Pi Network: Why It Will Be The Next Bitcoin | Analyzed by an Accountant

Published on July 3, 2021

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PI NETWORK SUMMARY

Pi Network is an experiment to create the first digital cryptocurrency that can be mined on a mobile phone.

It is an attempt to create a decentralized open-source blockchain that is eco-friendly. It was created by three Stanford University graduates Dr. Nicolas Kokkalis, Dr. Chengdiao Fan, and Vincent McPhillip.

Dr. Nicolas Kokkalis, the head of technology, had previously co-founded Gameyola, a monetization and distribution platform for casual Flash games on social networks, and is the instructor of Stanford University’s first decentralized applications class; combining distributed systems and human-computer interaction to bring cryptocurrency to everyday people.

Vincent McPhillip, the head of the community, had also previously co-founded The Stanford Blockchain Collective, a cross-disciplinary student club across the engineering, business, and law schools.

Unlike bitcoin with its proof-of-work consensus protocol, Pi, the cryptocurrency generated by Pi Network miners as a reward for mobile activities performed to secure the blockchain, is built on the Stellar Consensus Protocol (SCP).

The Stellar Consensus Protocol (SCP) requires several nodes to cast ballots on transaction validity, an activity that requires less computing power compared to bitcoin’s proof-of-work consensus protocol that depends on nodes that require lots of electricity which, consequently, has negative effects on the environment because of the carbon emissions that results from bitcoin mining.

In October 2019, just 7 months after launch, Pi Network recorded over 500,000 installs, with active users spread across 180 countries.

Pi Network is marketed as the first and only platform where you can earn a digital asset called Pi

Pi aims to allow everyday people from all walks of life to contribute to the security of the cryptocurrency and the success of its community. The team believes this meritocratic principle, as well as Pi’s inclusivity, is positioning it to become the world’s most widely used cryptocurrency.

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