One of PegNet’s selling points is decentralization — officially there is nobody in charge of PegNet. It works as long as the people using it agrees to play by the same rules, which at the moment is done by everyone using the same software: pegnetd. As a core developer for pegnetd, one of the first questions I ask myself before considering a new feature is: how will the community react to this?
That immediately raises another question: Who exactly is the “PegNet” community and can we determine who the majority is? The obvious answer is that it’s a combination of all the people using it: members on discord, core developers, exchanges, miners, etc., however, it’s not feasible to … Read the rest
PegNet is the CPU mineable stablecoin and synthetics network for DeFi. As a mineable token, people often want to know if it was fairly launched and if there was a premine. I have gone back through history to showcase that PegNet was, in fact, fairly launched. Before I do that, let me first state that PegNet has no premine and is fully decentralized. There is no foundation; developers are from Australia, Canada, the USA, Germany, Russia, and more. Many working on PegNet rely on donations thus this call for tithings (donations).
PegNet’s mining launched on August 19th, 2019. Let’s look at the timeline leading up to this.
In early 2019, Paul Snow of Factom Inc proposed the idea of PegNet, … Read the rest
Kambani is a MetaMask-like browser extension for the Factom Protocol (and thus PegNet as well) that allows you to create a “vault” that securely holds your private keys. You can then interact with websites and wallets in a secure manner without exposing those private keys, you instead sign transactions. Kambani and the GUI wallet below are early release software and those involved with its creation provide no warranties and ask that you only use small amounts of assets in early transfers and conversions.
To transfer PEG or pAssets from your Enterprise wallet to the GUI wallet Kambani supports, you will need to export your private key from Enterprise and import it into Kambani.
As of block 222270, PegNet switched from using the bootstrap formula for the value of PEG to using the market value, calculated from the three exchanges that list the token: CiteX, ViteX, and VineX. For miners to be able to oraclize this data, we needed to add APIs to the system. Every asset in PegNet has at least two separate APIs to pull data from and we did not want to make an exception for PEG. CoinGecko was the only existing API for the price of PEG, so two entities in the PegNet community stepped up: Factoshi and Factomizewith the goal of being phased out as other data aggregators come online.. The APIs of Factoshi and … Read the rest
PegNet, which is a mineable stablecoin and synthetics network for DeFi, rewards its PoW miners that act as decentralized oracles with PEG. PEG is the only mineable token on the network and does NOT have a maximum supply but it will often contract. Inflation is a result of mining and inflation AND deflation result from conversions.
PegNet has 10 minute block times and 200 PEG are rewarded to 25 miners per block, meaning 5,000 PEG total per block. There is no halving or other reduction mechanism for block rewards.
One of the novel technical innovations of PegNet is conversions. Within PegNet, you are your own exchange, or as some describe it, bank. If you have 10,000 … Read the rest
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
Update (Nov. 6th, 2019): A new version of the PegNet Daemon has been released that lets you burn FCT by typing pegnetd burn [source address] [amount] .
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
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