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.