JustCryptoWeekly

DESCRIPTION:Introduction to the Pi network and reasons it should be taken seriously.

TL;DR

The Pi network is a cryptocurrency ecosystem that aims to provide access to cryptocurrency for everyday users with the creation of a mobile mining app. The mining app enables ‘pioneers’ to gain rewards in Pi coin by confirming their identity daily and contributing to a mining cycle. The founders of this network believe that the general public who contribute to economic stability the most should also benefit from it, hence the need to decentralize  access to safe, trustless means of transactions. Learn more in the body of the article…

WHY THE Pi NETWORK SHOULD BE TAKEN SERIOUSLY.

Image credit: minepi

The pi network is a mobile cryptocurrency network designed to decentralize cryptocurrency ownership through the use of a mobile mining app. The project is designed in a way that aims to make digital assets more accessible by the general public. It addresses the concerns of large mining operations, or costly infrastructure for algorithmic calculations needed for consensus agreement seen in first and second generation cryptocurrencies like Bitcoin, Ethereum, etc. Pi network uses a consensus mechanism known as Stellar consensus protocol (SCP) designed by David Mazières of Stellar Development Foundation for agreements on updating the distributed ledger.

PI’S VISION.

Cryptocurrency was introduced because of a need for independence in individual finances and a desire for trustless peer-to-peer transactions that were safe. This purpose was greatly hindered by the fat that the crypto era came with distrust and misinformation. At the time it got well known and first generation cryptocurency projects like bitcoin had kicked off, it could only be afforded by those who could cover the high cost of mining, those who had been lucky or informed enough to mine in its early stages, or corporations. Once again reducing the number of people having access to a safe, trustless, and private means of transactions. The Pi network looks to increase the inclusivity in the crypto space by bringing Pi coins to the masses through mobile device mining. 

WHY IS THE Pi NETWORK DIFFERENT?

Pi runs on the stellar consensus protocol(SCP) which uses a consensus mechanism called Federated Byzantine Agreement to ensure accurate and trustworthy records on the distributed ledger. The stellar consensus protocol has been proven effective in the stellar blockchain where it has been in operation since 2015. Unlike the stellar blockchain which is occupied by corporations, Pi looks to make secure,environmentally safe, permissionless means of transactions available to the everyday person and not only corporations and large organisations. 

The founders of Pi relate with the community through the app forum and give updates to the progression of the networks plans. The network is meant to run through three phases before it is deemed ready to be connected to exchanges.

• PHASE ONE – Design.

The Pi server runs emulating the way it will function when it goes live. During this phase the server is studied and improved by developers as they make it easy to navigate and ensure it runs smoothly. The pi coins in this phase can only be minted or mined but not exchanged or traded.

• PHASE TWO – Testnet

At this stage the node software will be launched on a testnet running on the trust graph the mainnet will use, but with  test Pi coins. The testnet will be available for nodes before they join the mainnet to familiarise the with the system. This phase will run simultaneously with phase one and the results will be compared to enable developers to find gaps and make improvement. When both phases are in sync, the project moves on to the last stage.

• PHASE THREE – Mainnet

On getting to the mainnet phase, the software has been diligently tested anddeened fit. Validated accounts will then transition to the fully decentralised mainnet as Pi is connected to exchanges for trading and all other uses.

IMPACT OF THE NETWORK.

The Pi  network offers leeway to anyone who is interested in taking a leap into the crypto space. The first era of crypto came like a speculation and was swept up before anyone could blink. The dream of a decentralised, trustless financial system still remains and Pi network is building an ecosystem to support it. The network will be run by the contributors (pi miners, nodes, ambassadors, etc) through a platform designed to be very accessible. In this era mobile phones are everywhere and everyone has some kind of mobile phone. The reach of this project is large scale thanks the the chosen medium.

Prior to cryptocurrencies the only forms of financial institutions served as intermediaries, and these intermediaries, (banks, online transaction firm, etc) charged fees for managing customer transactions while raking in trillions yearly from such fees. The customers who contribute to such great corporational wealth benefit little or nothing and still bear the costs. Pi on the other hand poses no form of costs for mining but offers rewards.

Author: justcrypto.news.blog Observer: Ms. Mogbolu

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