PegNet Part Two: Probabilities

In my last blog, I described how the Proof of Work is calculated and how the mining process works, but now I want to dive a little deeper into the concept of proof of work. Most importantly, I want to show the answer to the question: Why does it work?

I’m only going to address the Bitcoin Proof of Work system superficially and unless explicitly stated, all the math and formulas apply to PegNet only.

Mining

While I am going to use the term “mining” throughout this blog, it is somewhat of a misnomer because when mining for ore or other substances, there is incremental progress. When you dig a hundred foot long tunnel one day, the next day … Read the rest

Proposed List of PegNet Assets

PegNet is a decentralized, non-custodial network of tokens pegged (stabilized) to different currencies and assets that allows for trading and conversion of value without the need for counterparties. Built on the Factom Protocol, it is a fully auditable, open source stable coin network using the competition of PoW and external oracles to converge on the prices of currencies and assets. The proposed initial currencies and other assets are:

Do you have other suggestions? Join us on the PegNet Discord and share your thoughts.
*UPDATE* — PNT has undergone a ticker change to PEG.… Read the rest