The Unofficial Factbar Wiki
With so many dapps appearing on the Ethereum network every week, it's difficult for one to stand out. Factbar has separated itself from the pack by providing customized images and videos to token holders that they can use to promote their portfolios online. We've got a full explanation of how the site works and what makes it unique. If you're looking for a step-by-step guide to claiming your first Factbar, check out this tutorial. This video was made with Ezvid Wikimaker.
Is Factbar A Cryptocurrency?
Rather than being a currency, Factbar falls under a category known as crypto collectibles. Unlike cryptocurrencies like Bitcoin and Ethereum, Factbar does not have its own blockchain. Instead, it operates through a smart contract on Ethereum's blockchain. Factbars are non-fungible ERC-721 tokens, which means each one is unique and has its own unique value. Other non-fungible tokens include games like CryptoKitties or Etheremon. Factbar is different in that it is not a game, and it does not promise income based on a referral system, which is seen by many as a mark against dapps like Gandhiji or Ether Shrimp Farm. Factbars are unique digital assets, and their prices are determined by the smart contract each time they are claimed.
How Factbars Work
Do I Need Cryptocurrency To Purchase Factbars?
Factbars exist on the Ethereum blockchain, which means you can't just provide your credit card info in order to buy one. First, you need to sign up for a site like Coinbase to purchase some Ether, and download a browser extension like MetaMask to link your wallet to your browser. Once you're signed in to MetaMask, the Factbar website will recognize your wallet and allow you to claim Factbars. When you want to withdraw funds, you'll need to initiate another MetaMask transaction. For a more in-depth explanation, read our full guide on how to claim a Factbar.
Using Blockchain To Fight Fake News
Among the many Ethereum dapps that have garnered a lot of attention recently is Factbar, where users can claim visual representations of facts that are researched and verified. Factbar has differentiated itself from the games and referral schemes that have dominated the Ethereum marketplace by offering unique digital assets that can be employed by their owners elsewhere on the web. Let's break down how Factbar works and why these tokens are increasing in value.
First, let's cover why unique assets like Factbars are different from other digital tokens. Most people are familiar with Bitcoin and Ethereum, cryptocurrencies that rely on blockchain technology. Ethereum's blockchain is notable because it allows for the creation of decentralized applications, or dapps, that use smart contracts to allow for trading of alternative assets on Ethereum's blockchain.
Most tokens on the Ethereum blockchain adhere to a standard called ERC20, a set of six functions for smart contracts that regulate how they are to operate. This can include coins issued by companies in I.C.O. releases, or dapps like PoWH3D and Gandhiji that promise income based on participation and referring others to the service.
Most tokens on the Ethereum blockchain adhere to a standard called ERC20, a set of six functions for smart contracts that regulate how they are to operate.
ERC20 tokens are like Bitcoin and Ether in that they are fungible, meaning each one is the same. If you have two Bitcoins, and you plan to sell one, it doesn't matter which one you sell because they are worth the same amount. You can also deal in fractions of a coin just like you can with dollars and cents. But some assets are unique, or non-fungible.
To handle unique assets, ERC721 was created. This is a standard for smart contracts dealing in digital assets that are not all the same. If fungible coins are like dollars, ERC721 tokens are like a rare guitar. You can't sell someone part of your guitar, and you wouldn't list it on an exchange where all guitars are sold for the same price. Instead, these websites have their own marketplaces where you can buy and sell tokens, and each one has its own unique value.
One of the first games to take advantage of this growing market was CryptoKitties, digital cats that each have their own traits. They can be bred with one another to produce other kitties, and those with rare traits can fetch high prices. Millions of dollars worth of Ether has been spent on games like CryptoKitties. However, as they are games, their value is limited to a certain subset of the population.
They can be bred with one another to produce other kitties, and those with rare traits can fetch high prices.
Tokens from idle games like Ether Shrimp Farm don't actually do anything other than multiply, and you won't see value from them unless others join up and play the game. Some games, like Etheremon and CryptoCities, are incorporating multiple smart contracts for surprisingly complex games. Think of these tokens like Magic cards or "World of Warcraft" accessories. Those who play the game may pay a lot for them, but anyone who doesn't won't see much value in them.
What makes Factbar different is that it's not a game. Each of the facts listed on Factbar has been verified through a legitimate source, so the brand can act as a seal of approval. When you own a Factbar, you have access to images and videos that you can use online, borrowing the brand's credibility for whatever you're promoting.
Users can submit facts as well. You can suggest a fact, or participate in the editorial process. This will ensure accuracy, and this system of checks and balances means that well-researched Factbars can go up in value as their veracity is reinforced.
This will ensure accuracy, and this system of checks and balances means that well-researched Factbars can go up in value as their veracity is reinforced.
Claiming a Factbar is simple. You can use MetaMask to make a purchase with Ethereum. Once you do, you'll be listed as the owner, and the images and videos will render with your name. The price will automatically increase based on the smart contract. If someone else claims it from you, you'll earn a profit.
If your Factbar is highly sought after, you may find that it will quickly be claimed by someone else, and you'll see a message at the top of the Leaderboard page that you have funds available for withdrawal. To receive the funds, you must click that link, and submit the transaction in MetaMask. You'll have to pay a small amount of Ether as gas, and you need to monitor all transactions on Etherscan to make sure they go through, which you can do by clicking on them in MetaMask. The funds will not appear in your MetaMask wallet unless the Ethereum transaction has successfully been completed.
Another thing that makes Factbar different is that most dapps are games where the tokens have no real-world application. In CryptoCountries, you can pay a lot of Ether for the rights to a digital country, but only those who play the game will be interested in purchasing it from you. With Factbar, you can create YouTube videos or social media posts using your Factbars to market their value yourself.
With Factbar, you can create YouTube videos or social media posts using your Factbars to market their value yourself.
The value of Factbars continues to climb as popular ones are claimed over and over. You can both submit facts and claim available Factbars as a way of encouraging activity in the marketplace. As opposed to other crypto assets where you're holding onto a coin and waiting for others to get involved, you can actively get others involved. And since it isn't a game, you don't have to learn any subtle rules first. A new investor has just as much of a chance of building a quality portfolio as someone who got in early.
We haven't yet seen the full application of Factbar's tokens. As the brand grows, these verified facts with a seal of approval may become a shorthand online that can be proudly displayed as a symbol of a person's worldview. For now, this is a relatively new marketplace that takes advantage of the Ethereum blockchain to present assets that are unique, and may possibly show significant gains.