What is Pi Network cryptocurrency and what’s with the HYPE? 2021

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Pi Network

What is Pi Network

What is Pi Network cryptocurrency

everyone as it goes in this blog we will talk about the PI Network cryptocurrency. This is another cryptocurrency project that claims it will allow users to mine using their smartphones and without running out of battery life.

In this blog we will talk about the PI network, so a little bit of the PI network claims to be the first cryptocurrency project to allow users to mine using their smartphone. Their goals serve to create a secure, immutable, and non-counterfeit source of digital money. now they will do it using distributed ledger technology and doing it use of the stellar consensus protocol. another claim they make is that cryptocurrency mining on your mobile phone will not affect battery life.

How Pi Network Works

What is Pi Network cryptocurrency. How Pi Network Works

The project was founded by three people two of them Ph.D. holders from Stanford, the first Nicholas and then Chen do and the third of which it is Vincent that if you know social media profiles.

you will recognize how the face of the project appears to be. now what I find a little disturbing is the fact that you only see an image of Vincent and Vincent’s videos on social media channels. while the rest of the team seem to take a back seat and don’t really seem to be in the public eye very often I would like to see more of them interact with the community on different media channels.

Authentication of Pi network Cryptocurrency

With social media channels being mentioned you can find PI Network on Instagram Facebook and Twitter. you won’t find them on Telegram Discord or Bitcoin talk which have a Reddit. However, there doesn’t seem to be any of the team on this same channel another thing I want to point out is the lack of tweets on the PI network. Twitter profile I will really focus on mining and how money for PI Network works is done on a four-level basis.

The first of which is a pioneer this is someone who uses apt to interact with the network on a daily basis. they do this by logging into the mobile app to verify their identity and to request transactions so that PI can be sent or received on the PI network.

The second of which is a contributor this is someone who adds other people to their network within pi and this information goes together to create a shared trust graph that we will cover very briefly later.

The third of whom is an ambassador someone who recruits other people to come and join my network whether they are pioneer contributors or ambassadors themselves. an ambassador and a referee will receive a 25% postponement bonus for joining the network.

The fourth is a node this is someone who physically runs a node on a desktop or laptop and will keep the file distributed ledger. It is possible to be all four of these levels of mining and receive contributions based on all four of some of the key differences between
PI network. other blockchain projects are the fact that rewards are paid daily they are not paid per block they are also spread over everything Network.

Transection of Pi Network cryptocurrency

Transection of Pi Network cryptocurrency

So as long as you interact with the network in some shape or form you will receive a payment at the end of the day. it is also discussed in the White Paper the availability of free transactions depending on network congestion. so once the network becomes heavily congested, the miners will be able to sort out transactions based on a commission system with the highest commission traded first. everyone else has to wait based on the number of commissions they want to pay these manifests will be sent to a separate wallet which will then be distributed with the rest of the mining plus rewards at the end of the day.

Economy Behind The Token

We can talk about the economy behind the token and the economic model of the project the first thing to point out is that at the moment. there is no fixed supply and the total supply is unknown. this is because the total supply will be calculated once the project is officially launched because currently the mobile app and the tokens that people are earning act like a tap and it is just a visual representation of the tokens that will be created in the Genesis block.

when the main network is launched, so here we have the total offer equal to M plus R Plus DM being the mining rewards are the referral rewards, and the D being the developer rewards, so the first thing to discuss is the mining rewards. it basically works due to the fact that there is a fixed supply for every single user of the network that will be created up to the first 100 million users of the network or the referral offer is 50 percent.

Which is created at the same time the mining rewards which will then be divided at 25 percent for the referent and the referee, these will be distributed simultaneously. like the rewards remaining at the end of each online day or developer, rewards turn out to be 25 percent of both mining rewards. the referral premiums combined in the white paper describes which one was used in the equation as a decreasing function from what I understand from reading the white paper is considered a declining feature due to the fact that the supply will be limited to the first 100 million users we also have the IP stack.

How it Works

These are potential use cases for the PI network the first is the distributed ledger and the shared trust graph this is a map of nodes and contributors and pioneers across the network rated by their contribution to the network, which is the number of people they recruit. and also
Node Behavior. This year the trust graph will be used to connect users to the closest well-behaved node on the network. if they send and receive any Pi Network cryptocurrency.

The second is the attention market which is sold as a poor social media and the example they use is an Instagram type format where users can send messages to the entire PI network. Only one post will go out at a time and you can buy this post by staking or spending your PI in return for the attention of the PI network. There is also the advertising marketplace this is where you can opt into selling your attention to advertisers in return for some pie.

There’s also the BART Network this is where users and individuals can sell services and products we are skipping the shared data and connections because there’s no explanation in the white paper as to what that is or what consists of skipping that we will then jump to the centralized app store. this is going to be an app store similar to Google where developers can sell their decentralized apps without having to boot it up to the network because all of this will be put in place by the PI Network which seems like something that the majority of smart contract platform and projects that enable decentralized apps are already have in place.

Governance of PI Network

Okay so let’s discuss the governance of PI Network so under 5 million users intend to have a similar off-chain kind of governance, to that of etherium and Bitcoin, the main difference being the PI network is going to be a closed source project. So whereas with bit Kahlan etherium users can actually add or put forward code and improvements to the network for people to agree on that this is not going to be the case for PI Network the developers will be asking for community input but they will not be able to implement any kind of change to the code in the same way as users can for Bitcoin and etherium.

For example, after 5 million users a committee will be created based on users contributions to the network this will be obviously users running a node and they are ranked highly on the shared trust graph which we know is constituted on the behavior of nodes but also on recruitment of other users the committee will be trusted with the control of the network deciding on where the network goes. how the network will be run but also they will allow users to have at least some say on the direction of the network via using the mobile.

What’s in Future

Now we have the roadmap well the road map consists of absolutely no dates it’s just a generalized description of what the team won’t do at some point in the future we’re currently sitting in phase 1 which the design development and the trust graph bootstrap this is where the network is trying to recruit users and increased mobile app downloads and build a foundation for the network when the main net does launch we do have the test net which is actually running alongside phase one so anybody running a node at present would actually be running a node on the test net and helping towards the test net’s success the main net will be launched.

when the community decides the project is ready so we have no date of a potential release just when it’s decided on by the community either is it’s time for the
project to launch so with Pi Network cryptocurrency there are a few things that we need to remember and at least think about first of which is the total supply which we
don’t know what that’s going to be.

Secondly, we have the social media channels and the team’s public relations now we do see a lot of Vincent he is creating content every now and then discussing the PI Network but it seems to be very very brief not a lot of description about the progress of the network and we’re not seeing any of the other two team members so I would really like to see Nicolas or Chen do it in front of the camera let us know exactly how they’re progressing with the network and how things are going behind the scenes.

We have Twitter one of the channels that Pi Network cryptocurrency has connected itself to but they’ve yet to release a tweet which I think is just really odd why create a social media profile unless you intend to use it I’d also have liked to have seen a telegram channel discord a Bitcoin talk forum and an official PI Network Reddit channel now the big selling point for this is the fact that they enable users to mine from their mobile phone but this is actually false advertising then there is no mining going on you are interaction People are being rewarded for that but you’re not creating any tokens. All of the tokens are going to be created in the Genesis block.

Team Behind This

Another thing in regards to the team is Chen do. her social media presence is nonexistent now on the web she discusses her Ph.D. and the fact that she’s had published papers well I did a search of her name and the fact that she comes from Stanford and I couldn’t find any published papers by anybody of that name at all now if you search Nikolas. For example, you will find papers with his titles that he and all the authors have put forward I am a little
Chen isn’t who she says she is now obviously all of this information that I put forward to you guys is my own research I do try my very best to be unbiased and give you just the fat but if you disagree that is obviously your opinion.

I expect everybody reading this if you are going to invest in Pi Network cryptocurrency to go out there and do your own research I have included my references in the description below for at least a starting point and but I actively encourage you to go out and do your own research.

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