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Author Topic: [ANN][No ICO][PoW][No PreMine][Fair Launch] PegNet: Pegged Tokens on Factom  (Read 661 times)
PegNet
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August 13, 2019, 12:21:25 AM
Last edit: August 18, 2019, 05:38:55 AM by PegNet
 #1

PegNet: A Network of Pegged Tokens Built on the Factom Protocol


About

PegNet 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.  It is a fully auditable, open source stable coin network using the competition of PoW and external oracles to converge on the prices of currencies and assets.  You can mine PNT, the token of PegNet which will be able to be converted into other PegNet assets in the future.

Mining

Mining is currently on the testnet and barring any issues, will move to mainnet in 7 days (block height: 206,422).  This is an opportunity to learn how to mine this unique system in preparation for mainnet launch.  To begin mining, please go here.

Mining Pools

There are no mining pools as of yet.  When they are announced, we will edit them in here.

How is PegNet Superior to Custodian or Smart Contract Based Stable Coins?

Reserve based assets do not support the conversion between assets.  The user is restricted to the liquidity of the reserve assets held on an exchange. The same is true for Ethereum smart contract based stable coins.  Further, reserve based coins are not decentralized, and their viability is defined by the banks and institutions that hold their reserves.  

Smart contract based stable coins are decentralized to a great degree, but involve leverage contracts that achieve stability through liquidation when the market pressure is forcing asset prices down.  Further, smart contract coins are very complicated and it is hard to understand their implementation.

The PegNet only provides conversions between pegged assets.  This is something neither reserve tokens or smart contract tokens can do, provides for payments and payment services, is decentralized, and works in bull and bear markets.


Note

Mining requires a Factom Node, and syncing a Factom Node on some networks can take significant time.  If you want to mine, you should install a Factom Node and start it up as soon as possible to be ready to mine at launch.

Edit 1 (3:00 UTC 8/17/2019)

The final build of the mining software for pM1 is now available (Windows, MacOS, Linux, & ARM): https://github.com/pegnet/pegnet/releases

Before MainNet launch Monday, you MUST upgrade or you will NOT be eligible to earn PNT.  You will also need to make some small updates to your config file.  These changes are detailed in the GitHub release notes at the link above.

Notable changes in this version:
* If your config is configured with Network=MainNet, the software will wait to mine until the Activation Height is reached.
* "Targetting" smarts have been added, avoiding the submission of OPRs if you are highly unlikely to win.  This will save you money (related docs).
* Added a CLI command for requesting balances (related docs).
* New default data sources.  2/3 are free, with 1 costing $12/mo.  Data sources can be modified in your config file (related docs).
* Redundancy for data sources, in case one were to fail.
* A number of stability improvements.


Edit 2 (5:00 UTC 8/17/2019)

As you configure your miners, PLEASE make sure the CoinbaseAddress in your defaultconfig.ini files is your FCT address.

If you are configuring fresh, and getting the defaultconfig file from github, then the default CoinbaseAddress is going to be CHANGEME, and your miner will bomb if it isn't a valid FCT address.  If you built your configuration in the past, you might have a public FCT address for your CoinbaseAddress.

Older versions of the defaultconfig.ini, and versions used against the TestNet generally have public FCT addresses.  Please don't mine with a public FCT address, because that is terribily unrewarding!

Double check your configurations!
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Caztiel
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August 13, 2019, 03:39:08 AM
 #2

If there is no premine, how are you planning to take care of listing, development & promotional activities ? Also how big is your development team ?

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AlanX
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August 13, 2019, 01:28:38 PM
Last edit: August 15, 2019, 04:53:36 PM by AlanX
 #3

If there is no premine, how are you planning to take care of listing, development & promotional activities ? Also how big is your development team ?

This is more of a Bitcoin model than most projects.  The utility and functionality of providing many missing base pairs and providing conversion utility is driving investment to get listings and promotion.

So far the GitHub has 15 people, with about 15 or so non developers working on other tasks.

https://github.com/orgs/pegnet/people sorry, the people on a github project are not public outside the project. My mistake.
PegNet
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August 13, 2019, 04:06:35 PM
 #4

Make sure you get those factomd nodes setup and synced ahead of time so you're ready for mainnet mining!  If you need any help, please ask here or on Discord.
raywolf1
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August 13, 2019, 07:46:22 PM
 #5

So we must pay first before start mining?It’s too complicated ,hope I was wrong.

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PegNet
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August 13, 2019, 07:51:55 PM
Last edit: August 14, 2019, 04:03:04 AM by PegNet
 #6

So we must pay first before start mining?It’s too complicated ,hope I was wrong.
You need Entry Credits to enter data into the Factom Protocol (some will provide these for free in Discord if you ask to get you started).  Also, you mine external data providers, so you do need to signup for one.

Mining always has external costs such as electricity, hardware, etc.  For PegNet, an external data provider will be one of those costs until pools become a thing but then their fees will of course cover those costs.

In the end, it all comes down to profitability.  Will it still be profitable to mine PNT despite the external data provider?  That's all that really matters...
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August 13, 2019, 10:56:53 PM
 #7

So we must pay first before start mining?It’s too complicated ,hope I was wrong.
mining requires money first, the system is like stacking,
but this is a mining project, and it's natural that you have to pay

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August 14, 2019, 02:41:52 AM
 #8

reserved
PegNet
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August 14, 2019, 03:23:21 PM
 #9

A blog post from one of the PegNet Core developers:

PegNet Part One: Overview and Mining the Oracle
AlanX
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August 14, 2019, 05:48:04 PM
 #10

One of the very interesting things about the LXRHash used by the PegNet is the fact that it does not target computation.

LXRHash targets the memory bottleneck.

Each byte of source data being hashed involves creating a complex state, and that state is created by xors and shifts, and random bytes selected from a 1 gb byte buffer.

In the end, the state is used to derive the resulting hash.

Because a random byte is selected intermittently in the computation of the state, the result is over 90% of the time used to compute the hash is waiting on memory.  As the largest cache on commercial processors is about 128 MB, the cache is nearly always blown, doing very little to speed up the hash.

Benefits of this for CPU mining:
  • Computation takes only 10% of the time.  Driving computation to near zero with an ASIC only gets you a 10% boost in hash power
  • When processors are waiting on memory, they are idle.  On an I7 running 8 LXRHash miners full blast, the power consumption only goes up 10 Watts .... roughly the draw of a LED light bulb
  • The most effective mining hardware becomes Single Board Computers like the Raspberry Pi 4.  With 2 GB, the hardware cost per hash is half conventional hardware, likely a quarter or less of GPUs or ASICs

Because the target isn't computation, but the memory bandwidth to 1 GB of memory, the best way to improve hash power is to fix a fundamental limitation of all hardware:  I/O speed on and off chip.  So we don't have to worry about a new ASIC coming out that blows away CPU mining.  And when caches do become effective at 1 GB, we can increase the map to 2 GB, or 4 GB, or more.  So the hash can scale with hardware advancements.

LXRHash is a Proof of Work hash, not a cryptographic hash.  As such it has been evaluated for avalanche properties, and compared to Sha256 for  bits modified due to any change in the value being hashed.  Hash restarts don't work because it does a quick first past to initialize the state prior to the main loop.  Append attacks don't work because LXRHash does an additional pass over the 32 byte hash produced by the main loop.

The cryptographic hashing securing the PegNet come from Factom, and are based on Sha256 and Sha512.
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August 15, 2019, 12:15:18 AM
 #11

Is there a FPGA bitstream available ?
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August 15, 2019, 03:05:14 AM
 #12

Hi there !

Can you introduce your development team? And What are your looking for in the market? I really want to know about your technical and solutions.

anw, good luck with your project.
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August 15, 2019, 02:12:39 PM
 #13

Is there a FPGA bitstream available ?


To answer your question, there is no FPGA support or work done on this hashing algorithm.

One would not expect an advantage to FPGA's with this miner... You are optimizing 10% of its execution (the computation). 90% of the execution time for this hash is waiting on DRAM to respond, and an FPGA can't make that faster.
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August 15, 2019, 02:14:05 PM
 #14

Hi there !

Can you introduce your development team? And What are your looking for in the market? I really want to know about your technical and solutions.

anw, good luck with your project.

If you go to PegNet.org you can follow the link to the discord, and all development is coordinated there.  I am what passes for the lead on the effort, and you can talk to me directly from the discord which I monitor pretty closely.  I am Paul Snow.
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August 15, 2019, 04:25:10 PM
 #15

So far the GitHub has 15 people, with about 15 or so non developers working on other tasks.

https://github.com/orgs/pegnet/people

This link shows no public members.
AlanX
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August 15, 2019, 04:55:26 PM
 #16

So far the GitHub has 15 people, with about 15 or so non developers working on other tasks.

https://github.com/orgs/pegnet/people

This link shows no public members.

My mistake.  The members have to declare themselves as public.  There are 15 developers with commit rights on the project, and more that are contributing through pull requests.  Sorry about the confusion, and the original post has been updated.
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August 16, 2019, 11:32:11 PM
Last edit: August 17, 2019, 02:54:17 PM by AlanX
 #17

Just doing last minute documentation and cleanup for the launch of mining on Monday August 19.

Mining requires sources to pull data from, and now all default sources now are free data feeds are mostly free data feeds.  One costs $12 a month.

Always interested in more sources, so let us know if you have a lead on good real time market data that can be used by the PegNet Oracle Price Record Chain!
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August 17, 2019, 03:05:07 AM
Merited by AlanX (1)
 #18

IMPORTANT ANNOUNCEMENT

New builds are now published for miners. Be sure to update if you want to participate in the mainnet launch on Monday. The post has been updated with details.
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August 17, 2019, 02:56:18 PM
 #19

Monday is 17:00 UTC is coming fast!

If you want to get started mining, definitely join the PegNet Discord and talk through your plan!  You now have about 50 hours to get ready!
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August 17, 2019, 03:19:08 PM
 #20

Is mobile mining in the works or planned in the future?
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