The Pi cryptocurrency (PI) makes the promise that it will give consumers a new cryptocurrency with all the benefits of Bitcoin. The Pi Network was established in 2018 by researchers Nicolas Kokkalis and Chengdiao Fan from Stanford University. They created the Pi Network app and published a whitepaper on March 14, 2019. Users push a button every day to mine the Pi cryptocurrency using the app. To join the app, users need an invitation code from a member. members of the platform can earn extra money through the site’s referral program depending on how many new members they bring. The Stellar Consensus Protocol, a patented technique used by Pi Network that allows users to benefit from their involvement in the network, sets it apart from many other cryptocurrencies.
What is Pi Network?
The pi coin is a contemporary money that is simple to mine, even from a smartphone. The main cryptocurrency that runs on the Pi network is called Pi coin, or PI. The Pi currency may now be mined straight from smartphones thanks to this network, negating the need for expensive gear and graphics processing units (GPUs). The pi coin is governed and administered by a social community as with any other digital money, not by a formal authority. The network is now testing in phase two and anticipates a complete launch that might occur in phase three. The “stellar consensus protocol” used by the Pi network sets it apart from other types of cryptocurrencies by allowing users to profit from their contributions to the network.
Whitepaper of Pi Network
Cryptocurrency is the logical next stage in the evolution of money as the world gets more and more digital. Pi is the first cryptocurrency designed for regular people, marking a significant advancement in the global use of cryptocurrencies. The mission of the Pi network is to create a platform for cryptocurrencies and smart contracts that are controlled and protected by regular people. Its vision is to create the most inclusive peer-to-peer ecosystem and online experience possible with Pi, the most popular cryptocurrency on earth. Anyone might have made 50 BTC in the early days of Bitcoin by merely running Bitcoin mining software on their home computer when only a small number of individuals were working to validate transactions and mine the first blocks. Smart miners realized they could make more money if they had more than one computer operating to mine as the currency gained popularity.
Entire businesses sprung up to mine, as Bitcoin’s value continued to rise. These businesses created specialized processors and set up massive farms of servers to mine Bitcoin. The Bitcoin Gold Rush was sparked by the rise of these massive mining businesses, which made it exceedingly challenging for regular individuals to participate in the network and get rewards. Additionally, their efforts started using a lot more computational power, which added to the global environmental problems already present. A significant concentration of economic power and wealth in Bitcoin’s network was swiftly brought about by the simplicity of mining Bitcoin and the following growth of Bitcoin mining farms. To put things in perspective, 1% of the Bitcoin network today owns 87% of the total supply, even though many of these coins were basically free to produce in the beginning. Another illustration is Bitmain, one of the largest Bitcoin mining companies, which has generated billions in sales and profits.
Pi network’s solution enables mining on mobile phones.
The Pi Core Team set out to discover a method that would enable regular people to mine or receive Bitcoin rewards for verifying transactions on a distributed record of transactions after finding four major adoption hurdles. As a reminder, ensuring that revisions to this open record are not fraudulent is one of the key issues that emerge with keeping a distributed record of transactions. Although the method used by Bitcoin to update its records has been demonstrated, it is not very user-friendly. For Pi, we added the further design stipulation of using a consensus mechanism that would also be very user-friendly and ideally allow mining on desktop PCs and mobile devices. The Stellar Consensus Protocol stands out as the top contender for enabling user-friendly, mobile-first mining when compared to other consensus algorithms. David Mazières, a professor of computer science at Stanford University, who now holds the position of Chief Scientist of the Stellar Development Foundation, is the creator of the Stellar Consensus Protocol. Federated Byzantine Agreements, a revolutionary method used by Stellar Consensus Protocol, ensures the accuracy and reliability of distributed ledger updates. Through the Stellar blockchain, which has been operational since 2015, SCP is also used in practice.
Stellar Consensus Protocol and its use in Pi Network.
Pi is based on the Federated Byzantine Agreement algorithm and the Stellar Consensus Protocol, which are examples of the other class of consensus methods. Such algorithms don’t waste energy, but in order for the nodes to reach a “consensus” on the next block, several network messages must be exchanged. Based on the cryptographic signature and the transaction history, each node may independently decide whether a transaction is genuine or not, such as the authorization to make the transition and double-spending. However, a network of computers must communicate with one another and go through several voting rounds in order to reach an agreement on the transactions to include in a block and the sequence in which these transactions and blocks should be recorded. The contribution of the Federated Byzantine Agreement is that each node sets its own “quorum slices,” which in turn will generate various quorums, as opposed to having one quorum that is established centrally. In a decentralized manner, new nodes can join the network: they identify the nodes they trust and persuade other nodes to believe them without needing to persuade a central authority.
#PiHackathon, an Opportunity for Developers.
The #PiHackathon is an ongoing initiative of the Pi Network to facilitate the year-round development of the Pi ecosystem and provide regularly available opportunities for developers. Passionate developers and builders can participate in the process by submitting their Pi applications through the Brainstorm program each month. The Pi network community of tens of millions of pioneers can review these submissions. Winning a hackathon in a given month can bring more attention to your project. This hackathon looks for creative, utility-centered web applications that meet real user needs, support Pi cryptocurrency, and are intuitive to use and accessible to everyday people. So, passionate, energetic, and enthusiastic developers all across the world have this opportunity to come forward and participate.
Every month, the winning project wins the grand prize of Pi cryptocurrency tokens! As part of our developer support programming, all Hackathon signups will be considered for additional support and resources from the Pi Core team. Robust applications that meet the required criteria can also be listed on the Testnet Ecosystem website for the Pi browser. Teams can continue to develop applications even after delivery. If any team doesn’t win one month, their improved app might win a second time.
Steps to Start a Hackathon
First of all, download the Pi app and create a Pi account. You can download the app from the android play store and from the apple app store. If you haven’t already done so, you need to set up the Pi Browser which is the home of the Pi ecosystem. So, download the app and Log in to the Pi browser with your Pi account. Go to the main screen of the Pi browser and click on the “brainstorm. pi” icon to open the Brainstorm app. Tap “Hackathon” in the navigation bar. To participate in the hackathon, follow the instructions in the Hackathon tab. After doing so, you need to propose a project idea and then join a project. All the instructions to propose and join a project are given on the Pi Network’s official website.
The submission process for Hackathon
In the submission process, participants must submit their apps by the deadline of 11:59 p.m. Pacific standard time on the final day of each month. Submissions must contain a link to a demo app either Testnet or Mainnet, a brief video presentation, and a description of the software in order to be reviewed and qualify for a reward. While making a video you should include the project’s overview, and describe how were Pi and your project integrated ? What is the best technological solution to the main issue? What distinctive features did you include in your app? What key features or accomplishments of the product do you wish to emphasize? Please note here that the maximum length of this video is three minutes.
Pi Network KYC Solution
Pi Network KYC, or “Know Your Customer,” is a process used to first identify Pioneer identities and then confirm them in order to comply with laws and make sure that Pioneers inside the worldwide Pi Ecosystem are legitimate or real people. The goal of Pi Network is to create an ecosystem and digital currency that is open to all Pioneers. The mining process used by Pi Network is built on social networks and depends on the contributions of genuine Pioneers. Pi thus strictly enforces the one account per person rule. In order to prove that network users are real people, this demands a high level of precision. This prevents people from unjustly hoarding Pi by fraudulently creating accounts. KYC, therefore, contributes to ensuring that the network is truly human.
The Pi App Engine is being used to provide the KYC solution for Pi Network as an ecosystem app. Remember that the system aims to provide scalability for millions of KYC, extensive coverage of various demographics, and accessibility while attempting to address accuracy and privacy.
For precise and effective KYC for everyone, the KYC system combines automated processes with human verification. Processing, analysis, and obfuscation of Pioneer data will be carried out by machine automation. The KYC’ed human Validators may then need to double-check certain portions of the information and documents that have been supplied. The network KYC progress now largely rests on how many competent human Validators there are in each local community to handle the human verification stage of the KYC solution, given that the Core Team has scaled the machine automation element as needed. More human Validators are available to validate others as more Pioneers undergo KYC. By doing so, the KYC solution will be able to accommodate the greatest number of international ID types across all nations and regions, making Pi as widely available as possible.
What makes the Pi KYC Solution unique?
Due to the incredibly challenging nature of the process of verifying many persons from almost every country, the majority of other projects outsource KYC to a third-party KYC provider. However, each KYC check is subject to a cost from the third-party KYC provider. Pi Network has created its own KYC software to perform KYC checks that are free of charge for all Pioneers and cost 1 Pi apiece to reimburse human Validators for their labor in order to provide Pioneers the chance to participate in the Pi Mainnet regardless of financial obstacles. This is a component of our ongoing quest for diversity.
Further, no other KYC solution on the market offered KYC services in nearly all countries and regions in the world as widely distributed as the Pioneers, making it impossible to outsource the process to any third party in the first place given the millions of Pioneers in more than 230 countries and regions and the scope of KYC checks required. As a result, we developed this native solution that, by utilizing machine automation and the distributed global community of Pi, Pi Network’s greatest strength, can expand the KYC process in terms of both volume and diversity of identity. Finally, Pi KYC contributes to the ecology surrounding Pi by enhancing its actual utility. It is an ideal illustration of the Pi ecosystem as a whole: a native, decentralized community where labor is traded and actual benefit is produced, all in return for the Pi coin with no involvement of cash.
Pi Network new update
Pi Network is launching Pi2Day 2023 Art Festival. The special subject for this year, “Visualise a Day in a Pi-Powered World,” continues the emphasis on usefulness and daily life while challenging participants to consider how Pi may penetrate other elements of daily life more broadly. Pioneers must envision and depict a more complete and integrated view of a world that has been improved by Pi in an open and imaginative manner.
Well friends, This is all, I want to discuss in this article. As per our research, Pi Coin has a great future and will surely hit the moon. But, at the same time this is a new coin so always do your own research before investing because risk is always involved in new cryptocurrency. Please be aware that as PI is still being tested, you cannot exchange it if you want to purchase it in India. When Pi transitions to a fully decentralized blockchain in the third phase, which is scheduled to debut soon, users who have earned Pi can transfer or withdraw their currency.