Topic: [ANN][PoW] PegNet: A CPU Mineable Stablecoin and Synthetics Network for DeFi - page 2. (Read 2903 times)

What gives you value to the Peg token?

Excellent questions.

1.  On PegNet, pAsset prices will always be what the oracles (miners that subscribe to external market APIs) come to agree is the value.  So for example, on PegNet, pUSD should always be $1.00.  On EXCHANGES, the price is stabilized by arbitrage.  You can read about that here.

2.  PEG can be converted into any pAsset for just 1/10th a cent.  Any pAsset can be converted into any other pAsset for just 1/10th a cent.  Each block, in addition to the 5,000 PEG for miners, 5,000 PEG are available for converting from pAssets to PEG.  You can read about that here. 

And what's the real purpose of the PegNet if that will be awarded to the miners only? You are saying if there will be pUSD and etc. is there a hot wallet to store the reserved funds? as far as i know if the stable coin will always need something to back it to make sure if the price of that coin will be stable without getting the volatility from the market.
Can Peg be converted into those coins?
If you are having the data for the collateral to backed the coin and it can'e be used to backed your coins.
Im feeling curious about how it works consider you are offering various pair to be used as a stable coin.

Thank you for your support!  If you're on Twitter, please be sure to follow @pegnetnews and help spread the word

Strongly Supporting PegNet!

One million FCT have now been burned for pAssets!

https://twitter.com/DJohnstonEC/status/1204099035705028616?s=20

Block 222267 is the last block to submit FCT burns in time, 222268 is the last block to submit an unlimited pAsset->peg conversion before the fork.

IMPORTANT

The PegNet fork has a block height activation of 222270, estimated to be  Dec 9, 2019, at 17:00 UTC.  Make sure you've upgraded!

There is now a Russian translation of the PegNet presentation: https://docs.google.com/presentation/d/1veQiIxOpPaNS4LCbtVsZ_jS-fdXBb_VkKXUaYr0o79o/edit?usp=sharing

PEG is the mineable token of PegNet.  PEG is awarded to miners who subscribe to external market APIs and publish the data to PegNet.  This data is for fiat, crypto, and precious metals at present and these miners are acting as decentralized oracles.  The price these miners agree upon for USD, BTC, ETH, XLM, Gold, etc becomes pUSD, pBTC, pXLM, pGold, etc.  These are the "pegged assets".  This, for example, makes pUSD a decentralized, fully auditable competitor to the likes of centralized stablecoins like USDT and Tether.  pGold becomes a crypto version of gold that should always follow the value of gold.  So if you want to hold crypto that follows the price of gold, you now can.

Please let us know if you'd like further clarification on specific points.

IMPORTANT PEGNET UPDATE

Miners and users must update!  https://github.com/pegnet/pegnet/releases/tag/v0.3.0

This release will free float PEG and create a 5000 PEG per block conversion capacity.  Please upgrade ASAP!

-------------

A Pegnet update is ready and requires a mandatory update by all users and miners. The update has a block height activation of 222270, estimated to be  Dec 9, 2019, at 17:00 UTC. You MUST update by this block height. This is a hard fork of the Pegnet chain.

This update spans just about every repo associated with Pegnet. It is recommended to read the release notes https://github.com/pegnet/pegnet/releases/tag/v0.3.0 in their entirety. Any questions or concerns about updating can be directed to #support.

For Pegnet Miners

Listed below are the miners that need to update. If you fall into a category that needs to update, you must also update your Datasources. The exact method of updating your config should be listed in the release notes. If you have any specific questions, please direct them to #support.

- If you are mining PEG, and operating the reference miner https://github.com/pegnet/pegnet/releases, you must download the latest release. Only net coordinators or solo miners need to be updated. The netminer does not need to be updated.

- If you are mining as apart of a pool, you do not need to do anything. The pool operators will update for you.

- If you are running a mining pool, you will need to update your software. Please contact me if you have questions about what software updates need to be made. If you are running the open-source Pool Prosper Pool, your release update can be found here https://github.com/FactomWyomingEntity/prosper-pool/releases. The Orax pool has been notified and will also be updated before the release.

If you are running a mining operation with a custom software solution, you may reach out to me (@Emyrk) specifically if you need help getting these updates.

For Pegnetd Users

For users making transactions + conversions, you will need to update pegnetd. You can find the latest release on this page https://github.com/pegnet/pegnetd/releases. The biggest change is the 5K PEG Supply Capacity being enforced per block starting at the activation. This update enforces the PEG Conversion Capacity per block to be 5K. In the future, this 5K will be the lower bound, meaning 5K+ PEG can be converted per block based on a PEG Conversion Capacity equation and block height. Information regarding that change will be released with ample lead time.

If you wish to know how this will be implemented, you may read the release notes https://github.com/pegnet/pegnet/releases/tag/v0.3.0.

If you are using the pegnetd api, there is a change to the conversions api output to handle this new behavior. An example of a new PEG conversion after the activation height can be found in this PR https://github.com/pegnet/pegnetd/pull/98. The remaining funds after the partial conversion are returned in the output field as a transfer to the original address. If you are using the pegnetd api for an application and need assistance, you may reach out in #support and ping me (@Emyrk#6604).

is that some kind of token made from the Pegnet platform? I think your explanation about it can not be understood,
I myself am still confused about how there are pBtc, pEth etc.

Those are "pegged" versions of those cryptocurrencies.  Miners subscribe to external market APIs and submit the price data for those crypto to PegNet and, long story short, on PegNet you can then convert into and out of those pegged assets.

The CITEx exchange has listed PEG. The PEG / BTC pair can be seen here: https://trade.citex.co.kr/trade/PEG_BTC

A Python wrapper around the pegnetd APIs in now available on PyPI. https://pypi.org/project/pegnet-py/0.0.2/

Do you intend to compete with Bitcoin? but I see PEGNET more than Bitcoin and it looks like Ethereum,
I see pEth, pXLM, pBitcoin etc. what does all this mean? I am curious

For the record, there was no premine.  No coins were held in reserve.  There was no ICO.  This was a fair launch coin and there is no company or foundation in control or that holds coins on behalf of PegNet.  This is a decentralized ecosystem.

PegNet now has a block explorer: https://pexplorer.factom.com/

thank you, I tried with linux it works fine it's just that windows is a bit problematic, I will visit their discord, I still sync the wallet a little bit slow, but I will have lots of questions about this, so let's look for answers there

Please join the Orax Discord here: https://discord.gg/AKRXuM9 and ask for help.  I'm sure they can get you up and running.