Introducing the PI Network

Introducing the PI Network

By Z365AIR | PI Network | 17 Jun 2019


PI Network Part I - Introduction

Hello Publish0x community I'm Mert, Turkish moderator of PI Network. Here on this blog you will find everything about the gamechanger, brand new cryptocurrency PI and this is the Part I - Introduction. Let's get going

What is PI ?

PI Network is a revolutionary SocialChain App by the team of Stanford PhD's giving the economic and social power of blockchain technology and the cryptocurrencies into the hands of everyday people by redefining wealth. PI's vision is to build the world’s most inclusive peer-to-peer marketplace, fueled by Pi, the world’s most widely used cryptocurrency.

As in the earlier days of Bitcoin, it was really easy to mine it. Though you could have earned 50 BTC only by running the mining software on your personal computer. It didn't remain for so long until one after the other the mining companies began spreading around the world. It turned into such a frenzy that these companies started developing specialised chips (ASIC) to mine this digital currency.

This approach gave the power to the companies like Bitmain etc. For a better understanding what it caused is that today in 2019 more than %80 of the Bitcoins are owned by only the %1 of the network! It was against the purpose of this technology and created a very huge handicap for solo miners, not even mentioning everyday people. Most can only buy it... a fraction of it, to be honest!

Until now!

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Have a phone? You got PI!

 

Bitcoin uses the first type of consensus algorithm:

All bitcoin nodes are competing against each other in solving a cryptographic puzzle. Because the solution is found randomly, essentially the node that finds the solution first, by chance, is elected the leader of the round who produces the next block. This algorithm is called “Proof of work” and results in a lot of energy consumption.

On Stellar Consensus Protocol and Federated Byzantine Agreement things work a bit different.

You can read SCP paper here, SCP tech here, and watch the explanation video here 

Each node can independently determine if a transaction is valid or not. For a network of computers to agree on which transactions to record in a block and the order of these transactions and blocks, they need to message each other and have multiple rounds of voting to come to consensus. SCP nodes secure the shared record by vouching for other nodes in the network as trustworthy. Each node in the network builds a quorum slice, consisting of other nodes in the network that they deem to be trustworthy.

Quorums are formed based on its members quorum slices, and a validator will only accept new transactions if and only if a proportion of nodes in their quorums will also accept the transaction. As validators across the network construct their quorums, these quorums help nodes to reach consensus about transactions with guarantee on security.

 


 

PI consensus algorithm builds atop SCP and offers these adaptations:

☼ Pioneer 

Pioneer is the user of Pi mobile who confirms that they're not a robot by starting a mining session. Pioneers can make p2p transaction on platform.

☼ Contributor

Contributor is a pioneer who contributes to system by providing a list of trustworthy piooners to build a global trust graph

☼ Ambassador

Ambassador is a user of the App who brings other users into Pi Network

☼ Node

Node is a user who is a pioneer, a contributor and running the PI Node sofware on their computer.

 


 

You can join PI Network now and start mining on your mobile to end the dominance of "so-called" Decentralized Bitcoin

 

Early members are making the most out the Network as the rewards being halved every time the active miner count (the user who completed 3 mining sessions as a pioneer) reaches a factor of 10. Final halving was on 24.05.2019 as we reached 10.000 active miners and now we're almost 50k (17.06.2019) Next halving as you may guess will happen when we reach 100k active miners.

 

CLICK HERE TO JOIN THE PI NETWORK

z365air is your invitation code!

 

Continue reading...


 

Links

PI WEBSITE - PI WHITEPAPER - PI FAQ - SCP PAPER - SCP TECHNICAL SUMMARY - SCP EXPLANATION VIDEO - PI NETWORK VIDEO - PI NETWORK UPDATE - COUNTDOWN TO 1M

 

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Z365AIR
Z365AIR

Food Processing Technologies PhD, Musician, Crypto enthusiast, 3D-AR designer


PI Network
PI Network

PI Network is a revolutionary SocialChain App giving the economic and social power of blockchain technology and the cryptocurrencies into the hands of everyday people by redefining wealth. Infos, News and Updates about PI Network is here on this blog.

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