Blockchain Startup Factom Launches PegNet Stablecoin System
Blockchain startup Factom has launched a decentralized, non-custodial, fully auditable network of tokens pegged to different currencies.
Factom is a system for securing millions of realtime records in the blockchain with a single hash. It stores the world’s data on a decentralized system using blockchain technology for solutions in the mortgage industry, Internet of things (IoT) device integrity, digital assets and database integrity. Using the immutability of blockchain, the company provides third party compliance, audit and due diligence certainty.
In a press release, Factom announced the launch of PegNet, a stablecoin system built on the Factom Protocol that allows conversion to pegged tokens that track a wide range of currencies, and allow the user to maintain their value in a large set of currencies and assets, and make payments in any of the other pegged currencies and assets without a third party.
“With PegNet, users have the ability to pay people in any of 32 assets without going to an exchange or trading with another party,” Factom said. “Additionally, transaction costs are about 1/10th of a cent, making them ideal for micro transactions.”
Greg Forst, Marketing Chair of Factom Protocol, said that protracted processes and high transaction fees have hindered mainstream adoption of digital assets.
“The network of pegged tokens provides a mechanism for managing payments across jurisdictions that bypasses the slow and expensive processes associated with external third parties,” Forst said. “We want consumers to be able to make payments with any of the assets in the PegNet (such as assets pegged to Bitcoin or Gold), and allow the merchant to convert those payments into the assets they need (like assets pegged to US Dollars or Euros). All without the friction of going through exchanges or payment processors.”
Paul Snow, CEO of Factom Inc., the blockchain innovations company that built the Factom Protocol, said, that today’s announcement represents the latest milestone effort of their team of developers behind the Factom Protocol.
“The strong wave of momentum we’ve been experiencing is a testament to their ingenuity, and continued persistence to address market demand across a myriad of industries,” Snow said. “PegNet enables solutions to a host of financial services use cases, and I’m excited to see these solutions take shape.”
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