Let's start with what is Pi network?
Pi network was created by three Stanford Ph. D. graduates: Dr. Nicolas Kokkalis, Dr. Chengdiao Fan and Vincent McPhillip.
Dr. Kokkalis is a computer engineering Ph.D. and teaches Decentralized Applications of Blockchain at Stanford. Dr. Chengdiao Fan has been studying interactions between humans and computers for years. She is fascinated by the impact that recent technological advances have had on both individuals and society as a whole. Vincent McPhillip earned his bachelor’s degree in Political Science from Yale University. He spent time working for a Non governmental Organization called Bridgespan, distributing millions of dollars to communities across the United States to help develop their schools and local workforces. It was this work that cultivated his keen interest in the distribution of wealth, particularly as it’s related to upward mobility.
Pi uses proof-of-stake consensus unlike Bitcoin that uses proof-of-work mining, Pi is more energy efficient and eliminates competition since you don't need massive collection of computers to mine.
Pi is also a true decentralized cryptocurrency because validators (miners) uses their smart phone unlike Bitcoin miners that uses mining hubs that can be controlled by corporations or wealthy parties.
Currently, Pi network is running on it's phase 2, being tested like other cryptocurrency that will be released through Mainnet, it needs to run on testnet. A testnet is an instance of a blockchain powered by the same or a newer version of the underlying software, to be used for testing and experimentation without risk of real funds or the main chain.
As news floats regarding Pi and the Pi network, on it's 2nd phase, development team created Pi wallet for conducting transactions, for me, once a cryptocurrency has a wallet it will not waste funds not putting this on Mainnet.
Pi is the first digital currency that you can mine using your mobile phone. Pi's running algorithm is Byzantine Fault Tolerance, where nodes(peers) that can independently determine if a transaction is valid or not, vouching for other nodes in the network as trustworthy. Pi intends to allow devices of individuals to contribute on the protocol level and get rewarded, including mobile phones, laptops and computers.
There are four roles Pi users can play, as Pi miners. Namely:
Pioneer. A user of the Pi mobile app who is simply confirming that they are not a “robot” on a daily basis. This user validates their presence every time they sign in to the app. They can also open the app to request transactions (e.g. make a payment in Pi to another Pioneer)
Contributor. A user of the Pi mobile app who is contributing by providing a list of pioneers he or she knows and trusts. In aggregate, Pi contributors will build a global trust graph.
Ambassador. A user of the Pi mobile app who is introducing other users into Pi network.
Node. A user who is a pioneer, a contributor using the Pi mobile app, and is also running the Pi node software on their desktop or laptop computer. The Pi node software is the software that runs the core SCP algorithm, taking into account the trust graph information provided by the Contributors.
In Pi, there is no need for mining pools, since once a day everyone who contributed get a meritocratic distribution of new Pi. At this time, the base rate of mining halves every time the number of active users increases by a factor of 10.
This rate will eventually fall to 0 when the network reaches a certain number of users (e.g. 10 million or 100 million). At that point, just like Bitcoin, miners will continue to be rewarded through transaction fees and not through the minting of new Pi coin.
The developers of Pi Network crypto made a huge step forward evolution in mining processes. The main idea was to create a user-friendly network, where people can form chains and mine coins with a minimal cost and limited battery drain, using a mobile application. The PI Network mobile app is user-friendly. Let's compare Bitcoin and Pi, to prove that a transaction is fraudulent free, Bitcoin’s process for updating its record is proven fraudulent free but miners burn huge amount of energy or money just to prove trustworthiness of a Blockchain. Pi uses SCP, Stellar Consensus Protocol emerges as the leading candidate to enable user-friendly, mobile-first mining.
SCP uses a novel mechanism called Federated Byzantine Agreements to ensure that updates to a distributed ledger are accurate and trustworthy by vouching that the block is trustworthy.
Is pi MLM? Technically MLM would require you to benefit from those under those who you refer on the other hand Pi stops at who you refer so therefore Pi is neither MLM or a pyramid scheme. Not to mention nobody has paid a single penny.
Pi is not a scam since it runs on Blockchain, blockchain technology is very difficult to hack. There have been instances of exchanges or wallets being hacked, but not the entire network.
To claim your Pi, follow this link https://minepi.com/FloatingBalyena and use my username (FloatingBalyena) as your invitation code
Currently, 1 PiCoin = 0.024047 US Dollar (USD)
Date (today): 19. August 2021 02:52 PM (GMT)
We don't know how much will pi increase nor this is the Pi coin, just saw it.
