Are there any recent news regarding pegging? When and approx at what price bitbay will be pegged to?
The peg is dynamic so it's not set at a hard price. The point is to prevent price drops. We are almost finished with all the templates so after that the peg will get coded.
Any details about whole pegging process? Where is it written detailly?
It seems game changer for Bitbay and more info would be appreciated, as 5 days before announcement price is already getting sexier.
It's been written all over Bitcointalk, our Slack convos and a few articles. There is a 20 page whitepaper I have that needs another revision. If I publish it, it's far too technical and the competition could use the ideas to launch some ICO nonsense. Not to say I won't release that but more closer to the date.
Essentially users vote when they stake (which our software already supports) for increase or decrease in supply. They can vote via algorithm which will probably
look at volume and peak prices and perhaps a basket (we haven't decided what we want to track but I'm pretty sure I want to follow volume).
When sending a transaction the miners/stakers check to see when it was last sent/received and then decide based on the supply how much needs to be frozen.
A user then fairly gets funds frozen in reserve or released liquid.
Frozen funds can be moved but with a 1 month delay (so they are slowed) giving rise to a more speculative market similar to a bond or to credit or a future.
The frozen funds we might offer higher interest (not decided yet). We will probably give more voting power to liquid funds but there does need to be a balance. Both fund types can stake.
When frozen or liquid funds are sent their properties are maintained.
In the markets the software will automatically choose to send a nice range of liquidity to avoid the recipient getting sub-premium funds. We may or may not have advanced settings for how this is communicated.
And that's pretty much it. It's meant to defend against price drops while keeping a stable price and growth. Our bigger challenge will be finding good exchange relationships since we need to explain to them not to sell frozen coins or they would have an accounting issue upon withdraw. Decentralized exchange is of course ideal for this.
