Pi Network – The Mobile Social Cryptocurrency 

The cryptocurrency market is still fairly new and has a lot of room for improvement and innovation. And because it's new and involves huge amounts of money, the cryptocurrency market is something of a Wild West .

Many have tried and failed to replicate the new and improved bitcoins. Some people have a new concept, but it doesn't match the success of Bitcoin and Ethereum.

Obviously, the more innovative the topic of cryptocurrency, the more complex it becomes.

So the Stanford PhD team took on the challenge of developing PI , an easy-to-use, comprehensive currency that could be widely accepted worldwide. For this, they use the Star Consensus Protocol, another concept that originated at Stanford University.

what is pi

Well, pi is 3.14159265359 and is a mathematical constant. But that's not why we're here.

We're here to talk about Pi Networking. Pi Network is a cryptocurrency project developed by PhD and Stanford graduates: Nicolas Kokkalis, Chengdiao Fan and Vince McPhillip , designed to work on mobile phones.

The goal is to make blockchains running on the Star Consensus Protocol (SCP) as resource-efficient and as easy as possible through a system of " security loops ".

It all started on March 14, 2019 (the official Pi Day) when developers released their mobile app. They sell it as a free, battery-powered mobile mining app that you can mine on your own just once a day. The mining rate starts at 3.1 FPH and is halved when the number of users exceeds a certain number.

And to increase the mining rate, each user can refer others to receive bonuses.

The community is growing and growing and as of October 2022, the app has over 35 million engaged members with a base rate of 0.0147 FPH.

“Over 35 million people earn tons of free money in one year? It was amazing!

Yes, that's true, but that's not what actually happened. In the white paper, we can see that the Pi network project consists of three phases: beta , testnet and mainnet .

It is currently in the testnet phase and the application is still a virtual presentation for early adopters.

The testnet phase of pi started in March 2020. Since then, the development team has been continuously testing capabilities for Pi Nodes, KYC, monetization through ad placement, and the latest Pi Wallet.

When it comes to pi mining, "mining" isn't really mining as understood in the crypto market. What we normally think of as mining doesn't work that way in SCP.

“So is it fake or a scam? »

And no! This is a testnet project that uses common terms to attract people. So, "Is Pi Networking Legit?" To answer your question, we must first understand how it works.

After analyzing the white paper and taking a closer look at the project, we can understand why the Pi Network project is being developed and promoted as it is.

1. The goal of this project is mass adoption and is aimed at a wide audience. Since most people have heard of Bitcoin, it is important to compare and mention the disadvantages of Bitcoin and the benefits of Pi .
2. Mass adoption must be accompanied by widespread distribution. Through the app, Pi Token distributes ready tokens to its user base. It is probably called " mining " because the term is easier to understand.
3. Building a blockchain from scratch is not an easy task, and most projects are hacked due to poor network security. Thanks to SCP, network security is significantly improved. However, since the Star Consensus Protocol is quite complex to understand (as we will see later), they only emphasize a security loop system that provides incentives.
4. Pi also claims it's " the first digital currency you can mine on your phone ." But in fact, Monero was the first to use the Minergate app. Although there are others before them, they drain the battery and consume more data. However, since the Pi Network software simulates a touch, you don't even need to be connected to the internet as long as it logs in once every 24 hours.

Using keywords to bring large communities together plays a key role in how people think about the Pi cryptocurrency and the Byzantine fault-tolerant system it uses , as we'll see next.

Pi cryptocurrency

"So far so good, but how much is Pi cryptocurrency?"

The answer is simple > NO REGISTRATION! Or better yet, don't say anything.

So the next time you hear or see someone trying to sell them at any price, don't forget to report them as scammers.

The Pi cryptocurrency will eventually launch and appreciate in value on the mainnet. This change is expected to take place in December 2022. It is traded on exchanges, used in the Pi Network's social media environment (advertisements and marketplaces), and potentially used to pay for goods and services outside of the Pi environment.

The developers set the value of Pi because it shouldn't reach a large value (like bitcoin), so people would be more likely to use it as a unit of exchange rather than a store of value.

Of course, people can still win after Project Pi goes live:

• One's "mine" hits a steady supply;
• Communication;

• Developer Awards.

Star Consensus Protocol

In general, blockchain works like a decentralized digital ledger supported by a distributed computer network. In a distributed system, the participants of the cryptocurrency network must regularly come to a consensus in a secure and efficient manner.

However, achieving consensus is quite difficult, especially when some nodes fail or behave dishonestly. But thanks to the Byzantine fault-tolerant system , the blockchain can continue to work even if some nodes become disconnected.

side note. Byzantine Fault Tolerance (BFT) is a system feature to withstand any type of failure caused by non-communicating or malicious nodes and continue to operate as long as there are a majority of OK nodes.

The Bitcoin Proof of Work system has proven to be one of the most secure implementations of the BFT blockchain. But the complex cryptographic puzzle used by Bitcoin PoW made the network extremely slow and inefficient in terms of energy consumption.

Therefore, many other projects have implemented protocols derived from BFT to create better networks based on faster and cheaper voting. However, they have some disadvantages such as B. accidental fork, centralization and increased risk of strong rib protrusion.

Federation of Byzantium Memorandum of Understanding

In 2015, Stanford professor Mazières presented a tolerant alternative to Byzantine defects called Federated Byzantine Settlements . This concept is based on consensus quorums using overlapping quorum segments of validators.

The Stellar Consensus Protocol is the first public FBA protocol to offer an open membership system. So how does the Stellar consensus protocol work?

In SCP, each validator decides which validator to trust to create a quorum wedge. Therefore, there is no need for a central authority to decide on the list of validators.

In a distributed asynchronous system, the consensus mechanism must support two of the following three properties:

• Fault tolerance : the system's ability to survive validator failures;
• Animation - Ability to always close the book, even if the system causes a hook;
• Security - the system's ability to prevent errors from entering the registry and potentially halting their progress.

The SCP version of the Federated Byzantine Agreement prioritizes fault tolerance and security . In addition, there is no extraction process. There is only a 3-5 second voting process where messages flow to reach consensus. Because security takes precedence over liveness, there is no risk that the fork will continue to wait for some records, so transactions are permanent when consensus is reached the first time.

The Federated Byzantine Agreement is asymptotic in terms of network security because it is not possible to use computing power to break the consensus. While bad actors may still have bargaining power, it is almost impossible for them to form a majority because the network consists of a complex network of overlapping quorum segments.

Mining Cryptocurrency What does Pi mean?

When the developers of the Pi Network create an all-inclusive mining system, what they really want is for each device to contribute and be rewarded at the log level. This includes mobile phones, laptops and computers .

Users in a quorum “mine the Pi” by verifying the legitimacy of any activity on the network.

Now that we understand how SCP works, we can say that the Pi mining system is all about reliability:

• Pioneers must prove every day that they are not robots;
• The depositor supports a list of pioneers he knows and trusts;
• The ambassador adds a new user to the network;
• Nodes are users who run software on their desktops or laptops and run the underlying algorithms.

All of the above roles are required for the network, and users can play one, several, or all of the roles.

New Pi cryptocurrency will be distributed daily as long as users participate and contribute during this 24-hour interval.

What phase is the Pi network at?

The Pi network project is in its second phase, the testnet phase. However, this app is still a one-touch simulation.

The testnet phase started in March 2020 on Pi Day, March 31, with the node software deployment.

As of November 2022, the project has over 35 million users and has begun testing nodes, peer-to-peer transfer systems, KYC versions, and recently wallets.

The current base mining rate is 0.0147 FPH and will be halved again when it reaches 100 million users.

When will the Pi network go live?

In December 2020, Nicolas Kokkalis announced on the Pi Network that they would complete the main network roadmap within a year. So everyone expected the Pi to be released in December 2021 or early 2022. However, the process has been delayed and at the time of writing, users believed that the Pi would be released in late 2022.

At this point, all verified accounts will be moved to the mainnet and the beta testing plugs will be closed.

It also removes fake users and duplicate accounts from the network.

Currently, Pi owners can transfer their assets to a Pi wallet and wait for KYC to pass, so they'll be ready when the switch to the mainnet happens.

future developments

The first thing that will cause outrage in the Pi Network community is the "cleanup" that will happen when moving to the mainnet. The federated Byzantine contract concept used in the consensus protocol requires that this transition be made with great care.

Users with multiple accounts will inevitably be unhappy.

Focus Marketplace Pi, Barter Marketplace and Decentralized App Store will redefine how the cryptocurrency community interacts. The network offers users a place to exchange ideas with advertisers who want to advertise in the community and to offer or search for products and services for payment in Pi cryptocurrency.

Additionally, developers can create Dapps using existing Pi infrastructure and shared community resources.

An important point to remember

• Pi Network is a cryptocurrency project designed for use on mobile phones by Nicolas Kokkalis, Chengdiao Fan and Vince McPhillip, PhD and Stanford graduates.
• This project is in testing phase and this app is just a touch simulation. The Pi token is currently worthless and cannot be traded on exchanges.
• The Pi network is based on the Stellar consensus protocol. SCP is a quorum-based system that achieves consensus by using overlapping quorum slices of validators.
• To build an inclusive and functioning network, every role is built to build trust.
• As of March 2020, the Pi testnet phase was launched, and the node software was officially launched on March 31.
• Pi is expected to reach the mainnet milestone in December 2022.

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