Cryptocurrencies are supposed to provide people with an alternative store of value, facilitate fast and cheap transactions, enable payments and more, all without relying on trusted third parties or middlemen.
Today, we have thousands of cryptocurrencies that aim to do just that. However, the fact of the matter is that we’re just not there yet. Take Bitcoin, the leading cryptocurrency for example. Transactions are slow and expensive and the price is highly volatile. It’s not an ideal currency for payments or transferring a stable store of value. Other cryptos suffer from the same issues and when we add conversion between crypto-assets into the mix, more issues arise.
When converting one crypto for another, you generally send it to an exchange. The process takes time, it’s kind of complicated, and involves various fees (transaction fee, deposit fee, trade fee, withdrawal fee). When it’s all said and done, it’s just not an efficient process.
All of these issues described above is exactly what PegNet aims to solve.
To summarize the above presentation; PegNet is an open, distributed, autonomous protocol running on top of the Factom protocol. It’s a stablecoin 4.0 network for payments, conversions, and store of value for digitized assets including cryptocurrencies, fiat currencies, commodities, and more.
With PegNet, users can hold the value of Bitcoin, the value of the US dollar, the value of Gold, and the value of any other digitized asset on the PegNet network. But that’s not all, users can also use PegNet to make payments in Dollars and Euros without a credit card, without a payment processor, without a central bank, without a currency processor, without an exchange, without a broker, or without any other centralized third party.
PegNet enables users to store value, convert between assets, and make payments themselves by embedding these capabilities into the PegNet protocol. It truly is a revolutionary protocol with the potential to bring crypto mainstream and it’s already growing at an unprecedented rate.
As seen from the tweet below, PegNet has surpassed $350,000 in asset capacity in just 9 short days:
All in all, PegNet is an exciting new protocol that enables new possibilities with digitized assets and cryptocurrencies.
What do you think about PegNet? Will this new and exciting protocol revolutionize the crypto and digitized assets industry? Let us know what you think in the comment section below.