Introduction :

In December 2018, Pi core team launched Pi Network mobile application in the iOS App store as an alpha prototype that was incorporated into the first Pioneers. Android version also.

On Pi Day 14 March 2019, the first Pi whitepaper was released to mark the official launch of the Pi Network.

At this point our app allows Pioneers to mine Pi by helping to grow and boost the security of the Pi blockchain.

Since the ultimate objective was to establish the Mainnet and create an ecosystem around the Pi platform.

The Pi application running on the central Pi server allowed cellphone users (Pioneers) to contribute their Security Circles that, in total, created an trust graph that is required by the consensus algorithm for the Pi Blockchain and in exchange the Pioneers were awarded mining rewards.

Additionally, the centralized phase enabled the network to grow and a community to develop as well as the Pi token to become easily accessible and distributed widely.

This phase also enabled the development of a variety of technical features and the Pioneer experience by leveraging the input of the community throughout the process of development.

The following major achievements were achieved in the Beta phase of the program:

The Pi Network mobile app was available through the iOS App Store and Google Playstore.

Pi Network grew from 0 to more than 50+ million active Pioneers.

The Pi Network community actively engaged with the project via the interaction with the home screen of the app and chat application.

Pi Network reached 233 countries and regions across the globe.

 

Testnet Phase :

There were many versions of the Node software were released.

The Pi Platform was launched together with key components of our ecosystem infrastructure Wallet browser, Brainstorm and tools for developers.

The pilot version of the KYC app was launched via the Pi Browser.

The project held its first ever global online Hackathon with thousands of participants from the Pioneer Community.

Pi Network grew to over 50 million active Pioneers and went from 0 to more than 10,000 fully functioning community Nodes as well as more than 100,000+ active Nodes that are waiting to be added.

Pi Network reached almost all regions and countries in the world.

Pi Network Supply :

Pi Network’s mission is to create the most inclusive peer-to-peer network as well as an online experience powered by Pi the world’s most used cryptocurrency.

To achieve this goal it is crucial to expand the network as well as ensure that Pi easily accessible, while ensuring the integrity of the blockchain as well as long-term incentives to the network.

Although these objectives have always been the guiding principles behind the mining model and token supply design, the most important distinction is that the pre-Mainnet phase focused on accelerating network growth and spreading Pi as well as the Mainnet phase will be focused on rewarding a variety of types of Pioneer contributions that are essential to the creation of utilities and ecosystems.

TOTAL SUPPLY :

the Mainnet supply model comes with an unambiguous maximal total supply of 100 billion Pi that allows incentives for continued expansion and new contributions while alleviating concerns about the uncertainty of the supply.

The distribution of supply will follow the original distribution principles in the March 14th, 2019 Whitepaper.

The Pi community is 80percent and the Pi Core Team has 20 percent from the total circulating supply of Pi regardless of the amount of circulation is present within the Pi Network at any moment.

Upon reaching the maximum supply of 100 billion Pi, 80 billion Pi will be distributed to the community, while the Core Team will receive the remaining 20 billion Pi.

The pie chart below shows the distribution of all.

The allocation of the Core Team will be unlocked in the same manner as the community continues to mine increasing amounts of Pi and could be subject to more lockups as a result of the self-imposed requirement.

This means that when the community holds a certain percentage of its allocation (for instance 25 percent) it is only the proportional portion in Core Team’s allocation (in this instance 25 percent) is unlocked, at the most.

Pi Mining on Mobile Phones :

The Pi Core Team set out to discover a method that would allow ordinary people to earn (or receive cryptocurrency-based rewards when validating transactions the basis of a distributed list of transactions).

For those who aren’t familiar one of the biggest problems that arise from keeping a record of distributed transactions is making sure that any updates to the open record aren’t fraudulent.

Although the process of updating its record is backed by evidence (burning energy or money to prove its trustworthiness) but it’s not the most user (or the world!) friendly.

For Pi we have introduced the more design requirement of using an algorithm that is consensus-based.

This will also be extremely user-friendly and would ideally allow mining for personal computers as well as mobile phones.

In comparing the consensus algorithms currently in use (the process of recording transactions in an open ledger).

The Stellar Consensus Protocol emerges as the most appropriate opportunity to allow mobile-first, user-friendly mining.

Stellar Consensus Protocol(SCP) was developed by David Mazieres a professor of Computer Science at Stanford who is also Chief Scientist for the Stellar Development Foundation.

SCP employs a new mechanism known as Federated Byzantine Agreements to assure that the updates to the distributed ledger are reliable and reliable.

SCP is also used in practice using the Stellar blockchain, which is in operation since the year 2015..

A Simplified Introduction To Stellar Consensus Protocol (SCP) :

Pi is based on the Stellar Consensus Protocol (SCP) and uses an algorithm called the Federated Byzantine Agreement (FBA). 

These algorithms do not have energy consumption, but they do require the exchange of many network messages to allow the nodes to reach “consensus” about what the next block’s content should be. 

Each node is able to independently determine whether a transaction is valid or not e.g. the authority to make the change and double spending is based on the cryptographic signature as well as the transaction history.

Pi’s adaptations to Stellar Consensus Protocol (SCP) :

The consensus algorithm used by Pi is founded on the Stellar Consensus Protocol (SCP).

SCP has been tested informally and is currently being implemented in the Stellar Network.

As opposed to the Stellar Network consisting mostly of institutions and companies (e.g., IBM) as nodes, Pi intends to allow people to contribute at the protocol level and earn rewards such as laptops, mobile phones and computers.

Here is an introduction about how Pi makes use of SCP to enable mining for individuals.

There are four types of roles Pi users can fill in addition to Pi miners. Namely:

Pioneer :

One of the users of the Pi mobile application who is merely verifying that they aren’t an “robot” every regular basis.

The user confirms their identity each time they sign into the app. Users can also use the app to make transactions (e.g. make a payment using Pi to another Pioneer)

Contributor :

One who is a user of Pi. A user of the Pi mobile application who contributes by supplying the names of pioneers that they know and trusts. In total, Pi contributors will build an overall trust graph.

Ambassador :

One of the users of the Pi mobile app who is introducing other Pi users to the Pi network.

Node. The user is an innovator, contributor with the Pi mobile application, and who is using the Pi node software on their laptop or desktop computer.

The Pi node software runs the SCP’s core algorithm, which considers data provided by contributors in the trust graph.

Mining rewards :

One of the most appealing features of the SCP algorithm is that it is more general than blockchain. It coordinates consensus across a distributed network of Nodes.

That means the exact same algorithm is not used just every couple of seconds to track transactions in new blocks but also utilized to run periodic more complicated calculations.

For instance, once per week the stellar network together it to calculate inflation in the stellar network and to allocate the newly created tokens in proportion to all holders of stellar coins (Stellar’s coin is referred to as lumens).

Similar to this the Pi network makes use of SCP at least every day to compute the new network-wide Pi distribution over the entire network of Pi miners (pioneers ambassadors, contributors and nodes) who actively participated in a given day.

In other terms, Pi mining rewards are calculated only once per day and not for every block on the blockchain.

Mobile App Users :

When a Pioneer must confirm that a transaction has been successfully completed (e.g. the fact that they received Pi) they start the mobile application.

The mobile app will connect to one or more Nodes to determine whether the transaction has been recorded on the ledger, and as well to determine the current block number as well as hash value for the block.

If the Pioneer is running an Node it connects to the Pioneer’s node.

If the Pioneer is not running a node the app will connect to several nodes, and allows you to verify this information.

Pioneers can choose which nodes they would like their applications to connect to.

To make it easy for the majority of users, apps must have a reasonable list of nodes e.g. the number of nodes that are closest to the user, based on trust graphs, with an assortment of nodes that have a high page rank.

We’d like to hear your thoughts regarding how the set of default nodes that are available for mobile Pioneers should be chosen.

The Pi Economic Model :

Pi On the other hand, aims to find an equilibrium between creating a sense lack of Pi and making sure that a large amount of money does not end up in only a few hands.

We want to ensure our users can mine more Pi by contributing to the community.

Pi’s aim is to create an economic model that is advanced suitable to attain and balance these goals while remaining simple suitable for users to use.

Pi’s economic model design requirements:

Simple: Create an intuitive and clear model.

Fair distribution: Allow a crucial large portion of people around the globe access Pi

Scarcity: Develop a feeling of scarcity to support Pi’s price over time.

Meritocratic mining Reward contributions that help create and keep the network

 

What is Pi  (Pi Network)?

Pi Network is in essence an online, globally accessible blockchain platform which makes use of  Pi “Pi Network”.

Pi is a revolutionary cryptocurrency that is used by ordinary people. You can “mine” using your mobile at no cost with ease.

Cryptocurrencies are a brand new type of digital currency, which is managed and protected by a group of people instead of banks or governments.

Today it is possible to mine Pi Network by contributing variously to the ecosystem.

This includes aiding in the protection of the blockchain, increase Pi’s trust-based network, operate an Node and be part of the Pi app’s ecosystem.

While many cryptocurrencies (like Bitcoin) have been difficult for people of all ages to access and use, Pi puts the power of cryptocurrency in your palm.

Pi (Pi Network) is real? 

Pi is an actual effort of a group comprised of Stanford graduates to offer the people of all ages opportunities to access cryptocurrency.

Pi’s team is led by a group of pioneering researchers in the field of social computing and blockchain, who have PhDs in the field from Stanford University. There is no way to guarantee that the project will be successful. But Core Team members are confident that the project will succeed.

Core Team is committed to working hard with the other Pioneers to make our goals a reality and while maintaining the highest standards of honesty.

In addition the app is totally absolutely free. It is not required to pay the money you have in your pocket to use this application.

The app was tested and endorsed from Google Play and the Apple App stores. Google Play Store alone boasts the number of users who have downloaded it.

In actuality the network employs an internal decentralized KYC process to detect and confirm that members are only together one login.

This is to stop bots and fake accounts from attempting to manipulate the system.

Pi (Pi Network) is free money or Not ?

Pi is not a free currency. This is a long-term venture which is success depends on the contributions of its participants.

Pi is committed to helping everyone participate in an ecosystem of utilities based on blockchain powered by cryptocurrency, without the necessity of traditional intermediaries.

If you’re looking for cash in a hurry, consider other options.

How do you make the mining process of Pi cryptocurrency be free? 

Have you been together my phone’s resources?

In allowing Pioneers to mine Pi Network cryptocurrency at no cost is a thoughtful network decision in the interest of providing cryptocurrency access for all, regardless of financial situation.

In reality about 65% of the total Pi quantity will be accessible to be mined by Pioneers for no cost that is a huge part for the community within the blockchain industry.

Pi Network does NOT use the phone’s resources, whether the network, hardware or any other.