doctornorton
--
About the Pi Network
Pi Network operates on its own independent blockchain, specifically designed for the project.
Here is a detailed breakdown:
Key features of the Pi Network blockchain:
1. Consensus mechanism:
- Uses a modified version of the Stellar Consensus Protocol (SCP), a Federated Byzantine Agreement (FBA) system. It is energy-efficient compared to Proof of Work (used by Bitcoin) and allows decentralized validation without high computational costs.
2. Network phases:
- Phase 1 (Pre-Mainnet): Centralized. Users "mined" Pi through a mobile app to grow the network.
- Phase 2 (Closed Mainnet): Launched in late 2021. The blockchain is active but operates in a restricted environment: transactions are only possible between users within the Pi ecosystem.
- Phase 3 (Open Mainnet): Future stage that will begin on February 20, 2025, where Pi will be fully decentralized and interoperable with other blockchains. Pi coins will be exchangeable on external platforms once this phase is activated.
3. Independence:
- Pi is not built on Ethereum, Bitcoin, or other networks. It operates on its own native blockchain, although its consensus mechanism is inspired by Stellar's SCP.
4. Current status:
- At the time of writing, Pi is still in the **Closed Mainnet** phase. Mined coins cannot yet be traded on public exchanges, and the team warns about scams promising pre-sales.
Important notes:
- Decentralization goal: Pi aims to become a fully decentralized network in Phase 3, but progress depends on meeting technical and regulatory requirements.
In summary, Pi Network uses its own blockchain with a unique consensus model, differentiating itself from networks like Ethereum or Bitcoin.
Pi Network operates on its own independent blockchain, specifically designed for the project.
Here is a detailed breakdown:
Key features of the Pi Network blockchain:
1. Consensus mechanism:
- Uses a modified version of the Stellar Consensus Protocol (SCP), a Federated Byzantine Agreement (FBA) system. It is energy-efficient compared to Proof of Work (used by Bitcoin) and allows decentralized validation without high computational costs.
2. Network phases:
- Phase 1 (Pre-Mainnet): Centralized. Users "mined" Pi through a mobile app to grow the network.
- Phase 2 (Closed Mainnet): Launched in late 2021. The blockchain is active but operates in a restricted environment: transactions are only possible between users within the Pi ecosystem.
- Phase 3 (Open Mainnet): Future stage that will begin on February 20, 2025, where Pi will be fully decentralized and interoperable with other blockchains. Pi coins will be exchangeable on external platforms once this phase is activated.
3. Independence:
- Pi is not built on Ethereum, Bitcoin, or other networks. It operates on its own native blockchain, although its consensus mechanism is inspired by Stellar's SCP.
4. Current status:
- At the time of writing, Pi is still in the **Closed Mainnet** phase. Mined coins cannot yet be traded on public exchanges, and the team warns about scams promising pre-sales.
Important notes:
- Decentralization goal: Pi aims to become a fully decentralized network in Phase 3, but progress depends on meeting technical and regulatory requirements.
In summary, Pi Network uses its own blockchain with a unique consensus model, differentiating itself from networks like Ethereum or Bitcoin.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
0
0