Pi Network: Launched and Working

Pie Network: Launched and Working

Pi network is a digital currency project that aims to keep crypto-mining accessible as the centralization of the first generation of currencies like Bitcoin has put them out of reach of everyday users. The pi network, developed by a team of Stanford graduates, enables users to mine coins using its mobile phone app, validation transaction on a distributed record.

When Pi Network Launched

With branding based on the number pie, phase 1 of the project launched in 2019 on Pi Day, March 14, with its free Pi mining app. By June 2019, the network had more than 100,000 active users, and a year later when phase 2 launched there were more than 3.5 million. The app started running ads in May 2020 to provide a source of financing for the project. The user base reached 14 million in March 2021, having crossed the 12 million mark in February. 

Working of Pie Network

Pi's mining rate halved from 1.6pi per hour when it reached 100,000 users, halved again to 0.4pi per hour when it reached 1 million, and again to 0.2pi when it reached 10 million. It will continue to halve, reaching zero at 1 billion users.

Pie Network: Launched and Working

During the current second phase of the project, users can volunteer to test out pie Node desktop software on their computer. When will Phase 3 launched- according to the developers, the start of the third phase has not been predetermined but depends on the progress made in the second phase.

Unlike nodes in networks such as Bitcoin or Ethereum that use proof-of-work protocols, Pi Nodes use an algorithm based on the Stellar Consensus Protocol (SCP). Pi nodes validate transactions on distributed ledger and reached a consensus on the order of new transactions that the ledger records.

Under the SCP, Pi nodes form security circles, or groups, of three to five trusted people known to each of the networks' users. Security circles build a global trust network that prevents fraudulent transactions, as transactions only be validated on the shared ledger if the trusted nodes approve them.


Also Read: Bitcoin: Market Value and Mining


1 Comments

  1. security circles have nothing to do with how SCP works, you need to read up on stellar core.

    ReplyDelete

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