Topic: PEG network allows currencies pegged to fiat and other assets (Read 92 times)

Stable tokens are almost past being an emerging trend, now that major players like Gemini have entered the scene. With token projects like the Gemini Dollar and Tether, their fiat currency collateral, stored in standard banks, is all that's keeping the price stable. An improvement was made in the case of MakerDao's DAI, where a mechanism has been implemented for pushing the token's price back toward its target value, whenever fluctuation occurs. Even DAI is limited though, in that users can only create CDPs for DAI itself. This means we can only make DAI stable, nothing else. What if there were a way to mint your own ERC-20 token, pegged to any asset of your choice? This is what the PEG network sets out to accomplish, using a similar platform where users are enabled to create their own instances of currency.
On our network, the user can decide both the currency their PEG instance is tied to, and the trading symbol. The user must set up a vault on the instance, and deposit our PEG token as collateral into a vault, at a rate that will over-collateralize the new token. Whichever tokens they choose to create are then thought of as 'debt' owed back to the vault. They are responsible for setting up and maintaining an oracle to call the instance's adjustment functions, but they are free to set up the instance to mint tokens for use in covering operations costs. Also, the functions in question do not adjust the token price, rather they change both the amount of tokens in all the users' wallets on that instance, and the amount owed to the vault, effectively encouraging the price up/down.
This system has already been launched on Ethereum, and we have plans to deploy it on the EOS mainnet as well. To find out more, visit our site: https://peg.network.