What is Pi Network — How it work?

 Pi is the latest New crypto coin developed by Standford PhD. in 2019 (https://www.linkedin.com/in/vincentmcphillip)

This is the first crypto that you can mine on phone but remember it is a myth only. You would need an invitation code when installing the app, you can use (secret0x90), be sure to add a valid name and phone when signing up. This is for security against bots and claiming full authentication for your crypto.


Pi Wallet

  1. https://minepi.com/#download
  2. https://play.google.com/store/apps/details?id=com.blockchainvault
  3. https://itunes.apple.com/us/app/pi-network/id1445472541

WHITEPAPER

  • https://minepi.com/white-paper

Pi network: Build a cryptocurrency and smart contracts platform secured and operated by everyday people.
Pi network Vision: Build the world’s most inclusive peer-to-peer marketplace, fueled by Pi, the world’s most widely used cryptocurrency
Pi — Token Supply
Token Emission Policy
Total Max Supply = M + R + D
M = total mining rewards
R = total referral rewards
D = total developer rewards
M = ∫ f(P) dx where f is a logarithmically declining function
P = Population number (e.g., 1st person to join, 2nd person to join, etc.)
R = r * M
r = referral rate (50% total or 25% for both referrer and referee)
D = t * (M + R)
t = developer reward rate (25%)
Roadmap / Deployment plan

Phase 1 — Design, Distribution, Trust Graph Bootstrap.

The Pi server is operating as a faucet emulating the behavior of the decentralized system as it will function once it is live. During this phase improvements in the user experience and behavior are possible and relatively easy to make compared to the stable phase of the main net. 

All minting of coins to users will be migrated to the live net once it launches. In other words, the livened will pre-mint in its genesis block all account holder balances generated during Phase 1, and continue operating just like the current system but fully decentralized. Pi is not listed on exchanges during this phase and it is impossible to “buy” Pi with any other currency.

Phase 2 — Testnet

Before we launch the main net, the Node software will be deployed on a test net. The test net will use the same exact trust graph as the main net but on a testing Pi coin. The pi core team will host several nodes on the test net but will encourage more Pioneers to start their own nodes on the test net. In fact, in order for any node to join the main net, they are advised to begin on the test net. 

The test net will be run in parallel to the Pi emulator in phase one, and periodically, e.g. daily, the results from both systems will be compared to catch the gaps and misses of the test net, which will allow Pi developers to propose and implement fixes. After a thorough concurrent run of both systems, testnet will reach a state where its results consistently match the emulator. At that time when the community feels its ready, Pi will migrate to the next phase.


Phase 3 — Mainnet

When the community feels the software is ready for production, and it has been thoroughly tested on the testnet, the official mainnet of the Pi network will be launched. An important detail is that, in the transition into the mainnet, only accounts validated to belong to distinct real individuals will be honored. After this point, the faucet and Pi network emulator of Phase 1 will be shut down and the system will continue on its own forever. Future updates to the protocol will be contributed by the Pi developer community and Pi’s core team and will be proposed by the committee. 

Their implementation and deployment will depend on nodes updating the mining software just like any other blockchain. No central authority will be controlling the currency and it will be fully decentralized. The balances of fake users or duplicate users will be discarded. This is the phase when Pi can be connected to exchanges and be exchanged for other currencies

Update: on the identities of the team members and their link to Stanford:

Here was a message from one of the team members on the Pi in-app chat.

“@vince @crypto three of the core members of the team are Stanford graduates. I am a grad from Stanford’s Graduate School of Business. The other two are Stanford PhDs (who taught a blockchain development course at Stanford). We are trying to be deliberate about how we introduce ourselves to the community. Appreciate your patience with us while we work on the team page, intros, etc.”


I went to the Stanford Center for Blockchain Research website (https://cbr.stanford.edu/) and can only assume that any two of the faculty members could be the two Stanford PhDs that @vince is referring to. From that page, there is a link to https://blockchaincollective.io/ which shows the team members. I can then assume that @vince is Vince Mcphillip who is on that team member list. From his LinkedIn page 

(https://www.linkedin.com/in/vincentmcphillip) this confirms that and it also gives us the Pi network LinkedIn page (https://www.linkedin.com/company/pi-net?trk=public_profile_position_image)

This confirms the Stanford University link and lends more credibility to the team. Who better to start new crypto than people who have dedicated their lives to studying and teaching blockchain at one of the world’s top, computer science universities. Not only do they have an in-depth understanding of the subject but they also have an unlimited supply of students to pick from to contribute to the project.


Update: the next halving of the mine-rate will occur once 10k active users have signed up. It’s currently around 4K so there is plenty of time to get mining before the supply rate gets restricted.

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