi are working on two projects:

  1. A Metrics web application that will give people insight into how Factom is being used. The development is in process, the backend is well underway and an expected release date of Q3 2018.
  2. IP (Intellectual Property) application being developed alongside the the metrics project with an expected beta release by the end of 2018.

How does Factoshi further the Factom protocol?

Factom is a smaller ecosystem and as part of that there’s less transparency on how factom is being used. The Factoshi metrics app builds out the ecosystem so it’s easier to get information and more transparency on how Factom is being used. This model is important amongst crypto assets and brings Factom up to speed with the large cap markets.

The IP app is primarily about getting use out of the Factom blockchain directly. It will burn entry credits, to use factom to submit data to secure data.

What industries does Factoshi believe the Factom protocol could serve best?

Factom works anywhere that you needs greater honesty in digital information. There’s nowhere that’s not needed.

Authority Set application process interview questions

  1. How did you find the process of the Authority Set application?

    Overall very good, everyone acted with a high degree of professionalism. I (Alex) think the roll out of M3 could of been smoother and better planned with more warning of specific criteria that the applications would be judged on.
  2. What areas of the application process do you think need amending and why?

    Not so much needs amending, but tweaked a little and made more specific to future applicants.  
  3. What was the most difficult aspect of the process?

    The most challenging thing was keeping up with the evolving flow of information in the community to see what the best practises were.
  4. What has been the most enjoyable aspect of the process?

    The community and getting to know people. We’re now very familiar with each other and have build some great working relationships that we see developing.
  5. What would you have done differently in hindsight?

    Nothing. We’re happy with what we proposed and the outcome.
  6. Any recommendations for teams that are applying to join the authority set?

    Stay on top of what’s going on in the community because that’s how you’ll understand what’s expected from you. Without paying close attention to what was happening in discord we wouldn’t have known what bases needed to be covered in the application. Any way you can pick up points, don’t throw things away like having a low efficiency if you can’t make up for it. Pay attention to all the details, hardware specifications.  Stay on top of what is going on within the community. Learn expectations. Cover bases.
  7. What exchanges have you had success creating corporate acts on and what was the time frame?

    We contacted a UK exchange, they need documentation of where the revenue will be coming from. Right now we’re pending with Bittrex.
  8. What would you like to see included in an Authority summit?

    We need to decide what the desired outcome is. Maybe extend it from being an Authority Node summit to having a general Factom summit with a Hackathon and an Authority Node meeting tacked on it. If we made it a wide event, then it becomes more about promoting Factom generally and the ecosystem. We could use the grant pool for prizes for the hackathon and attract talent.
  9. During the application process, what channels in the Factom Discord do you use the most?

    Test-net was one of the main places initially throughout the application process where we went to. A lot of the technical discussion has now shifted to the Operators channels.

Connect with Factoshi

Factoshi website

Email Factoshi