As our world becomes more and more digital, so does the development of crypto-currency. New cryptocurrencies are popping up every day, offering new and interesting features and opportunities.
Pi Network is one such cryptocurrency, representing a new type of digital currency that ordinary people can use. Now anyone with a smartphone can mine PI.
The PI cryptocurrency was launched in 2019 by three Stanford University graduates and was quickly welcomed by users with a special interest in crypto-currencies. Most of them already have predictions about its price (about 20 euros after its launch).
Pi Network allows users to earn cryptocurrency, called PI, from any mobile device (smartphone). This is the result of the evolution of crypto-currency in general. Bitcoin is starting to become obsolete because it requires a lot of electricity, and is no longer profitable to mine (except for the big mining companies that can afford to mine 24 hours a day, the so precious Bitcoin), while the PI crypto-currency is completely green. Indeed, Pi Network uses a proof-of-work algorithm without having to pay high electricity bills, because the mining is done mainly on your smartphone.
Here is the development of Pi Network in three phases.
Design and distribution of tokens
The Pi server is like a crane. It works after the decentralized system is running, simulating the behavior of the decentralized system. In this phase, compared to the stable phase of the main network, the user experience and behavior can be improved, and it is relatively easy to implement. After the startup, all the coins for users will be transferred to the network in real time.
In other words, the real-time network will be pre-assembled at its origin to lock in all account holder balances created in phase 1, and will continue to operate in the same way as a fully decentralized system. Pi Network is currently not displayed on the exchange and it cannot be purchased with other currencies, the only way to “earn” it is to mine with your smartphone.
Before starting the main network, the host software will be deployed on the test network. The test network uses exactly the same approved programs as the main network.
The Pi core team will host several nodes on the test network, but will encourage more pioneers to start their own nodes on the test network.
In fact, for all nodes (called nodes) wishing to join the main network, it is recommended to start with the test network. Initially, the test network will run in parallel with the Pi emulator and will run regularly.
For example, the results of the two systems will be compared daily to detect gaps and failures in the test network. This will allow the Pi developers to propose and implement fixes.
Once both systems (test and main) are fully running in parallel, and when the community is ready, the test network will reach a state where its results are consistent with the simulator.
When the community feels that the software is ready and has been fully tested on the test network, the official Pi Network main network will be launched. An important detail is that during the transition to basic knowledge, only accounts confirmed as real people will be restricted (don’t forget to enter your real name and surname when registering for the network).
After that, Phase 1 and the network simulator will be closed and the system will still run independently forever. The Pi community and the Pi core team will propose future updates to the protocol, which will be proposed by the committee. Like other blockchains, their implementation and deployment will depend on the nodes that update the mining software.