Pi Network - Mobile Social Cryptocurrency

The cryptocurrency market is still a nascent market with a lot of room for improvement and innovation. And because it's new, it involves big sums of money, and the crypto market is kind of a Wild West .

Many attempts to rebuild a new and improved Bitcoin have failed. Some people have come up with new concepts that don't seem to have the success of Bitcoin and Ethereum.

The truth is, the more innovative, the more complex the cryptocurrency issue becomes.

So, a team of Dr. Standford tackled the challenge of creating Pi , a user-friendly and inclusive currency that could be widely adopted around the world. To do this, they leveraged another concept from Stanford University, the Stellar Consensus Protocol.

What is Pi?

Well, Pi is 3.14159265359, which is a mathematical constant. But that's not what we want.

We're talking about the Pi network here. Pi Network is a cryptocurrency project designed to run on mobile phones developed by Standford postdoctoral graduates Nicolas Kokkalis, Chengdiao Fan and Vince McPhillip .

The goal is to create a blockchain that works with the Stellar Consensus Protocol (SCP) to make it as resource-efficient and user-friendly as possible through the adoption of a " safety circle " system.

It all started on March 14, 2019 (Official Pi Day), when the developers launched their mobile apps. They market it as a free, battery friendly mobile mining app that you only need to visit once a day to continue mining on your own. The mining rate starts at 3.1 Pi/h and is halved every time the number of users grows to a certain number.

In order to add up the mining rate, each user can refer others to receive bonuses.

The community is getting bigger, and by August 2020, the app had over 6 million active members at a rate of 0.4 Pi/h.

"6 million people make free money in a year? Awesome!"

Yes, yes, but not really. In the white paper , we can see that the Pi Network project is divided into three phases: beta , testnet and mainnet .

Currently, it's in the testnet stage and the application is just a dummy representation. And, since March 2020, the testnet phase has started.

Furthermore, " mining " is not actually mining, as understood in the crypto market. We usually understand that mining doesn't even work in SCP.

"Is that a fake or a scam?"

Will not work! It's a project in beta state, and it uses generic terms to attract people.

After analyzing the white paper and digging into the project, we can understand why Pi Network's project was designed and released as-is.

1. The goal of the project is mass adoption and targeting a large audience. And because most people have heard of Bitcoin, it's crucial to compare and point out Bitcoin's shortcomings and Pi's strengths .
2. Mass adoption must go hand in hand with widespread distribution. Through the app, Pi Token distributes pre-created tokens to its user base. It is most likely called " mining " because the term is easier to understand.
3. Building a blockchain from the ground up is no mean feat, and most projects have been hacked due to poor cybersecurity. Through SCP, the security of the network is greatly improved. However, as the Stellar consensus protocol is a fairly complex thing to understand (as we'll see below), they only emphasize the safety circle which is the causal system.
4. Pi also noted that this is " the first digital currency you can mine on your phone. " But actually, Monero was the first app to use the Minergate app. Even before there were others who did drain the battery and use more data. However, since the Pi Network's app simulates a tap, you don't even have to be connected to the internet as long as you check it every 24 hours.

Pi cryptocurrency

“So far so good, but what is the value of the Pi cryptocurrency?”

The answer is simple > Absolutely not in the open market !

An initial pilot of in-app transfers was launched in the fourth quarter of 2019.

Since then, the Pioneer has started a real trade in goods and services. This is a pair of NIKE shoes ( Jordan ) bought with Pi.

The first Pi transaction

It probably means that at 2:16 a.m. on December 16th, the Pi core team transferred 10,000pi to the domain name owner and acquired pi.app. This is the first real pi transaction, and I hope to make good use of this domain name. , I am also very happy to see more transactions. At this point, the research is over, and the domain name pi.app has really been officially acquired by pi network. The domain name is currently valued at up to $300,000!

However, Pi transactions with each other have not been fully popularized, and not everyone can conduct transactions, so the value of Pi will only be truly reflected when it is more widely used.

in addition! Someone told you: It must be fake that Pi coins can be purchased on an exchange, but some exchanges have listed Pi Network futures, but these have not been officially recognized! Therefore, it is not recommended for anyone to purchase any Pi coin transactions that are not officially recognized. They should all be reported as scammers.

The final value of the Pi cryptocurrency will be launched and reflected on the mainnet. It will be traded on exchanges used inside the Pi Network's social media environment (advertising and marketplaces) and ultimately used to pay for goods and services outside the Pi environment.

One of the things developers have made clear about the value of Pi is that it should not reach enormous value (like Bitcoin), so people will be more inclined to use it as a unit of exchange rather than a store of value.

Of course, even after the project airs, one can earn Pi by:

• "Mining" a fixed supply minted per person;
• Referrals;
• Developer Rewards.

Stellar Consensus Protocol - Stellar Consensus Protocol (SCP)

Stellar Consensus Protocol, or Stellar Consensus Protocol, is an open source, decentralized protocol for the transfer of digital currency to fiat currency, allowing cross-border transactions between currencies, proposed and provided by the non-profit organization Stellar Development Foundation support.

Typically, a blockchain acts as a decentralized digital ledger that is maintained through a distributed network of computers. In a distributed system, the participants of a cryptocurrency network need to reach consensus securely and efficiently on a regular basis.

However, reaching consensus is very difficult, especially when some nodes may fail or behave dishonestly. However, with a Byzantine fault-tolerant system , the blockchain can continue to function even if some nodes cannot communicate.

Side note. Byzantine Fault Tolerance (BFT) is a property of a system that is resistant to types of failures due to nodes being unable to communicate or operating maliciously, as long as a majority of nodes in the protocol can continue to operate.

Bitcoin’s proof-of-work system has proven to be one of the most secure implementations of blockchain BFT. But from an energy consumption perspective, the complex cryptographic puzzles employed by Bitcoin PoW make the network rather slow and inefficient.

As a result, many other projects have implemented protocols using derived BFTs to create faster and cheaper improved networks based on voting. However, they come with some drawbacks such as a higher risk of accidental forks, centralization, and the emergence of strong whales.

Byzantine Union Agreement

In 2015, Professor Mazières from Stanford University launched the so-called joint Byzantine agreement as an alternative to Byzantine fault tolerance. The concept is based on consensus-based quorum, employing overlapping quorum segments formed by validators.

The Stellar Consensus Protocol is the first general FBA protocol given to an open membership system. In this system, each validator decides which validators they trust to form quorum slices. Therefore, there is no need for a central authority to determine the list of validators.

In a distributed asynchronous system, the consensus mechanism must prefer two of the following three properties:

• Fault Tolerance – the ability of the system to survive the failure of the validator;
• Lively – the ability of the system to always close the ledger, even if it creates a fork;
• Security – The ability of a system to prevent errors from entering the ledger and ultimately prevent it from moving forward.

The SCP version of the Federated Byzantine Agreement prefers fault tolerance and safety . Also, there is no mining process. With only 3 to 5 seconds of voting process, messages are passed to reach consensus. And since security is a priority over liveness, there is no risk of a fork making you wait for some ledger, so transactions are permanent from the first consensus.

Regarding the security of the network, federated Byzantine agreement is asymptotically secure since computing power cannot be applied to break consensus. Even if there is still the possibility of bad actors colluding, it is almost impossible for them to form a majority because the network is made up of a complex network of overlapping quorum slices.

What does the Mining Pi cryptocurrency actually mean?

When the developers of the Pi Network came up with an all-encompassing mining system, they actually intended to allow individual devices to contribute at the protocol level and be rewarded. These include cell phones, laptops and computers .

Having understood how SCP works, we can now say that the most important thing about Pi's mining system is trustworthiness:

• Pioneers must confirm daily that they are not robots.
• Contributor is confirming a list of pioneers he knows and trusts;
• Ambassadors add new users to the network;
• Nodes are users who run software and run core algorithms on their desktop or laptop computers.

All of the above roles are required for the network and users can play one, more or all of them.

The newly minted Pi cryptocurrency will be distributed daily as long as users participate and contribute within that 24-hour interval.

What stage is Pi Network in?

The Pi Network project is in its second phase, the Testnet phase, running alongside the Beta. The app is still a simulation of a faucet.

In August 2020, the project passed 6 million users and has started testing the peer-to-peer transfer system as well as the KYC version.

The current "mining" rate is 0.4 Pi/h, and when it reaches 10 million users, it will halve again.

And, as announced by the Pi Core team on Pi Day in March 2020 , the Node software was deployed on March 31st .

When will Pi Network launch mainnet?

There is no official timetable for the Pi. Although we know that Pi Network started building its testnet in March 2020, the only official statement about the final phase is that Pi will go to mainnet when it is ready.

The start time of the first two stages can be estimated. The third stage will be launched on the mainnet on March 14, 2021 at the earliest, and March 14, 2022 at the latest, because the official speed has not been slowed down or delayed due to the epidemic.

The white paper only says: “The official mainnet of the Pi Network will be launched when the community believes the software is ready for production and has been fully tested on the testnet.”

At that point, all verified accounts will be transferred to the mainnet and faucets from beta testing will be turned off.

Additionally, fake users and duplicate accounts will also be dropped from the network. The first event that will piss off the Pi Network community will be the "purge" of fake users when switching to mainnet. Users with multiple accounts will inevitably be unhappy with this.

future development

The federated Byzantine agreement concept applied in its consensus protocol will require this transition to be the best effort.

Additionally, the Focus Market , the barter marketplace , and the decentralized App Store will redefine the way the cryptocurrency' community interacts. The network will provide its users with a means of exchange to draw their attention to those who want to show ads to the community advertisers, and where they can offer or find products and services paid in Pi cryptocurrency.

Additionally, developers can leverage Pi's existing infrastructure as well as resources shared by the community to build Dapps. The number of users of the first DApp on Piapp has exceeded 2.5 million, and I will talk about it in detail later!

The first Pi Conference is coming in Q3 !

We are looking for community thinkers and builders interested in building Pi Network together

Important points

• Pi Network is a cryptocurrency project designed to run on mobile phones, developed by Standford postdoctoral graduates Nicolas Kokkalis, Chengdiao Fan and Vince McPhillip.
• The project is currently in beta and the app just simulates a faucet. Trading on exchanges is currently unavailable.
• The Pi Network is built on the Stellar Consensus Protocol. SCP is a system that works based on a consensus quorum, using overlapping quorum slices formed by validators.
• To build an inclusive and functional network, each role is built around generating trustworthiness.
• Starting in March 2020, the Pi's Testnet phase started running alongside the Beta phase, with the official deployment of the Node software on March 31.
• The number of users of the first DApp on Pi Network has exceeded 2.5 million
• The first Pi Conference is coming in Q3! Looking for speakers from different parts of the Pi community
• When the project will arrive on the mainnet is still unknown.

🎯Come and join PI NETWORK MINING (20 seconds a day, 10 minutes a month, only 2 hours a year!! What is the value of your two hours? But for me, I only spend two hours a year, and the rest of the time is doing what I love)

▪️Free registration to get 1 Pi coin

https://minepi.com/kyle3051

▪️ Download the app

▪️Use Facebook / phone number to register account

▪️ invitation code Invitation code: kyle2051

▪️ Done

Tip: You don't need to keep the Pi app open, the Pi won't affect phone performance or drain battery power or use network data. You can even close the app after pressing the lightning button and you'll keep mining the Pi. The mining of Pi will stop every 24 hours, the lightning button is pressed once again, repeating every day until the end of the distribution