Re: [ANN] FACTOM - Introducing Honesty to Record-Keeping

A few questions I hope someone can answer.

The reason Factom works with a token (Factoid) is to prevent it from SPAM. With Factoids you can buy (EC) Entry Credits.

1. What is the price of an EC (as I heard this always stays the same, regardless of the Factoid price)?
2. Are the costs of 1 entry equal to 1 EC?
3. If the Factoids are meant for preventing SPAM, why are they tradable at all? i.o.w: Why not just buying EC's directly for a fixed price and that's it.

1. Price is $0.001

2. yes

3. Factoids are also meant as payment for those who run the federated server (about 73k FCT in total per month). That's why they are an important aspect for a decentralized system. And the value of Factoids will reflect the use of the system, because every time when Entry Credits are bought, Factoids are converted into EC's and "burned" and the total supply decreases.

Price for an EC is $0.001, but in the future who will set the price for an EC? Factom? Federated servers?

As far as my knowledge goes the price for one entry credit is fixed at a rate of $0.001 till M3 is launched. During the launch of M3 a new price could be set by Factom. After that point the price can't be changed anymore.