what is pi network

Pi Network aims to become the most widely used cryptocurrency in the world. Since it is a BETA version, some details of the project are still changing. Pi Network strives to combine theory with people-oriented Find a balance between designs (or test with real people to best meet their needs).                                                                                                                                                                                                                       (Recommended study: phpstorm)

The core team is led by three Stanford University graduates. The current project status is that more than 150,000 people have registered, and the mining revenue has been halved. , but it is still in the first stage, that is, the currency distribution stage, which is equivalent to distributing benefits to early users.

When entering the second phase, the Testnet will be launched. When entering the third phase, the Mainnet will be launched. Each user will have their own private key/public key.

Pi NetWork does not set the total supply (supply) at the beginning like usual blockchain projects. Instead, it determines the total supply based on the growth of the number of registered active users. Whenever an active user When the quantity increases by 10 times, the base rate of mining is halved.

When the Pi network reaches a certain number of users (such as 10 million or 100 million), the rate will eventually drop to 0. At that time, just like BTC (Bitcoin), miners will be rewarded in the form of transaction fees rather than by issuing new coins.

Pi uses other types of consensus algorithms and is based on the Stellar Consensus Protocol (SCP) and an algorithm called Federated Byzantine Agreement (FBA).

Such algorithms waste no energy, but they require many network messages to be exchanged in order for nodes to reach a "consensus" on what the next block should be. Each node can independently determine whether a transaction is valid based on cryptographic signatures and transaction history, such as permission to make conversions and double-spends.

Although the steps for each node to send messages to each other and conduct multiple rounds of voting may seem like a lot, the Internet is fast enough and these messages are lightweight, so this consensus algorithm is better than Bitcoin's proof of work. More lightweight.

A major representative of this algorithm is called Byzantine Fault Tolerance (BFT). Several of today's top blockchains are based on variations of BFT, such as NEO and Ripple.

The download link for Pi Network’s app can be found on the official website. After downloading and registering, click the lightning logo every 24 hours to receive benefits.

In my opinion, Pi is not so much about mining, but rather about receiving airdrops offline. In this way, the team distributes the coins to as many people as possible. Therefore, the value of Pi depends on its network. It is supported by the time, attention, goods and services provided by the members collectively, that is, solely by the consensus of the community members.

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