Blog post: Reaching PegNet Community Consensus Via PoW

Looking forward to a great 2020 for PegNet and Factom.

Attention Miners

Pegnet had a fork at height 225337. This was caused by a slight implementation difference of pegnetd and pegnet. Pegnetd is the offical implementation of the protocol, as that is the binary run by the exchanges and users of the system. For this reason, we are applying a patch to pegnet to resolve this slight difference.

Update is here: https://github.com/pegnet/pegnet/releases/tag/v0.4.0

If you are running the reference miner, you will need to update immediately. Currently all reference miners are running on the wrong fork.

What does this mean for you?

- If you are a solo miner using the reference miner. Update immediately, as you are not currently earning any rewards.
- If you are running the prosper pool software as the pool operator, you do not need to take any action. The prosper pool does not have the bug.
- If you are a miner on the orax or prosper-pool, you do not need to take any action.

PEG has been added to Bilaxy which is a top 10 exchange according to CMC.  https://bilaxy.com/trade/PEG_USDT

In addition, 5 PegNet pairs were added to IDEX as an ERC20 gateway has been created for PegNet which creates Ethereum Interoperability for PegNet, and thus Factom ecosystem.  The following tokens have been listed: PEG, pUSD, pFCT, pXAU (pGold), and pKRW (ETH pairs) - https://idex.market/eth/peg

IDEX is the #2 DEX by volume according to Etherscan: https://etherscan.io/stat/dextracker

Factomatic released the first GUI wallet for PegNet: https://twitter.com/Factomatic1/status/1206984362593587201. The wallet has support for burning FCT to pFCT, as well as for PegNet transfers and conversions. In order to use the wallet you will need to first install their Chrome extension Kambani: https://chrome.google.com/webstore/detail/kambani/oiceedellfbhhplkfkpkkocbdkifpili. Kambani is a MetaMask-like browser extension, which creates an encrypted vault in your browser and allows you to sign PegNet transactions from the web wallet. Your private keys are never exposed to the wallet and never leave your encrypted vault! After installing the extension, you can access the wallet at https://factomatic.io/wallet The wallet has undergone substantial testing in the last few days and they haven't had any reports about missing funds or otherwise faulty transactions. HOWEVER, THE WALLET IS STILL IN ALPHA, SO ALWAYS TRY INITIAL TRANSACTIONS ONLY WITH SMALL AMOUNTS


Step by step instructions to move PEG and pAssets from the Enterprise wallet to the GUI wallet: https://factomize.com/how-to-transfer-peg-from-the-enterprise-wallet-to-the-gui-wallet/

Two new changed to PegNetMarketCap.com today:

https://twitter.com/pegnetmarketcap/status/1206627016788725762

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

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!

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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).

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/

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/

David Chapman wasn't "promoting his stuff".  He was posting about PegNet which is a 2nd layer solution on top of the Factom Protocol.

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