Pi Network, What is it, and What’s its future?

PI NETWORK.

The Pi Network is an online currency that aims to make cryptocurrency mining accessible since first-generation currencies like bitcoin are too centralized to be accessible to everyday people. A team of Stanford graduates developed the Pi NETWORK that allows users to mine coins using its mobile app. 

Instead of using proof-of-work (PoW) protocols like Bitcoin or Ethereum, Pi nodes use the Stellar Consensus Protocol (SCP). A peer-to-peer distributed ledger allows Pi Nodes to validate transactions, ensuring that new transactions are recorded in a consistent order.

In SCP, each network user forms a group of three to five trusted people known to others on the network. The Security circles make a global trust network that prevents frauds.

Pi Day.

Pi Day, 14 March, marked Phase I of the project, which launched with a free mining app based on the number (π) on Pi Day in 2019. In June 2019, the project had more than 100,000 users. After one year, when Phase 2 launched, there were more than 3.5 million users.

Ads began running on the app in May 2020 to provide funding for the project.

Pi Network’s user base reached 29 million on 25 November, up from 14 million in March 2021.

Halving Of Pi.

pi

PI coin, or PI, is a cryptocurrency that runs on the Pi network, and, like other cryptos such as bitcoin, it remains scarce by regularly halving. The halving process is when a miner receives half as many coins for each new transaction they process. Reaching a certain milestone typically HALVES the Pi.

As PI reached 100,000 users, its mining rate fell to 1.6 π an hour. It then dropped again to 0.4 π an hour when it reached 1 million users, and to 0.2 π after 10 million users. It will reach zero π at 1 billion users.

Users can test the Pi Node desktop software during the project’s current second phase. The Pi Wallet and Pi Browser both were released on 1 April 2021 for testing. And on 28 June, a Developer Portal (SDK) software development kit and other resources were released.

The start of the third phase is not set and depends on progress made in the second phase, according to the project’s developers. 

According to the Pi roadmap, Pi NETWORK plans to introduce a (KYC)Know Your Customer solutions, that will expand developer resources, more apps and community content, along with the mainnet launch.

From 28 June until 30 September, Pi held its first hackathon, #BuildPi2gether. To encourage developers to contribute ecosystem apps to improve Pi’s functionality and business apps to serve a consumer or commerce product. Pi awarded a total of $100,000 and 100,000 PI to the top projects in each category.

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