Pi Network is a new up-and-coming cryptocurrency project. As we know, mining some of the original cryptocurrencies has become difficult, especially ones like Bitcoin. The reason is that those who can afford to create mining farms dominate this field. The main mission of the developers of Pi Network is to make mining more accessible to ordinary people, bringing the cryptocurrency revolution to everyone.
So the team soon set out to find solutions to these solve this issue they identified. Keeping an algorithm around to make sure that all transactions using a certain coin are not fraudulent. The Pi Network team also added the necessity of using a consensus algorithm in their design. Ideally, this consensus algorithm would be user-friendly and give access to mining on mobile phones and computers. They identified the Stellar Consensus Protocol (SCP) as the closest to this ideal. It is an algorithm that is user-friendly and allows mobile phone mining.
Pi recognises that some scarcity is needed to make a digital currency valuable. However, this scarcity incentivises hoarding, so people use it less and less as a medium for exchange and treat it as gold. This is problematic if your main aim is to create a real working currency. Pi, therefore, is trying to find a balance between creating this scarcity and also ensuring that it does not accumulate to relatively few individuals. They want their design to be: simple, fairly distributed, scarce, and meritocratic in mining.
Capturing Attention for Pi Network Online
Pi also attempts to receive a greater amount of online attention through certain mechanisms. Today, only a handful of websites dominate the internet, including the likes of Amazon, Google, and Facebook. Getting any attention to your own products can therefore be difficult. Pi intends to give those who are members of their network a chance to combine their resources together to capture a part of the value they have created. In order to catch the attention of internet users, they will create a social media channel where Pi members can share content. They also will have an online marketplace where users will be able to offer goods and services.
The Pi Network’s plan to bring crypto to the masses should make it a worthwhile investment.
COMMENTS