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Pi Coin is a new cryptocurrency developed by three PhD holders of Stanford university, we will talk about them later in this article. Due to its strong concept, Pi seeks attention all over the globe. The number of people mining for it every day and most of us at least heard of Pi coin news. But can’t able to make up the final decision that you in or out. So at the end of this article, it will be clear in your mind that you going for it or not. We try to give you a detailed overview
Understand the Pi coin through these points
- What is Pi coin
- How it works
- Scope and Security
What is Pi Coin
The pi coin is a new cryptocurrency like bitcoin which is just in the initial phase. It is the first digital currency for an everyday person. And have the great potential to grow in the upcoming time. Everybody has the example of bitcoin in the initial stage of the bitcoin nobody believes in it but later it shocked everyone with its price.
And the plus point in Pi coin network that you don’t have to invest money and time in it. All you have to do is just download the mobile application and logged in daily. Pi coin news trending all the platforms all over the globe.
It is developed by three PhD holders of Stanford University named Dr.Nicolas Kokkalis, Dr Chengdiao Fan, Vincent McPhillips
He is Head of Technology in Pi coin network. He has Stanford PhD and instructor of Stanford’s first decentralized applications class; combining distributed systems and human computer interaction to bring cryptocurrency to everyday people life. He has been a technologist all his life, which directed him to do a Ph.D. at Stanford University. And to continue to become a Postdoctoral Scholar in the Computer Science department there
Dr. Chengdiao Fan
She is Head of Product in Pi coin network. Stanford PhD in Computational Anthropology. She is harnessing social computing to unlock human potential on a global scale. She finished her PhD in Anthropological Sciences from Stanford University, with expertise in human behaviour and human groups studies. Her research interests have focused on human-computer interaction and social computing.
He is the Head of Community for Pi coin network. He is a Yale and Stanford-trained social movement builder on a mission to democratize how society defines, creates, maintain and distributes wealth. He said that his mission is to build a world where anyone, anywhere has the opportunity to realize their full potential. After graduating from Yale University (BA, Political Science) he started working on Pi coin Network with other two.
How it Works
It works through mobile application, available on playstore. You just have to download it and make sure that you logged in everyday to keep mining . If you share the application with someone than your mining rate will be boosted. Its detailed working explained down below with the the help o its two different model.
- Mining Model
- Economic Model
Pi Mining Model
After identifying these key barriers to adoption of the network, the Pi Core Team set out to find a way that would allow everyday people to mine (or gain cryptocurrency rewards for validating transactions on a distributed record of transactions under the network). As a refresher, one of the major challenges that arise during maintaining a distributed record of transactions is ensuring that updates to network open record are not a fraud.
While in the case of Bitcoin’s process for updating its system is proven (burning energy/money to prove trustworthiness), it is not so user friendly. For the Pi network, they introduced the additional design requirement of employing a proper algorithm that would also be extremely user friendly and ideally enable mining options on personal computers and mobile phones application.
The Pi Economic Model
Pi network, on the other hand, seeks to strike a balance between creating a sense of scarcity for Pi network, while still ensuring that a large amount of it does not accumulate into a very small number of hands. Pi network wants to make sure its users earn more Pi as they make contributions to the network. The Pi network goal is to build a well economic model that is sophisticated enough to achieve and balance these priorities while remaining intuitive enough for people to use it bug free.
Pi’s economic model design requirements:
- Simple: Build an intuitive and transparent and user-friendly model.
- Fair distribution: Give a critical mass of the world’s population access to Pi network.
- Scarcity: Create a sense of scarcity to sustain Pi’s price over time
- Meritocratic earning: Reward contributions to build and sustain the network
Scope and Security
Currently, our everyday financial transactions rely upon a trusted third party to maintain a record of our transactions. For example, when you do a bank transaction with the third party, the banking system keeps a record & guarantees that the transaction must be safe & reliable.
Likewise, when James transfers $5o to Steve using PayPal then PayPal maintains a central record of $50 dollars debited from James’s bank account and $50 credited to Steve’s. Intermediaries like banks, PayPal, and other members of the current economic system play an important role in properly 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 around $130B), but pass virtually nothing onto customers – the everyday people on the ground. More and more people are falling behind it.
- Fees. Banks and companies charge large fees for facilitating the transactions. These fees often disproportionately impact lower-income populations who have the fewest alternatives.
- Censorship. If a particularly trusted intermediary decides that you should not be able to move your money from one to another, it can place restrictions on the movement of your money.
- Permissioned. The trusted intermediary serves as a gatekeeper for the transaction 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. And these must be needed.
At last we say that Pi network is completely safe and secure you can definitely shows your interest in it. It has the great potential to generate a good income in future and share Pi coin news with your friends also
So this is our detailed overview on Pi network. Hope this will help you out.