Federated Reserve

Chris Garry (@mrroboto) creating the question thread for applicant team Federated Reserve. Please feel free to ask any questions or ping us on discord. Other team members are @FANG, @Henry Liu, @jmartinez10, @markthorsen. Thanks!
As mentioned in section 2, should we be elected, we will be deferring a minimum of 50% gross
revenue to the Protocol Grant Pool.
Small remark. The deferment means you will not receive the FCTs that go to the grant pool in the first place. So technically it is not gross revenue.

Could you elaborate on situations where you would be deferring more than 50%?

Could you elaborate on these alarms? How is the team notified?
We will setup cloudwatch alarms for our EC2 instances which will post to an AWS SNS endpoint when it fires. AWS SNS can relay this to email and mobile numbers. We can also alarm on CloudTrail logs, which we can write the output of a monitoring daemon to. Fo anything that cant be handle by AWS, we will implement on-call tools using Twilio, however AWS CloudWatch/CloudTrail + SNS can cover all of our needs.
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Are you also monitoring factomd or the network? If so, could you elaborate?
We would like to implement process monitoring as well. factomd may be monitored using something off the shelf like Nagios, or a cron job to check the output of netstat, ps, and vmstat as mentioned earlier. The output of this cron can post to CloudTrail, which we can setup filters to alarm on, post the alarm to AWS SNS enpoint, and forward email and text to our phone.
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B. I understand how you may evangelize Factom in the future. Please provide me an example or examples of how you evangelized Factom in the past.
We’ve met with many teams and encouraged them to check out Factom.

Just recently we met with IPwe, an intellectual property project, that’s putting IP records on the blockchain. We connected them with the Factom team and encouraged them to use it.

We’re connected to the Head of Partnerships at Udacity and helped Factom form a partnership with Udacity, which gives Factom the opportunity to train blockchain developers and evangalize Factom to the 1.6 million Udacity users.

We secured a speaking spot for Factom at the Distribute 2018 Conference in Hamburg, Germany in June.

We met ZED at Polycon. ZED is building a global platform for remittances. We pitched them about using Factom for ZED to validate the dozen or so steps required for KYC in each market are fully met and documented for auditing purposes.

We are introducing the Factom Foundation to the Symmitree team to bring smart phones with biometrics to refugees and third world countries so they can own their personal identity.

We are working with DigitalTowns to integrate Factom into their infrastructure layer to secure the identity in local towns.

We've also introduced to Lawthentic to build on top of Factom protocol to ensure evidence are immutable for court cases.
Thank you for your application.


Could you give me the list of conferences you already attended?
Which company/companies did you represent at these conferences?
Silicon Valley Blockchain Society in San Francisco - 2/14
Bitcoin & Ethereum Superconference in Denver - 2/16-2/18
Tokyo Accelerator - 2/21-2/25
Polycon in the Bahamas - 3/1-3/3
SXSW in Austin - 3/12-3/14
Silicon Valley Blockchain Society in San Francisco - 3/14
Token 2049 Conference in Hong Kong - 3/18-3/22
Satoshi Vision Conference in Tokyo - 3/23-3/25
Silicon Valley Blockchain Society in San Francisco - 4/11
Italian FinTech Forum in Milan - 4/11-4/15

We represented Yeoman’s Capital at these events. Should we be selected as an authority server, we’ll create business cards for Federated Reserve so we can represent Factom at these events as well.

Small remark. The deferment means you will not receive the FCTs that go to the grant pool in the first place. So technically it is not gross revenue.

Could you elaborate on situations where you would be deferring more than 50%?
We’d like to make some grants directly without having to go through the grant pool process. If we see opportunities to deploy Factoids to speed up the process, we may deploy those Factoids directly.

With that said, we’d still have to cover our operations cost and incentivize our team members away from elite companies. This way you end up with the highest quality people running the infrastructure.

Could you be more specific? What kind of projects would we be talking about?
We work closely with blockchain developers and IT security experts. Since this industry moves so quickly, we have scheduled calls with them every week to learn about new best practices. The projects we would develop or fund would be the security capabilities they recommend to us.
How could the standing parties hold you accountable for the development you are talking about? Why not use the grant pool for this type of development?
We would use the grant pool for most of this development. It’s projects we think are more urgent that we would develop or fund the development of directly.

We can be held accountable to the standing parties by showing them that we’ve sent the Factoids to the parties we’ve engaged with to develop these projects. We’ll show you the transaction and provide validation of the transaction.