PegNet (PEG)

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PegNet (PEG) is a new cryptocurrency and stablecoin network for decentralized finance. The project is made by a group of Factom (FCT) developers in 2019. Currently, there are 26 factom focused organisations all working on the protocol in different ways, making it a non core area for the original Factom inc. 

The PegNet project 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. With PegNet, users can convert between any Pegged asset for just 1/10th of cent ($0.001) with no middleman. The network currently supports pegged assets for cryptocurrencies, fiat currencies, and precious metals with many more assets and even baskets planned. 

PegNet is a fully auditable, open-source stable coin network that uses a sophisticated Proof-of-Work (PoW) mining algorithm and external oracles to converge on the prices of currencies and assets. Miners on the network use their general purpose computers to mine price data into an Oracle Price Record (OPR) and receive PEG tokens for their work. 

The PegNet (PEG) token value is the summary of all pegged tokens in the market. The market value of all the pegged assets, divided by the number of existing PEG is used to set the value of PEG prior to exchanges establishing a market price. PEG can be converted into any pegged asset and pegged assets can be converted into PEG by burning the asset you are contributing and issuing the asset you want. 

PegNet has a variety of use cases including payments, payment services, store of value, transaction scaling, settling of smart contracts, oracle system, trading platform, and DEX liquidity mechanisms.

PegNet - What is it and what does it do?

1 Jun 2020 5 minute read 0 comments recourier

So what is PegNet?  Reading the PegNet webpage they dub themselves as the stablecoin network for Decentralized Finance.  It goes on to say that PegNet functions as a state channel on Ethereum dedicated to stablecoin prices, conversions and transfers....

Decentralized ANO Management

9 May 2020 6 minute read 0 comments PegNet

Currently, onboarding and deboarding of authority nodes is done by whoever has access to the network skeleton key. That key is hardcoded in the factomd codebase. Whoever has access to the private key essentially controls the authority set. There are...

Miners turned $11 into $7 million in 20 minutes. But they couldn't withdraw the money

22 Apr 2020 1 minute read 0 comments Kluma

Hackers manipulated The pegnet stablecoin network, as a result, the balance of their wallet increased by 609 thousand times. The funds received were destroyed on the same day Miners using manipulation in the PegNet stablecoin network increased their...

PegNET: Dynamically On-boarding New Assets

29 Feb 2020 10 minute read 1 comment PegNet

At the time of writing, adding a new asset to PegNet is possible but it is a laborious manual process: Find at least two APIs that provide free and reliable* data for the market price Create a polling adapter that is able to read the API endpoint an...

Factom Rising From the Ashes - 61% UP in Just 7 days

11 Feb 2020 5 minute read 5 comments CryptoChartWizard91

Factom is back alive as it rises from the ashes and surges by 61% in just 7 days! The cryptocurrency has actually increased by a total of 83% in 2020 alone and, after a brief retracement, we can expect this bullish run to develop higher. Factom was s...

Reaching PegNet Community Consensus via PoW

20 Jan 2020 4 minute read 3 comments PegNet

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. A...

TOP DEX Exchange Lists PegNet Tokens - Why Is It Such a Big Deal?

14 Jan 2020 1 minute read 10 comments DoYouEvenCrypto

Hey everyone, I’m back again with more good PegNet news. It hasn’t been too long since I last posted and I hope you folks have started the new year off well.  Last time I posted, I told you that PegNet had finally been listed on CoinMarketCap, a big...

Mining PEG tokens on Windows [EASY BEGINNER GUIDE]

14 Jan 2020 4 minute read 16 comments CryptoMoneyMaker

Mining is a very important facet to the entire PegNet network. The prices on the PegNet decentralized exchange are reported by the PegNet mining community (you guys!) and this enables the entire project to be able to function as it does! The mining p...

Was PegNet Fairly Launched?

13 Jan 2020 4 minute read 5 comments PegNet

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...

TOP 5 Coins You Can CPU Mine For Profit

7 Jan 2020 2 minute read 11 comments CryptoMoneyMaker

We all love making money on the side! Here are some great options for cryptocurrencies that are available for you to mine today with your CPU! ZCash  Zcash has been around for a while - since 2016 in fact! This cryptocurrency is designed to be a pri...