What Is Pi Network? In Brief All Details You Need

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Pi Network
Image Credit: minepi.com

Talk about Pi Network, this is often another cryptocurrency project that claims will allow users to mine using their smartphone and without draining their battery life.

As the world becomes increasingly digital, cryptocurrency is that the subsequent natural step in the evolution of cash. Pi is the first digital currency for everyday people, representing a serious breakthroughs within the adoption of cryptocurrency worldwide.

About Pi Network Team

Pi Network that made his first appearance in Digital Currency dating all the way back to the 2019. Since then he has been created by three members of team and is the subject of Pi Coin like Bitcoin. In the early days of Bitcoin, anyone earn 50 BTC by simply running Bitcoin mining software on their PC.

Dr. Nicolas Kokkalis ( Head of Technology)

Stanford Ph.D. and instructor of Stanford’s first decentralized applications class, combining distributed systems and human-computer interaction to bring cryptocurrency to daily people.

Dr. Chengdiao Fan ( Head of Product)

Stanford Ph.D. in Computational Anthropology harnessing social computing to unlock human potential on a worldwide scale.

Vincent McPhillip (Head of Community)

Yale and Stanford-trained social motion builder on a mission to democratize how society defines, creates, and distributes wealth.

Pi Network Mining Level

Pi Network defined Mining Level as Four roles Pi users can play, as Pi miners. Given are below.

  • Pioneer: A user of the Pi mobile app, which is simply just confirming that they’re not a “robot” on a day today. This user validates their presence whenever they check in every time the app. They will also open the app to request transactions (e.g. make payment in Pi to a different Pioneer).
  • Contributor: A user of the Pi mobile app, who is contributing through offering an inventory of Pioneers he or she is aware of and trusts. In aggregate, Pi contributors will build a world have faith graph.
  • Ambassador: A user of the Pi mobile app, which is introducing different users into the Pi network.
  • Node: A user who may be a pioneer, a contributor using the Pi mobile app, and is additionally running the Pi node software on their desktop or laptop. The Pi node software is the software that runs the core Stellar Consensus Protocol (SCP) algorithm, taking into consideration the trust graph information provided by the Contributors.

Pi-Enabling mining on mobile phones

While Bitcoin’s process for updating its record is proven burning energy and money to prove trustworthiness, it’s not very user friendly. But Pi, we introduced the extra design requirement of employing a consensus algorithm that might even be extremely user friendly and ideally enable mining on personal computers and mobile phones.

In comparing the existing consensus algorithm, the Stellar Consensus Protocol emerges because the leading candidate to enable user-friendly, mobile-first mining.