Factom has announced the launch of PegNet

Factom has announced the launch of PegNet

Factom Protocol, an open-source blockchain platform, has announced the launch of PegNet, a closely-connected network of tokens pegged to other assets, including Bitcoin, Gold, USD, and EUR. The solution seeks to provide a fully auditable and non-custodial network for transferring value, simplifying the conversion process between one type of asset and the other. "Factom has announced the launch of PegNet"

Factom has announced the launch of PegNet

With PegNet, users can pay with one of the 32 assets, without relying on intermediaries, with average fees of only $0.001.

The low fees are considered to be the key value proposition of PegNet. Protracted processes and high volume transaction fees have hindered mainstream adoption of digital assets,” noted Greg Forst, Marketing Chair of Factom Protocol.

Factom FCT sought to find a way to avoid traditional payment and exchange processes. “The network of pegged tokens provides a mechanism for managing payments across jurisdictions that bypass the slow and expensive processes associated with external third parties,” Forst continued, explaining that the system is asset-agnostic: consumers can pay with any PegNet currency, which merchants can convert into whatever they need to cash out. All without the factom friction of going through exchanges or payment processors, he added.

The pegs are maintained through miners in the network, who act as oracles communicating asset prices, subject to the broader consensus.

Factom acts as a cross-chain solution that allows independent nodes to communicate with Bitcoin through the Factom protocol. Instead of storing entire records on the blockchain, it acts as an encrypted, immutable directory with high throughput and low fixed cost. Factoids token are the native cryptocurrency coins used by the Factom blockchain.

What applications are currently being built on Factom?
Factom plays host to a wide range of decentralized applications (DAPPS). The Triall Foundation is leveraging Factom for the world’s first clinical trial in production on the blockchain. KLM is working on a DAPP to facilitate travel between two countries without a passport. Other solutions span across industries of real estate, healthcare, security, banking, criminal prosecution, and beyond. Factom’s superior record system is appealing to an endless number of use cases.

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