Pi Network (PI) Explained
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In the world of cryptocurrency, one of the most common ways to make money is through mining crypto. In the case of such coins as Bitcoin (BTC), involves solving an increasingly complex set of mathematical equations. There is, however, one problem with this. Since the equations get more and more difficult to solve, they require more computational power. As things go on and time progresses, mining moves out of reach of most people and also damages the environment.
Pi Network is a crypto platform that aims to make mining crypto simple. Rather than go through the rigmarole of solving equations, people simply tap a button on a mobile phone app to mine the system’s native token, known as PI.
American academics Nicolas Kokkalis and Chengdiao Fan of Stanford University founded the Pi Network in 2018. It officially launched on 14 March – the so-called Pi Day – the following year.
Within the Pi Network, there are four types of users. Pioneers mine the coin, contributors give the network a list of trusted users, ambassadors bring new users onto the network using a referral code, and nodes supply computing power using their home computers.
Pi undergoes periodic “halving” to ensure its scarcity. Halving refers to the reduction of the number of coins a miner receives for processing new transactions by half. This typically occurs when it reaches a specific milestone.
The mining rate for PI initially halved from 1.6 π to 0.8 π per hour when the user count reached 100,000. It halved again to 0.4 π per hour at the 1 million user mark, and again to 0.2 π per hour when there were 10 million users. These rewards will continue to halve, ultimately reaching zero when the network hits one billion users.
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Block Explorer
https://minepi.com/blockexplorer/
