Document Discussion Do we agree with the proposed mission and vission?

Do we back the suggested mission and vision moving forward?

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This week I hosted a zoom meeting to present both the analysis and the technical direction from a functional aspect, to not make it too technical.
The analysis document also contained the mission and vision as a result of the analysis.

This major timed discussion is to ascertain whether the ANOs believe that this should become the mission and vision for the "Factom" v2 protocol moving forward. The word "Factom" is between quotes because of the potential rebranding I believe to be necessary.

The easiest to use, stable priced, blockchain for data integration and collaboration in the world

“Factom” provides hybrid virtual blockchain technology that allows developers to use permissioned, strongly typed data and schema’s using tools they know, without having to learn blockchain perse. Allowing for a low-cost and easy data exchange and proofs between parties without having to worry about centralization, censorship or data loss, removing the need to reinvent the integration wheel


The presentation video: Zoom recording

This presentation document: Powerpoint PDF

Analysis: Powerpoint PDF


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The mission and vision are quite developer focussed. While that may indeed be the technical direction, we also need a mission and vision from an application standpoint.

This answers “how do we do it”, before “what do we want to achieve”.

I.e Will this technical direction prohibit certain use cases?

Do we really want to put all our hopes and resources into a niche market for anchoring/securing data?

Given the chance at a restart, shouldn’t we build an ecosystem that every person and every company will find value in? Something people are excited to both use and invest in?

E.g We are ideally placed to become an L2 for ETH/BTC, an efficient DeFi platform, or an NFT mint/marketplace.

These are markets we can quickly gain funding, developers, community and traction for well before a finished product.

Again, maybe the first step is indeed the shared technical direction. I’m interested to hear what applications will and will not be possible with 2.0.
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I agree with Colin. Reading through both this and the technical document, I still don't entirely understand why anyone would want to use the network. What does the application layer look like? What does Factom offer that people need? What problem is being solved?
Sorry missed this during my travels.

The primary objective is focussed at providing the simplest integration and components (tokens, identities, permissions, typed data) into the blockchain world for non-blockchain developers and by extension also for blockchain developers.

We are at a unique position because of our data-layer to create something like this.

I understand that Colin wants to go down the DeFi path, as he has been doing that for some time now. That is totally fine, as I would hope fur stuff like that to happen. That is the longer term outlook for the protocol and something I am discussing with parties, as they typically have a need they want to see the platform fulfil. That is exactly why having strong typed data together with standard resolution is very helpful to create your application. Having identities, with multiple cipher suites, groups, and ACLs together with tokens that can have their own rules, a platform that can easily be used for oracle data, rewards, lending, marketplaces on top would be an ideal platform to build your DeFi project on.

If we however want to only transform Factom into a DeFi or NFT project, simply because we feel 'that sells', well guess then you would setup a new project to do exactly that. Either from scratch or you would build on top or rather alongside V2. So I guess Colin you can relatively easy do what you feel we should be doing with Factom V2, but then in a place where you are sure your DeFi solution could be used in other solutions built on top.

Factom has its roots in data, the analysis shows that we should protect and expand that part as it sets us apart, with the proposed changes we can bring a toolbox to build platforms, marketplaces and solutions on top of it, creating a suite of connected apps, with strong typed data and interoperability at its core, on which parties can build/sell services and make money from its usage.

Colin and for instance Anton want to work on DeFi. I am in contact with parties that want to do NFTs. Kompendium is doing NFTs and bridges. Guess what all these parties would benefit from?
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