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, wrote the white paper, and began early coding. A large, international community of developers, marketers, and more began to come together to help make his vision a reality. This community of people had substantial experience in the crypto industry and made sure to have a transparent, fair launch.
The #Launch channel is created on PegNet’s Discord. It contains launch discussion planning and announcements.
The first tweet from the PegNetNews twitter account.
The following is posted in the #Launch channel on Discord announcing TESTNET mining and that mainnet mining will start Monday the 19th at around 17:00 UTC. This is also shared on Twitter.
The BitcoinTalk.org Announcement thread is made and mining information is posted in the main post.
A reminder about the Monday mining start and a Chinese PegNet translation are posted to Twitter.
A Tweet is made by David Johnston to his 6000+ Twitter followers and links to his Medium article detailing PegNet, coming mining launch, and how to take part.
A reminder in the BitcoinTalk.org thread to get ready for the Monday mining start.
1. A reminder on the BitcoinTalk.org thread to get read for the Monday mining.
2. A Tweet is made reminding people about the coming mining start date and inviting them to a livestream of the mining launch.
1. Another reminder on the BitcoinTalk.org thread to get read for the Monday mining at 17:00 UTC.
2. Also an invite to a livestream event that started prior to mining starting and went through the first few blocks of mining.
3. Mining went live at approximately 17:00 UTC with no issue and a tweet was sent out announcing it and inviting people to Discord.
Factoshi mining and FCT burn stats for PegNet are announced:
People begin burning FCT for pFCT
Two more Twitter updates on FCT to pFCT burns was made.
CryptoNinjas writes an article about PegNet.
The first day with 10,000+ FCT being burned to capitalize PegNet is announced on Twitter.
People involved with PegNet went to Ethereum’s DevCon to spread the word. In addition, on the 7th, a PegNet meetup was announced and held at DevCon on the 9th.
Milestone 2 (Conversions and Transactions) is announced on Bitcointalk (below) and Twitter.
1. Milestone 2 (Conversions and Transactions) goes live an an in-depth article on how to setup the PegNet ecosystem for conversions and transactions is published and shared on Bitcointalk (below) and Twitter. This guide include instructions for burning FCT to pFCT and thus to PEG.
3. Altcoin Magazine writes an article about PegNet.
An announcement that PEG conversions go live on the 14th is made on Bitcointalk (below) and Twitter.
1. A huge guide to all things PegNet is published on Publish0x.
2. Regular updates regarding PEG conversions and marketcap start getting posted on Twitter.
An article detailing how PegNet assets are stabilized on exchanges via arbitrage is released and shared via Twitter.
The first public pool goes live and is announced on Bitcointalk (below) and Twitter.
The first post that tracks how much FCT has been burned to pFCT to capitalize the network, is made and links to the Factoshi stats.
An article on the maximum supply of PEG (there is no max supply) is published.
An announcement to upgrade PegNet that stops conversions back into pAssets with less than 100 million market cap and 5 million daily volume is made. This is to avoid gaming of the system by manipulating the reference asset. The PIP (PegNet Improvement Proposal) was published here.
The first block explorer is released and announced on Bitcointalk (below) and Twitter.
Huge players such as f2pool are seen starting to enter PegNet.
More than 400,000 total FCT are converted to pFCT, many of which are converted into PEG.
The plan to move to a predictable supply for PEG is published. This decision was made for MANY different reasons with one of the main concerns being:
A. PEG was susceptible to liquidity attacks from whales.
B. Without a predictable supply of PEG, miners would not invest in the infrastructure to secure the network as their investment.
The first PegNet hard fork is announced for December 9th on Bitcointalk (below) and Twitter. This lets PEG be priced by exchanges and sets the 5000 PEG/block conversion capacity thus removing the unlimited conversions to PEG per block which would bring a predictable supply.
1. A reminder is posted about the hard fork and the it would be the last block for unlimited PEG conversions on Bitcointalk (below) as well as Twitter.
2. 1 million total FCT are burned for pFCT, many of which are converted to PEG.
What was shared in this post is only a small slice of the communications surrounding PegNet. As you can see, the PegNet community worked very hard to ensure that the PegNet launch was fair, transparent, and as open to as many people as possible. No launch is perfect and you can only reach so many people in this crowded space, but in my opinion, PegNet has done an excellent job.