FAQ

What is PENG blockchain?

PENG coin is an open source public blockchain platform, which means that it is open for public participation at any level and has an open source code that the PENG community maintains. This is a platform that is built on the “Unspent Transaction Output” model common to most blockchains. PENG Coin is Proof of Stake (PoS) based and has a Decentralized Governance Protocol (DGP) that allows for the modification of specific blockchain settings through the use of smart contracts. It is one of the more effective public blockchain platforms supporting instantaneous value transfer at zero risks.

Who invented PENG?

Based on the Dash and bitcoin project, PENG was launched on June 23, 2018 by Community. The first few years of development saw PENG develop a focus on speed and fungibility, making it an excellent and practical alternative to cash.

What is a blockchain?

A blockchain is a public ledger of all transactions ever processed using Dash. Each transaction is verified with a unique signature that can only be created by the true sender, which also serves to ensure that it is not possible to fraudulently spend the same balance twice. Transactions are written to blocks, which are produced and secured every 2.5 minutes by advanced cryptographic algorithms in a process known as mining.

What are masternodes?

Masternodes were invented as a unique feature of the Peng network, and form a second layer used to ensure the blockchain is readily available to all network participants. Masternodes also perform a number of other functions related to the health and efficiency of the network, such as governance, securely storing user data, processing transactions for light wallets and facilitating instant and private transactions.

Does PENG have masternodes?

Yes.

What is the collateral of the masternode?

5.000.000 PENG coin

Does PENG have stake ?

Yes.

How many PENG are needed to stake? What are the returns for staking?

You can stake with as little as 1.0 PENG. You will need more coins for a realistic probability of winning a block reward. Block rewards are awarded in a random lottery process. The odds of winning depend on the number of coins in your wallet vs. the total number of coins being staked on the network.

The more coins a wallet is staking, the more often it will win a block reward of 1000 PENG (700 masternode and 300 for stake. Staking will give block rewards of 7%  percent return per year.

How can I buy PENG?

You can buy PENG on many cryptocurrency exchanges as shown on CoinMarketCap

I have more questions; how can I contact you?

For general questions about Qtum, user questions, wallet questions, and developer questions, please join us on the social media channels linked at the bottom of this page. You can also reach us using the Contact us page

How does InstantSend work?

Peng is Basead inDash was the first digital currency to offer secure instant transactions based on the masternode network. Unlike conventional blockchains, where it is necessary to wait for transaction confirmation in a block, Peng leverages the network of masternodes to validate that the funds specified in the transaction have not already been spent, and then locks them within 1-2 seconds so they cannot be spent again until the transaction is complete. Any transactions attempting to use the same funds will be rejected by the network, even in the case of a 51% attack.

How does PrivateSend work?

Peng offers optional transaction anonymity through a feature called PrivateSend. An improvement of CoinJoin, PrivateSend allows you to break up your Peng into specific denominations and “mix” these with other participants, thereby obscuring the origin of funds used in the final transaction. PrivateSend offers superior privacy to centralized mixing services because each round of mixing is facilitated by a different masternode, making it effectively impossible to track funds on the blockchain.

When Zpeng be available?

In block 525600.

What is Zpeng?

To spend coins anonymously, users need to convert their standard Peng tokens into ‘zPENG’ tokens and then send them to any Peng address. On the other end, a user receives Peng tokens just like any normal transaction, but thanks to Zerocoin, the transaction is both verifiable on the blockchain and anonymous as to who sent and received those coins. Moving forward, the community is aiming to decrease the added costs of anonymity, moving more and more of the total coin supply over to private zPENG.

Using what the PENG community calls SwiftX, transactions are nearly instant and coins are spendable within seconds of being sent. With a block time of 60 seconds and a global network of Masternodes constantly verifying transactions, PENG aims to make instant spending and receiving a reality. This is further enabled by very small transaction fees, usually around the order of fractions of cents per transaction. This is vital to the mission of owning your day-to-day purchases and payments and goes a long way toward paving the way for PENG to take a big role in the space moving forward.

Does PENG have staking on mobile wallets?

Only the PENG Core wallet (desktop or server versions) can be used for staking.