Pi Network is a cryptocurrency that is mined via a smartphone app. The project was launched in 2019 by a group of Stanford University graduates, and aims to make cryptocurrencies available to everyone without the high energy consumption required by traditional mining operations such as Bitcoin mining.
How does Pi Network work?
1. Smartphone mining:
Mining is done using the official Pi Network app, where users click on the mining button every 24 hours. Mining does not require any significant resources from the device, and therefore does not affect the battery life or performance of the device.
2. Trust system:
Pi Network relies on a consensus mechanism known as the "Stellar Consensus Protocol" (SCP), where a network of "security circles" consisting of trusted users is created. This helps ensure the security of the network and prevent malicious behavior.
3. Development stages:
Phase 1: Launching the application and building the user community.
Phase 2: Launching a testnet to address technical issues and prepare the network.
Phase 3: Official launch of the mainnet, where the currency can be traded and used in the open market.
Pi Network Features:
Mining is simple and available to everyone.
It does not consume as many resources as traditional currencies.
It aims to build a community-based economy.
