Couple Questions After Reading Whitepaper

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Couple Questions After Reading Whitepaper

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I understand the benefits of trustless asset transfer which Factom theoretically addresses, but some things are unclear to me:

1) Why is this project still using the Bitcoin rather than Ethereum blockchain, when the former is committed to being a store of value and thus tx fees are much higher?

2) Can't this project just be done using Ethereum smart contracts? Why the need for a separate blockchain and consensus mechanism when you could just have smart contracts that verify transfer of assets (or an audit procedure) that's timestamped in a much more standardized way?

3) What is the benefit of buying Factoids outside of using them to directly transfer for entry credits? Is the free market value of FCT tokens 100% speculative?

I'm sure there are things I'm misunderstanding about the project so I don't mean any of this to be a criticism, just trying to understand it better before I decide whether or not to invest.

submitted by /u/FollowMe22
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Source: Factom Discussions
Couple Questions After Reading Whitepaper