MubagarangugYawa
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As the world becomes increasingly digital, cryptocurrency is a next natural step in the evolution of money. Pi is the first digital currency for everyday people, representing a major step forward in the adoption of cryptocurrency worldwide.
Our Mission: Build a cryptocurrency and smart contracts platform secured and operated by everyday people.
Our Vision: Build the world’s most inclusive peer-to-peer marketplace, fueled by Pi, the world’s most widely used cryptocurrency
Currently, our everyday financial transactions rely upon a trusted third party to maintain a record of transactions. For example, when you do a bank transaction, the banking system keeps a record & guarantees that the transaction is safe & reliable. Likewise, when Cindy transfers $5 to Steve using PayPal, PayPal maintains a central record of $5 dollars debited from Cindy’s account and $5 credited to Steve’s. Intermediaries like banks, PayPal, and other members of the current economic system play an important role in regulating the world’s financial transactions.
However, the role of these trusted intermediaries also has limitations:
Pi’s consensus algorithm builds atop SCP. SCP has been formally proven [You do not have permission to view the full content of this post. Log in or register now.] and is currently implemented within the Stellar Network. Unlike Stellar Network consisting mostly of companies and institutions (e.g., IBM) as nodes, Pi intends to allow devices of individuals to contribute on the protocol level and get rewarded, including mobile phones, laptops and computers. Below is an introduction on how Pi applies SCP to enabling mining by individuals.
There are four roles Pi users can play, as Pi miners. Namely:
A user can play more than one of the above roles. All roles are necessary, thus all roles are rewarded with newly minted Pi on a daily basis as long as they participated and contributed during that given day. In the loose definition of a “miner” being a user who receives newly minted currency as a reward for contributions, all four roles are considered to be Pi miners. We define“mining” more broadly than its traditional meaning equated to executing proof of work consensus algorithm as in Bitcoin or Ethereum.
Mining crypto is hard.
Investing in crypto is risky.
Too many of us are left out of the cryptocurrency revolution
Pi makes crypto mining easy
Breakthrough tech allows you to mine on your phone without draining your battery.
Pi is a new digital currency developed by Stanford PhDs, with over 8 million members worldwide. To claim your Pi, follow this link You do not have permission to view the full content of this post. Log in or register now.bitcoindayo and use my username (bitcoindayo) as your invitation code.
Our Mission: Build a cryptocurrency and smart contracts platform secured and operated by everyday people.
Our Vision: Build the world’s most inclusive peer-to-peer marketplace, fueled by Pi, the world’s most widely used cryptocurrency
Currently, our everyday financial transactions rely upon a trusted third party to maintain a record of transactions. For example, when you do a bank transaction, the banking system keeps a record & guarantees that the transaction is safe & reliable. Likewise, when Cindy transfers $5 to Steve using PayPal, PayPal maintains a central record of $5 dollars debited from Cindy’s account and $5 credited to Steve’s. Intermediaries like banks, PayPal, and other members of the current economic system play an important role in regulating the world’s financial transactions.
However, the role of these trusted intermediaries also has limitations:
- Unfair value capture. These intermediaries amass billions of dollars in wealth creation (PayPal market cap is ~$130B), but pass virtually nothing onto their customers - the everyday people on the ground, whose money drives a meaningful proportion of the global economy. More and more people are falling behind.
- Fees. Banks and companies charge large fees for facilitating transactions. These fees often disproportionately impact lower-income populations who have the fewest alternatives.
- Censorship. If a particular trusted intermediary decides that you should not be able to move your money, it can place restrictions on the movement of your money.
- Permissioned. The trusted intermediary serves as a gatekeeper who can arbitrarily prevent anybody from being part of the network.
- Pseudonymous. At a time when the issue of privacy is gaining greater urgency, these powerful gatekeepers can accidentally disclose -- or force you to disclose -- more financial information about yourself than you may want.
Pi’s consensus algorithm builds atop SCP. SCP has been formally proven [You do not have permission to view the full content of this post. Log in or register now.] and is currently implemented within the Stellar Network. Unlike Stellar Network consisting mostly of companies and institutions (e.g., IBM) as nodes, Pi intends to allow devices of individuals to contribute on the protocol level and get rewarded, including mobile phones, laptops and computers. Below is an introduction on how Pi applies SCP to enabling mining by individuals.
There are four roles Pi users can play, as Pi miners. Namely:
- Pioneer. A user of the Pi mobile app who is simply confirming that they are not a “robot” on a daily basis. This user validates their presence every time they sign in to the app. They can also open the app to request transactions (e.g. make a payment in Pi to another Pioneer)
- Contributor. A user of the Pi mobile app who is contributing by providing a list of pioneers he or she knows and trusts. In aggregate, Pi contributors will build a global trust graph.
- Ambassador. A user of the Pi mobile app who is introducing other users into Pi network.
- Node. A user who is a pioneer, a contributor using the Pi mobile app, and is also running the Pi node software on their desktop or laptop computer. The Pi node software is the software that runs the core SCP algorithm, taking into account the trust graph information provided by the Contributors.
A user can play more than one of the above roles. All roles are necessary, thus all roles are rewarded with newly minted Pi on a daily basis as long as they participated and contributed during that given day. In the loose definition of a “miner” being a user who receives newly minted currency as a reward for contributions, all four roles are considered to be Pi miners. We define“mining” more broadly than its traditional meaning equated to executing proof of work consensus algorithm as in Bitcoin or Ethereum.
Mining crypto is hard.
Investing in crypto is risky.
Too many of us are left out of the cryptocurrency revolution
Pi makes crypto mining easy
Breakthrough tech allows you to mine on your phone without draining your battery.
Pi is a new digital currency developed by Stanford PhDs, with over 8 million members worldwide. To claim your Pi, follow this link You do not have permission to view the full content of this post. Log in or register now.bitcoindayo and use my username (bitcoindayo) as your invitation code.