Article Summary, Automatically Generated By AI
About Pi
Key Points
- Pi Network is not involved in any ICOs or crowdfunding, and any sales of Pi are unauthorized.
- Pi is not approved for listing on any exchange or for trading during the Enclosed Network period of Mainnet.
- Pi Network recommends not engaging with unauthorized exchanges or third-party actors to avoid potential loss or damage.
Numbers and Figures
- 35+ million: engaged user base of Pi Network
Case Studies and Examples
- None mentioned in the text.
Vital Takeaways and Insights
- Pi
About Pi: The Pioneer in Cryptocurrency Mining
Is Pi Coin Available for Purchase?
Pi Network is cognizant of reports indicating that certain unauthorized third-party exchanges, as well as unknown entities, are attempting to list Pi or tokens claiming to be Pi, or some purported derivative thereof, without the knowledge, consent, or involvement of Pi Network.
Pi is presently in the Enclosed Network phase of its Mainnet development, and as such, it has not been approved for listing on any cryptocurrency exchange or for trading purposes. Furthermore, Pi Network explicitly disavows any involvement with purported postings or listings that may be circulating.
Notably, the Pi Network does not engage in Initial Coin Offerings (ICOs) or any form of crowdfunding. Furthermore, any purported sales of Pi are unauthorized and entirely unaffiliated with the Pi Network.
Presently, Pi Network advises all Pioneers and prospective Pi users to exercise caution and refrain from engaging with any of these exchanges or third-party entities, as their actions are not sanctioned by Pi Network and may result in significant financial losses or damage to Pi users. Furthermore, Pi Network is taking steps to have these posts and exchange listings removed and is evaluating additional measures to be taken against these third parties and exchanges. In the meantime, it is essential to reiterate that the transaction of Pi through an exchange is strictly prohibited during the Enclosed Mainnet period, and any such action would constitute a violation of Pi’s policies.
Kindly refer to Pi Network’s official statement regarding unauthorized exchange listings, available on their website:
https://minepi.com/announcements/2022-12-29
.
For a more comprehensive guide on safeguarding your Pi, kindly refer to our previous article:
Pi Account Safety
.
For authentic Pi-related news, please rely solely on official sources, as listed at
https://minepi.com/safety
.
We are pleased to announce that the updated Whitepaper Chapters for December 2021 are now available for your reference:
https://pinetwork-official.medium.com/pi-whitepaper-chapters-mainnet-token-model-mining-and-roadmap-19f4a6774e71
Introducing Pi Network: A Revolutionary Cryptocurrency Ecosystem
Pi Network is a pioneering social cryptocurrency and developer platform that (1) empowers mobile users to mine Pi coins in an environmentally friendly manner, without compromising battery life, and (2) cultivates a ubiquitous apps platform, where developers can offer users tangible, real-life utilities and products in exchange for Pi coins, fostering a seamless and inclusive ecosystem.
With a vast and active user base of over 35 million individuals, Pi Network is poised to democratize access to cryptocurrency mining, empowering anyone to mine Pi directly from their mobile devices. By leveraging a novel mining mechanism, Pi’s blockchain not only facilitates secure transactions through a mobile meritocracy system but also provides a comprehensive Web 3.0 experience, enabling community developers to craft decentralized applications (dApps) for a massive user base of millions.
The Visionaries Behind Pi Network
Pi Network was founded by Dr. Nicolas Kokkalis and Dr. Chengdiao Fan, two esteemed Stanford PhD holders in computational engineering and social sciences, respectively.
Dr. Kokkalis, a seasoned entrepreneur and innovator, has founded multiple startups and developed human-centered technologies. He also shares his expertise with the next generation, teaching Stanford’s esteemed computer science class, Decentralized Applications on Blockchain.
Dr. Fan, a PhD holder in computational anthropology, boasts an impressive background as a founding developer of multiple startups and projects focused on scaling social communications and unlocking the hidden potential of social capital for individuals worldwide.
Both are ardent and long-standing advocates of the technical, financial, and social potential of cryptocurrencies, yet disillusioned by their current constraints. To overcome the inherent limitations of traditional blockchains, they adopt a user-centric design philosophy that revolutionizes the development process of new blockchains, turning conventional approaches on their head.
Unveiling the Uniqueness of Pi Network
Pi’s blockchain leverages an adaptation of the Stellar Consensus Protocol (SCP), a robust instantiation of the Federated Byzantine Agreement, to facilitate the seamless validation of transactions.
Unlike traditional blockchain mining methods, such as Proof-of-Work or Proof-of-Stake, Pi’s protocol offers a distinctive trifecta of benefits: decentralized control, low latency, and flexible trust, all while ensuring asymptotic security at a fraction of the environmental cost. In essence, fault tolerance is achieved through a decentralized web of nodes that reach consensus via a trust network of mobile users, who validate their daily presence and vouch for others’ authenticity within the network, thereby earning Pi. Notably, this approach significantly reduces environmental impact, as it eliminates the need for energy-intensive hardware typically required for mining.
Pi Network’s robust ecosystem is founded upon an intuitive and transparent model, thereby facilitating the seamless adoption of Pi coins as a trusted medium of exchange, unhindered by token concentration. The ecosystem’s core principles comprise fair distribution, where every participant mines at an equal rate, scarcity, which ensures that the mining rate decreases as the network expands, and meritocracy, where rewards are allocated based on individual contributions to the network.
Pi Network’s developer platform boasts a multitude of attractive features that are likely to captivate developers. As the world’s largest identity-authenticated user base, Pi Network offers a comprehensive suite of pre-built infrastructures, including a crypto wallet, user authentication, notifications, deep linking, and app interoperability, with many more functionalities in the pipeline. Its App Engine is built on an operating system akin to Apple’s iOS, incorporating a secure blockchain component. By integrating Pi’s SDK and user-authentication measures into their apps, community developers can seamlessly enable Pioneers to navigate the Pi ecosystem, effortlessly transitioning between different interoperable apps without the need for separate logins or provision of additional contact information.