PiNetwork


Earn your thousands or even millions just by mining Pi Tokens from Pi Network. We are given a chance to mine the future cryptocurrency for free and exchange that into fiat this December when Pi Network transitions to a fully decentralized blockchain.


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Description

Pi Network, the innovative project bringing crypto mining to the masses, recently announced its plan to release a new platform to build apps on the network. The platform will provide a means for the entire network to build apps, create value, and contribute to the growth of the ecosystem.

The utility apps platform is due for launch on June 28, marking the occasion of Pi2 day. Interestingly, Pi2 day gets its name as the 28th day of the 6th month (6.28) represents the value equal to 2xPi or 3.14*2.

On this day, the Pi Network will also unveil its month-long hackathon for community developers. The hackathon will encourage developers to build Pi apps and projects on top of the newly launched utility apps platform and showcase their progress to earn rewards.

Pi has been under development since 2018 and is currently in testnet mode with over 10,000 connected nodes. After the conclusion of the testnet mode, the mainnet of Pi Network will launch toward the end of 2021. The launch of the utility apps platform and hackathon is a part of this bigger picture to build the Pi Network’s ecosystem and real-life utilities.


What is Pi?

Pi was conceived with the vision of re-democratizing access to cryptocurrencies and making them accessible for anyone to mine with equipment that’s easily available – a smartphone.

The project achieves this by using a variation of the Federated Byzantine Agreement (FBA), devised by the scientists behind the Stellar blockchain. Whereas proof of work and the many variations on proof of stake rely on the idea of one miner or validator becoming the “leader” by proposing a block for consensus, the FBA operates using a different approach.

Rather than nominating a leader, this consensus model depends on nodes reaching consensus over a particular block through a series of voting through exchanging messages. A widely known type of algorithm that uses such a mechanism to reach consensus is Byzantine Fault Tolerance (BFT), which is implemented in various blockchains, including Ripple, Hyperledger Fabric, and Zilliqa. However, one criticism of BFT consensus models in general is that they have a point of centralization because the system creator centrally determines the set of nodes participating in the voting quorum at genesis.

To overcome the centralization risk, Pi uses the additional layer of FBA which allows each node to set their own “quorum slices” in a decentralized manner. This feature enables nodes to determine for themselves whether or not to trust other nodes, rather than relying on a central authority to do so.

Because the messaging involved in voting is relatively lightweight, particularly compared to proof of work, Pi’s consensus algorithm consumes very little energy.

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