Was PegNet Fairly Launched?
pegnet defi
Was PegNet Fairly Launched?

By PegNet | Factom Hub | 13 Jan 2020


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.

July 25th


The #Launch channel is created on PegNet’s Discord.  It contains launch discussion planning and announcements.

 

July 29th


The first tweet from the PegNetNews twitter account.

 

July 31st


An in depth article on PegNet mining is published by a PegNet Core Developer and shared on Twitter.

 

August 12th


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.

 

August 13th


The BitcoinTalk.org Announcement thread is made and mining information is posted in the main post.

 

August 14th

A reminder about the Monday mining start and a Chinese PegNet translation are posted to Twitter.

 

August 15th

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.

 

August 17th

A reminder in the BitcoinTalk.org thread to get ready for the Monday mining start.

 

August 18th

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.

 

August 19th

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.

 

August 25th

Factoshi mining and FCT burn stats for PegNet are announced:

 

September 7th


People begin burning FCT for pFCT


 

September 15th


An in depth article on Conversions and Transactions is published and later announced on Twitter.

 

October 1st


Two more Twitter updates on FCT to pFCT burns was made.


 

October 2nd


CryptoNinjas writes an article about PegNet.

 

October 3rd


The first day with 10,000+ FCT being burned to capitalize PegNet is announced on Twitter.

 

October 4th


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.



 

October 5th


Milestone 2 (Conversions and Transactions) is announced on Bitcointalk (below) and Twitter.


 

October 7th


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.


 

2.  PegNetMarketCap.com is released which shows supply, volume, marketcap and much more data for PegNet.  It is announced on Bitcointalk (below) and Twitter.


 

3.  Altcoin Magazine writes an article about PegNet.

 

October 11th


An announcement that PEG conversions go live on the 14th is made on Bitcointalk (below) and Twitter.


 

October 14th


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.


 

October 16th


An article detailing how PegNet assets are stabilized on exchanges via arbitrage is released and shared via Twitter.

 

October 24th


A second guide for converting FCT to PEG is released and shared on Bitcointalk (below) and Twitter.


 

November 4th


The first public pool goes live and is announced on Bitcointalk (below) and Twitter.

 

November 12th


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.

 

November 15th


An article on the maximum supply of PEG (there is no max supply) is published.

 

November 21st


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.


 

November 26th


The first block explorer is released and announced on Bitcointalk (below) and Twitter.

 

November 27th


Huge players such as f2pool are seen starting to enter PegNet.


 

November 28th


More than 400,000 total FCT are converted to pFCT, many of which are converted into PEG.


 

December 1st


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.


 

December 4th


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.


 

December 9th


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.


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PegNet - The stablecoin network for DeFi


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