Introducing Cryptocurrency Making the Pi Network Available to the Public.
In the early days of Bitcoin and first-generation cryptocurrencies, anyone could mine coins using basic computing settings. Until around 2013, all you needed was a standard GPU. However, as the value of Bitcoin rises and more miners enter the field, cryptocurrency mining becomes more competitive, requiring specialized hardware dedicated to mining operations.
Today, ordinary people can no longer perform crypto mining. In fact, Bitmain monopolizes the supply of mining equipment, with only six mining pools dominating the majority of BTC mining activity and the top three controlling 50%.
As cryptocurrencies become institutionalized, Bitcoin and other major altcoin mining will continue to be centralized. However, the goal of Pi is to open up cryptocurrencies, especially mining, to the public. Pi is a blockchain project led by two founders with PhDs from Stanford University.
What is Pie?
The idea of Pi is to democratize access to cryptocurrencies and make mining with easily accessible devices (smartphones) by anyone.
The project achieves this by using a variant of the Federal Byzantine Agreement (FBA) designed by the scientists behind the Stellar blockchain. While many variants of Proof of Work and Proof of Stake rely on the idea of a miner or validator to become a “leader” by proposing a consensus block, FBA works differently.
This consensus model relies on nodes to reach consensus on a particular block through a series of votes through message exchange without appointing a leader. A well-known algorithm for reaching consensus using this mechanism is Byzantine Fault Tolerance (BFT), which is implemented on various blockchains including Ripple, Hyperledger Fabric, and Zilliqa. However, one criticism of the BFT consensus model is that it has a centralization point, since the creators of the system centrally determine the set of nodes participating in the voting quorum at creation time.
To overcome the risk of centralization, Pi uses an additional layer of FBA to allow each node to set up its own “arbitration slice” in a distributed fashion. This feature allows nodes to decide whether to trust other nodes on their own without relying on a central authority.
Since the sending of messages related to voting is relatively lightweight, especially when compared to proof-of-work, the Pi’s consensus algorithm consumes very little energy.
How to mine pi?
Users can participate in Pi mining by downloading the Pi Network application to their smartphone. You can then play up to 4 roles in the Pi consensus.
Pioneer is a user of the mobile application and only needs to confirm his presence each time he logs in. Their contribution is to widely distribute the Pi network. Currently, you can only send and receive Test-P on Pi Testnet through the Pi Wallet.
Contributors are users who provide a list of pioneers they know and trust and keep the list up to date. Ultimately, contributors are helping develop the global trust graph needed for Pi consensus.
An ambassador is a user who introduces the Pi network to others.
Node is a pioneer and contributor, and also runs the Pi Node software on a desktop or laptop. Pi nodes do the heavy lifting of executing blockchain consensus algorithms and use aggregated trust graphs from trusted pioneers provided by mobile contributors.
Participants can perform multiple roles. Every day they will receive a newly minted Pi based on their participation and contribution.
The current value of Pi is displayed as zero. The team behind the Pi believes that value can be realized through the creation of cryptocurrency utilities, and that people can use the Pi to conduct large-scale trade in goods and services worldwide. These goods and services will ultimately underpin the value of Pi.
KYC and Privacy:
To maintain the integrity of the network, Pi has implemented a KYC policy. In order to transfer a Pi to the Pi mainnet blockchain, users need to verify a copy of their ID. This prevents users from running multiple accounts or running robots or mining farms and other malicious systems. This also means that Pi is growing into one of the first and largest verified networks.
Development and Roadmap:
Pi has been in development since 2018 and the project is currently in testnet mode.
The Pi testnet is a publicly accessible system with over 10,000 stable and active nodes connected, and when the mainnet launches, it will become one of the largest and most powerful decentralized networks in the world. To participate in the Pi testnet, users can download the Pi desktop software Pi Node from the website node.minepi.com and join through their existing Pi mobile app account. .
The network will continue to operate on the test network until the end of 2021, after which it will be launched on the main network.
At the same time, the Pi team is also building the Pi Utilities platform to support the Pi ecosystem, where the entire network can build a path to contribute and create value. The project recently announced the latest updates and plans for the utility platform for Q2 2021, including platform integration with the Pi testnet, allowing third-party Pi applications to request transactions from users’ Pi wallets and conduct transactions on the testnet. You can. Once the Pi’s mainnet is enabled, these features will allow Pi users to redeem Pi tokens in Pi-based applications. Pi Browser is another mobile application launched by Pi Network in March 2021 that will also integrate with the utility platform. From a developer’s perspective, the team is developing a new developer portal and standardized environment for building and deploying ecosystem applications.
To be fair, Pi launches on mainnet using a “slow and stable” method, which is less intuitive than many other platforms. The reason is that the project uses beta to iterate and improve engagement with community members and developers while developing ecosystems and communities around a currency that drives the economy. By the time the mainnet is launched, I think that a network that is satisfied with the product and application ecosystem has been built. Pi already operates in 238 countries and 52 languages.
Pi was founded by Dr. Nicolas Kokkalis and Dr. Fan Chengdiao. Dr. Kokkalis has a Ph.D. He is a graduate of Stanford University and is the first Decentralized Applications course lecturer at Stanford University, and he co-teaches the Beyond Bitcoin course at Stanford University every year. In the process of teaching dapps, he realized that it was difficult to bring blockchain technology to the general public.
Dr. Fan holds a PhD in Computer Anthropology from Stanford University. Her research focuses on human-computer interaction and social computing, i.e. how we use technology to positively influence human behavior and society.
The Pi team has a total of 14 people worldwide.
Currently, most major cryptocurrencies have high entry barriers, which excludes most participants. Using the mining pie on your smartphone, you can easily see your cryptocurrency rewards accumulating every day.
However, the value of these rewards requires the Pi to gain the traction and use of network effects. Rewards gain real value only if enough people participate and are willing to trade goods and services on the Pi. In this sense, the Pi’s success depends on its ability to reach enough people and enough utility.
If the project can solve this problem, the Pi will be successful when it launches on mainnet.
invitation code: neajmorshed
Pi has crossed 29 million engaged Pioneers! Mine at a higher rate while you can. Don't miss out <3 pic.twitter.com/HoaR3RSPP2— Pi Network (@PiCoreTeam) November 25, 2021
Even as the nights grow colder and longer, the community continues to shine bright. Thanks as always, Pioneers💕 pic.twitter.com/KFCuLBMXSP— Pi Network (@PiCoreTeam) November 19, 2021