Pi, a Cryptocurrency launched in beta on 14/3/2019, has grown rapidly to 500K users spread over 180 countries. It utilizes a breakthrough technology which will increase the accessibility of Cryptocurrencies. Having users from a large number of countries means people are welcoming of an inclusive platform for Cryptocurrencies.
Pi has been launched by Stanford graduates Dr. Nicolas Kokkalis, Dr. Chengdiao Fan, Vincent McPhillip, and Aurelien Schiltz. It hopes to democratize finance. A long-cherished goal of many Cryptocurrencies.
A goal epitomized by Bitcoin. This initiative failed as bitcoin mining required just too much knowledge and was just too expensive to appeal to ordinary folks.
Over and above that, Bitcoin mining consumes so much energy that it has now become a major source of CO2 pollution.
To reduce the pollution occurring from conventional bitcoin mining and make mining accessible to common people at the same time, Pi‘s creators came up with an alternative technology that allows Cryptocurrency users to enhance the security of that Cryptocurrency. In Pi, members have to vouch for each other’s trustworthiness. That creates “interlocking security circles.” These security circles are used to create global trust graphs which determine who can be trusted to record transactions on Pi’s ledger.
Its creators believe this merit-based approach can replace the expensive data mining techniques used by conventional cryptocurrencies. Thus, users can contribute to mining and carry out transactions in Pi with low carbon footprint, slower battery drain, and at a lower cost. The low energy consumption allows Pi to be operated as a free app via a smartphone. This cheap alternative will give more users’ access to Pi. Crypto mining being the most direct way to earn; more users will be able to earn digital currency.
Head of Community at Pi Network McPhillip says, “Pi’s members are redefining the way in which ‘value’ is created and shared.”