PegNet is a groundbreaking stablecoin network that creates the foundation for decentralized finance. It is truly novel technology that allows for decentralized, digital versions of cryptocurrency, fiat currency, precious metals, and other assets that are called “pegged assets” or “pAssets” for short. The native token of PegNet is PEG and it is rewarded to Proof of Work (PoW) miners who act as decentralized oracles. These miners subscribe to various external market APIs and publish those results to PegNet.
On PegNet, the price of pAssets will always mirror their reference asset as it’s programmed that way. So if the data from external APIs the miners publish say Bitcoin is worth $10,000, then on PegNet pBitcoin will be worth $10,000. And if … Read the rest
It’s Monday, October 7th and today we are launching the most important aspect of PegNet: Transfers and Conversions or, in short, Transactions. They will be enabled starting with block 213237, with a planned official launch at 15:00 UTC.
What was once just an idea and a whitepaper is now reality. We are happy to release the PegNet Daemon, which will extend PegNet’s functionality to include these additional features:
Transfering any pegged asset to a different address (e.g. sending 10 pUSD to another person)
Converting pegged assets (excluding PEG) to a different pegged asset (e.g. converting 10 pFCT to pUSD)
What is the PegNet Daemon (pegnetd)?
To put it short: pegnetd is a small app that retrieves only the pegnet … Read the rest
A lot of the dust has settled on PegNet’s specification since my last blog. Mining and burning FCT have been launched with success and the implementation of transactions and conversions is underway, which means I can finally write this blog post about them. We’re also introducing a new way to grade miners, the motivation for which I’ll detail below.
Transactions & Conversions
Transactions and Conversions are very similar and PegNet is using the same chain and data structure to record both. However, we have opted to separate the logic for these. That means Transactions are operations where assets move from one address to a different address, and Conversions are operations where one asset is converted to a different asset … Read the rest
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.
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
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: