Pi Network is a digital and unlisted cryptocurrency that acquires Pi by pressing the mining button once every 24 hours using a mobile app and the main aim of the pi is to keep cryptocurrency mining accessible. This network is branded based on the number π and the first part of this network was released on 14 March 2019 on Pi Day. Still, Now the Pi network value is counted as a “token”, as the “mainnet”, the criteria by which crypto are classified from tokens to coins have not yet been developed.
The conception of the Pi comes into the spotlight because of the centralization of first-generation currencies like bitcoin. The centralization of Bitcoin has put them beyond the reach of everyday druggies. This network is developed by a platoon of Stanford graduates and this network allows miners to mine coins using its mobile phone app and validates the sale on a distributed record. Bitcoin uses evidence-of-work (PoW) protocols but the Pi uses an algorithm grounded on the Astral Consensus Protocol. So, the Pi network bumps validate deals on a distributed tally. Also, reach an agreement on the order of new deals that the tally records.
However, the mainnet entry is scheduled for the 4Q of 2022, and the testnet is almost finished. The core team has launched and is running a test wallet and node to enter the mainnet, and the test results are very good. Currently, the number of global users has exceeded 30 million and continues to grow.
However, there are also critical issues. Although you can get a chance to mine Pi for free, there are still claims of scams, such as how you can mine Pi without consuming your mobile’s resources, and whether it’s for the purpose of stealing your own personal information.
“According to the pi Experts, Pi Network is a great cryptocurrency and developer platform that allows you to mine pi coins from mobile without draining the device’s battery. Also it reduces the environmental impact and fosters the world’s most accessible and worldwide apps platform where developers can offer to users real life utilities and products in exchange for Pi coins.
Now with a 30+ million engaged user base (as of December 2021) that allows users or anyone to mine Pi straight from their smartphone device’s, Pi tries to bring real economic power back to the masses. Pi’s blockchain secures not only economic transactions via it has a mobile meritocracy system but also a full Web 3.0 experience where community developers can build decentralized applications for millions of users.
Who developed the Pi Network?
Dr.Nicolas Kokkalis, in addition to developing several startups and human-centered technologies in the past, teaches a Stanford’s computer science class on Decentralized Applications on Blockchain.
Dr. Chengdiao Fan, receiving her PhD in computational anthropology, has also worked as a founding developer of several startups and projects around scaling social communications and surfacing untapped social capital for people everywhere.
Two are strong and long term believers of the technical, financial and social and others potential of cryptocurrencies