Pi Coin is a cryptocurrency that aims to be mined using mobile phones, making it more accessible to a broader audience. Here’s an overview of how it works:
1. **Mining on Mobile**: Unlike traditional cryptocurrencies like Bitcoin that require extensive computational power, Pi Coin can be mined using a mobile app. This process is designed to be lightweight and does not drain battery or data.
2. **Consensus Algorithm**: Pi Coin uses the Stellar Consensus Protocol (SCP), which allows transactions to be validated quickly and efficiently by a network of nodes. This protocol is more energy-efficient than the Proof of Work (PoW) algorithm used by Bitcoin.
3. **User Roles**: Users can take on different roles in the Pi Network, such as:
- **Pioneer**: A regular user who mines Pi by checking in every 24 hours.
- **Contributor**: A user who provides a list of trusted users, helping to secure the network.
- **Ambassador**: A user who introduces others to the Pi Network.
- **Node**: A user who runs the Pi software on their computer to help validate transactions and secure the network.
4. **Security Circles**: Pi relies on personal security circles, a group of 3-5 trusted people built by each user. These security circles help secure the network by creating a global trust graph that prevents fraudulent transactions.
5. **Pi Wallet**: Users have a Pi Wallet in the app where mined Pi Coins are stored. Transactions between users can be made within the app.
6. **Future Plans**: Pi Network plans to transition from its current testnet phase to a mainnet phase, where Pi Coins will have real-world value and can be traded on exchanges.
Pi Coin aims to create a more inclusive cryptocurrency by lowering the barriers to entry and leveraging a mobile-first approach.
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