What is Pi?Everything you have always wanted to know about Pi
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Here you can read everything you have always wanted to know about about Pi. This page points out the key points in the white paper written by the Core Team. You can find the full paper by clicking on this link: minepi.com/white-paper
Problems
- Centralization of wealth in Bitcoin's Network (87% is owned by only 1% of the network)
- Centralization of production power in Bitcoin's network making mining very difficult and expensive for the average person
- Large energy consumption to validate transactions
- People become reluctant to enter the cryptocurrency space. Risk of investing/mining are indicated as key barriers
- Mining pools become points of centralization
- Bitcoin's scarcity has led to its perception as a form of 'digital gold' resulting in many Bitcoin holders who are unwilling to spend Bitcoin on day-to-day expenses
Solution
Pi Network:
- Enables mining on mobile phones allowing everyday people to participate
- No need for mining pools, since once a day everyone who contributed gets a meritocratic distribution of new Pi
- No concentration of wealth due to fair distribution of Pi depending on contribution to the network
- Based on the Stellar Consensus Protocol (SCP) and Federated Byzantine Agreement (FBA). This may be hard to understand. For those who would like lo learn more about these algorithms, we have included an informative video
Roadmap
Pi Network was not released as a decentralized cryptocurrency. The network slowly grows and improves over time. There are three different phases in which Pi is deployed. The exact date of when Pi will migrate to the phase 3 is not known. Be patient and you will be rewarded!
Phase 1 - Design, Distribution, Trust Graph Bootstrap
The Pi server operates as a faucet emulating the behavior of a decentralized system as it will function once its live. During this phase improvements in the user experience and behavior are possible. All minting of coins during this phase will be migrated to the decentralized live net once it launches (the live net will pre-mint all account holder balances in its genesis block).
Phase 2 - Testnet (Current Phase!)
The Node software developed by the Core Team will be deployed on a testnet before the launch of the mainnet. The testnet will run in parallel to the Pi emulator described above. The Pi Core Team will host several nodes, but every Pioneer is encouraged to start their own node! The reason why Pi doesn't go straight to the mainnet is simple. The testnet will allow the developers to propose and implement fixes to catch gaps and misses from the net. After the community and the Core Team feels its ready, Pi will migrate to the third and final phase.
Phase 3 - Mainnet
The official mainnet of Pi will be launched. In transition into the mainnet it is important to note that only accounts validated to belong to distinct real individuals will be honored. Pi earned by bots and duplicates will be burned forever. The emulator of the first phase will shut down and Pi will be fully decentralized. Future updates to Pi's protocol will be proposed to the committee. In this phase Pi can be connected to exchanges and be exchanged for other curencies.
Phase 1 - Design, Distribution, Trust Graph Bootstrap
The Pi server operates as a faucet emulating the behavior of a decentralized system as it will function once its live. During this phase improvements in the user experience and behavior are possible. All minting of coins during this phase will be migrated to the decentralized live net once it launches (the live net will pre-mint all account holder balances in its genesis block).
Phase 2 - Testnet (Current Phase!)
The Node software developed by the Core Team will be deployed on a testnet before the launch of the mainnet. The testnet will run in parallel to the Pi emulator described above. The Pi Core Team will host several nodes, but every Pioneer is encouraged to start their own node! The reason why Pi doesn't go straight to the mainnet is simple. The testnet will allow the developers to propose and implement fixes to catch gaps and misses from the net. After the community and the Core Team feels its ready, Pi will migrate to the third and final phase.
Phase 3 - Mainnet
The official mainnet of Pi will be launched. In transition into the mainnet it is important to note that only accounts validated to belong to distinct real individuals will be honored. Pi earned by bots and duplicates will be burned forever. The emulator of the first phase will shut down and Pi will be fully decentralized. Future updates to Pi's protocol will be proposed to the committee. In this phase Pi can be connected to exchanges and be exchanged for other curencies.
Pi Network Core Team
Pi Network has been developed by three amazing people. Discover who they are and what their role is in the development of Pi. At the moment, the Pi Core team has grown. More talented people are helping in Pi's development. Once we know who they are, we will share them with you!
Dr. Nicolas Kokkalis
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Dr. Chengdiao Fan
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Vincent McPhillip
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We are looking forward to a bright future for Pi!And we hope you do too!
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