Factom-like feature in Bitshares

[mudshark79]

https://github.com/FactomProject/FactomCode/blob/master/LICENSE

[brainbug]

Obviously, we are in favor of having a Factom-like feature in Bitshares - partially also because the Bitshares blockchain is that fast. Maybe it is a stupid question, but since we are currently not aware of the technical details: Is it possible to transmit a payload of, e.g., 1kb or so with a Bitshares (BTS or FBA or whatever) transaction? (In a similar manner than in Bitcoin?) To us, Factom is nothing more than a link between hashvalue and payload. Maybe it would be a good idea in that regard to allow to scale payload sizes with an increasing fee. Anyway, according to your ansers, there is nothing alike in the works in the Bitshares universe, right?

[fuzzy]

Why?  Why would anyone use this on Bitshares blockchain?   It might be reset on v3.0 and lose the value from the feature you are trying to sell.  How much does it cost to store a hash on the 2 networks?  Is BitShares even cheaper than Bitcoin?

It is really about the frontend software to some extent. I guess if the datastore functionality of BitShares was suitable it could be better simply because another parrallel chain would not be needed. Regardless, those Factom guys do a lot of networking and marketing etc. Just because you build a competitor doesn't mean people will be lining up to use it..

i like the idea. why not have it and at the very least use it as a community as we grow.  would this be an fba?

[gamey]

Why?  Why would anyone use this on Bitshares blockchain?   It might be reset on v3.0 and lose the value from the feature you are trying to sell.  How much does it cost to store a hash on the 2 networks?  Is BitShares even cheaper than Bitcoin?

It is really about the frontend software to some extent. I guess if the datastore functionality of BitShares was suitable it could be better simply because another parrallel chain would not be needed. Regardless, those Factom guys do a lot of networking and marketing etc. Just because you build a competitor doesn't mean people will be lining up to use it..

[brainbug]

Anyone? 

[brainbug]

This topic shall discuss possibilities and use-cases for  BTS as a basis for Factom-like services in order to "sign"/timestamp documents, i.e., arbitrary files. To us, the Factom-approach of a 'virtual notary' appears the best approach to deliver a valueable service to people and industry that is needed frequently and virtually everywhere. Actually, since the idea should be more or less easy to implement into any coin or blockchain, we expect this feature to become 'blockchain standard' at some point in the (near) future.

We consider such kind of notary service (as integral part of Bitshares, or as additional service) quick and painless to (rudimentary) implement. As we are not following all the planet-wide developments here, we simply open a new topic on this matter (given that there is no comparable topic like this at bitsharestalk, to the best of our knowledge).

- What is needed in order to implement a rudimentary notary service using the Bitshares blockchain? Could BTS be used directly? Does this or a similar approach already exists in the Bitshares universe?

- In case someone builds a new notary software in the Bitshares universe, like the Factom-client, could one expect that the current Bitshares 2.x API will 'always' be there or, at least, being backward-compatible? That is probably the most crucial point for any software development on the Bitshares blockchain. How does Cryptonomex is handing/thinking about this?

More thoughts on this probably come soon.. how are you seeing this, what are your thoughts?