Factom Launches New Stablecoin called PegNet Stablecoin

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Well-known open-source developer-friendly blockchain platform Factom Protocol is launching PegNet, a decentralized, non-custodial, fully auditable network of tokens pegged to different currencies.

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PegNet is built on the Factom Protocol and allows conversion to pegged tokens that track a wide range of currencies. This will allow users 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.

Paul Snow, CEO of Factom Inc., the blockchain innovations company that built the Factom Protocol, said:

“Today’s announcement represents the latest milestone effort of our 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. PegNet enables solutions to a host of financial services use cases, and I’m excited to see these solutions take shape.”

Greg Forst, Marketing Chair of Factom Protocol, added:

“Protracted processes and high transaction fees have hindered the mainstream adoption of digital assets. 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. 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.” 

With PegNet, users have the ability to pay people in any of 32 assets without going to an exchange or trading with another party. Additionally, transaction costs are about 1/10th of a cent, making them ideal for microtransactions.

By providing high throughput, low fixed cost, and secure data entry that easily integrates with existing systems, the Factom Protocol solves the data integrity needs of today. Using blockchain technology, the Factom Protocol enables the efficient, immutable publication of data, benefiting people and companies by providing a source of indisputable truth and verification to all parties.

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About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST 2015), a partner at ICO services collective Token.Agency ($750m+ and 90+ ICOs and STOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of some two dozen Blockchain startups and has written over 1500 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat. Irish Tech News put him in the top 10 Token Architects in Europe.

Kastelein has an Ad Honorem - Honorary Ph.D. and is Chair Professor of Blockchain at China's first Blockchain University in Nanchang at the Jiangxi Ahead Institute of Software and Technology. In 2018 he was invited to and attended University of Oxford's Saïd Business School for Business Automation 4.0 programme.  Over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division.

Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London (5x), Manchester, Minsk, Nairobi, Nanchang, Prague, San Mateo, San Francisco, Santa Clara (2x), Shanghai, Singapore (3x), Tel Aviv, Utrecht, Venice, Visakhapatnam, Zwolle and Zurich.

He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com, and his work and ideas have been translated into Dutch, Greek, Polish, German and French. A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world. In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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