Pi Network (cryptocurrency)

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Pi Network is an experiment to create the first digital cryptocurrency than can be mined on a mobile phone. It is an attempt to create a decentralized open source blockchain that is eco-friendly. It was created by three Stanford University graduates Dr. Nicolas Kokkalis, Dr. Chengdiao Fan, and Vincent McPhillip. Dr. Nicolas Kokkalis, the head of technology, had previously co-founded Gameyola, a monetization and distribution platform for casual Flash games on social networks, and is the instructor of Stanford Univeristy’s first decentralized applications class; combining distributed systems and human computer interaction to bring cryptocurrency to everyday people. Vincent McPhillip, the head of community, had also previously co-founded The Stanford Blockchain Collective, a cross-disciplinary student club across the engineering, business, and law schools.

Unlike bitcoin with it's proof-of-work consensus protocol, Pi, the cryptocurrency generated by Pi Network miners as a reward for mobile activities performed to secure the blockchain, is built on the Stellar Consensus Protocol (SCP). The Stellar Consensus Protocol (SCP) requires several nodes to cast ballots on transaction validity, an activity which requires less computing power compared to bitcoin's proof-of-work consensus protocol that depends on nodes that require lots of electricity which consequently, has negative effects on the environment because of the carbon emissions that results from bitcoin mining. In October 2019, just 7 months after launch, Pi Network recorded over 500,000 installs, with active users spread across 180 countries.

Pi Network is backed by Stanford University's Faculty Heads, including Computer Science Professors Michael Bernstein and David Mazieres, as well as Bioengineering Professor Jan Liphardt.

In September 2019, Kili Wall of Yahoo Finance described Pi as "a major step forward for the cryptocurrency industry.

Pi Network’s aim is to create a social cryptocurrency secured and backed by everyday people which can be mined on mobile phones.

Marketing

Pi Network leverages the power of its members' social networks to allow everyday people to contribute to the security of the currency. Pi members guarantee each other as trustworthy through strict membership by invitation, thereby forming a consistent network of human interlocks called security circles, which in turn fosters word-of-mouth marketing by everyday people to everyday people. These security circles determine who can validate transactions on Pi's ledger. 7 months after launch, Yahoo Finance reported that Pi Network recorded over 500,000 installs, with active users spread across 180 countries.

External Links

Official Website

References

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