How Much Is Pi Network Worth Now? Invest Now Before Its Too Late Big Financial Crash Coronavirus
What’s in each phase?
Phase 1: Design, Distribution, Trust Graph Bootstrap
Phase 2: Testnet, the Node software is installed over the testnet to run before the mainnet launch
Phase 3: Mainnet
Please read the whitepaper for details on each of these phases.
What is Pi Network?
Pi Network was created from the simple belief that the existing blockchain and cryptocurrency networks are out of reach for the common public. For instance, you can no longer mine Bitcoin using your home computer. You need very expensive equipment to stand a chance. These equipment are out of reach of most people and that tends to keep people out of the cryptocurrency ecosystem – and act as a key impediment to mass adoption.
Pi can be mined on a mobile phone and does not need the app to be switched on to mine. This drastically changes the way mining works and potentially encourages people who are kept outside the crypto ecosystem because of costs and complexity. Pi is both free (almost) and easy to participate in the ecosystem.
What makes Pi Network different?
“Pi’s consensus algorithm builds atop SCP. SCP has been formally proven [Mazieres 2015] and is currently implemented within the Stellar Network. Unlike Stellar Network consisting mostly of companies and institutions (e.g., IBM) as nodes, Pi intends to allow devices of individuals to contribute on the protocol level and get rewarded, including mobile phones, laptops and computers.”
Who can participate in Pi Network?
Anyone with an Android or Apple smartphone and internet access can participate in the Pi Network.
According to the whitepaper: “There are four roles Pi users can play, as Pi miners. Namely:
Pioneer. A user of the Pi mobile app who is simply confirming that they are not a “robot” on a daily basis. This user validates their presence every time they sign in to the app. They can also open the app to request transactions (e.g. make payment in Pi to another Pioneer)
Contributor. A user of the Pi mobile app who is contributing by providing a list of pioneers he or she knows and trusts. In aggregate, Pi contributors will build a global trust graph.
Ambassador. A user of the Pi mobile app who is introducing other users into the Pi network.
Node. A user who is a pioneer, a contributor using the Pi mobile app, and is also running the Pi node software on their desktop or laptop computer. The Pi node software is the software that runs the core SCP algorithm, taking into account the trust graph information provided by the Contributors.
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