[ANN][PoW] PegNet: A CPU Mineable Stablecoin and Synthetics Network for DeFi

[PegNet]

PegNet: A Network of Stablecoins and Synthetics for Decentralized Finance

White Paper | GitHub | FAQ | Website | Twitter | Reddit | Discord | Explorer | Miners | Wallet

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 stablecoin and synthetics network using the competition of PoW and external oracles to converge on the prices of currencies and assets. You can mine PEG, the token of PegNet which can be seamlessly converted to any pAsset on the network with no spread, no slippage, and with infinite liquidity.

PegNet Assets and Market Cap

To see a list of all the PegNet assets (pAssets) and their marketcap, please visit PegNetMarketCap.com

Mining

PegNet mining is CPU-based thanks to its unique LXRHash algorithm.  To begin mining, join a pool listed below (easiest) or if you want to solo mine please go here or follow this Docker mining Guide.

Mining Pools

If you want to run your own pool, there is now open source pool software for PegNet.

Orax Pool
Website: https://www.oraxpool.com/
Quick Start Guide: https://docs.oraxpool.com/getting-started/quickstart-guide
Video Guide: https://youtu.be/RW9PQ2osv3k
Orax FAQ: https://docs.oraxpool.com/getting-started/faq
Orax Discord: https://discord.gg/ZxF9ydP

Prosper Pool
Website: https://prosperpool.io/
Prosper Discord: https://discord.gg/QzU68uH

A mining reward calculator to estimate mining profitability: https://www.oraxpool.com/calculator
A database of hardware with their approximate hash rates for PegNet: https://www.oraxpool.com/luxor

Wallets

The first GUI 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 the 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/

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/

Exchanges

PEG - You can see the volume and spread of PEG exchanges by going here then scrolling down.
PEG / BTC - qTrade
PEG / USDT - Bilaxy
PEG / ETH (ERC20 Pair!) - [url=https://coinmarketcap.com/exchanges/idex/]Idex - The PEG in this listing is ERC20 and cannot be sent to other exchanges, only the ERC20 Gateway
PEG / BTC - ViteX
PEG / BTC - VineX
PEG / ETH - ViteX
PEG / USDT - VineX
PEG / BTC - Citex

pFCT
pFCT / BTC - ViteX
pFCT / ETH - ViteX

pUSD
pUSD / BTC - ViteX
pUSD / ETH - ViteX
pUSD / USDT - ViteX
pUSD / VITE - ViteX


FAQ

The PegNet FAQ can be seen here.  We also welcome you to ask questions in this thread or on Discord.

Fair Launch

PegNet was launched fairly with no premine and there was no ICO.  There is no central party developing PegNet, it is a truly decentralized network.

We have requested that CoinMarketCap.com list PEG and its supported exchanges as of Tuesday, November 26th.  Thank you CMC!

[Caztiel]

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

[AlanX]

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]

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]

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

[PegNet]

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 PEG despite the external data provider?  That's all that really matters...

[pucunghul]

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

[fishytrader]

reserved

[PegNet]

A blog post from one of the PegNet Core developers:

PegNet Part One: Overview and Mining the Oracle

[AlanX]

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.

[s1gs3gv]

Is there a FPGA bitstream available ?

[p2pclub]

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.

[AlanX]

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.

[AlanX]

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.

[s1gs3gv]

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]

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.

[AlanX]

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!

[PegNet]

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.

[AlanX]

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!

[schmooodle]

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