The Core Values of PegNet
Values Drive Design
1. Universal Access
Users should have permissionless access to PegNet regardless of their level of economic means, location, or technical ability. The primary way this universal access is achieved is through maximizing decentralization & lowering barriers to participate. PegNet has no central reserve, no shared collateral, no central operators, held no ICO, no pre-mine, and has no Foundation.
2. Stability
The first benefit that users gain from PegNet is the price Stability of the pAssets both inside and outside the PegNet. This is accomplished by robust oracles that secure prices inside the PegNet and by arbitragers that balance pAsset prices between the PegNet and external exchanges.
3. Liquidity
The second benefit that users gain from PegNet is deep native liquidity moving any amount of value they desire between one pAsset and any other pAsset. As PegNet doesn’t have an order book or counter parties a user only interacts with the protocol and doesn’t suffer slippage that is inherent in any market with counter parties.
4. Frictionless Conversions
The cost of conversions on PegNet should be a low as possible, as fast as possible, and technically easy as possible. Conversions will never require consent of another party. Conversions will be fast and economical. Costs and delays will only apply when necessary to protect the stability and liquidity of the PegNet.
5. User Run Network
Every behavior that contributes to the function of the PegNet should be open to everyone, including Mining, Arbitrage, & Staking. This means in PegNet there are no privileged entities, no special servers or other parties that have a systematic advantage over the other users in the network.
6. Self Sovereign
No user action in the PegNet should depend on interaction with another user. Sending, receiving, conversions, arbitrage, should all be independent actions.
7. Consensus Based Oracles
Rather than reserves or collateral, PegNet is based on the consensus of oracle prices as submitted every block by miners + stakers who have aligned incentives around PEG. The PegNet strives to report oracle prices and enable conversions for as many pAssets as are compelling for users to send, hold or trade. Including as many fiats, cryptos, commodities as possible, only tempered by every pAsset needing sufficient market cap & trading volume.
8. Continuous Improvement
The PegNet community is building a fundamentally new model for pegged assets, with this in mind improvements are always welcome and embraced as the community expects there is much to learn about securing consensus based price oracles, enabling frictionless conversions, and achieving ever more decentralization.
9. Regular Hardforks
PegNet is at an early stage of development and needs to rapidly adapt to its environment and so regular upgrades that break the old version (known as “hardforks”) should be expected and planned for at least twice per year.
10. Open Development
PegNet is built on top of open source software and the developers practice a process of open development inviting anyone in the community to contribute and for major discussions of design, architecture, features and upgrades to be open to all.
