CRYPTOCURRENCY

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 We are still searching for the right solution because of the use of technology in our daily lives in today's world. The next logical move in the development of money is cryptocurrency. The effect of Bitcoin and other smaller coins has been seen all over the world. Even if it is in small measures, they are continuously revolutionising the world in which we live. New users who welcome new technology push us to become a better society. Pi is the first digital currency for ordinary citizens, marking a significant move forward in global cryptocurrency adoption. Their goal is to "create a forum for cryptocurrencies and smart contracts that is safe and run by everyday citizens."


'The freer the money, the freer the people,' is a phrase I deeply believe in. The same principle applies to Pi. They want to make it the world's most open cryptocurrency, available to anyone with a smartphone. This is huge news because we now know that the world's largest cryptos are produced in massive factories using ASIC machines. This reduces the coin's supply and makes it more valuable.

To verify the transactions, the coin developers created a new algorithm called the Stellar Consensus Protocol. (SCP) was created by David Mazieres, a Stanford computer science professor who also serves as the Chief Scientist of the Stellar Development Foundation. SCP uses a mechanism called Federated Byzantine Agreements to ensure that updates on the Stellar blockchain are right and trustworthy.

As Pi miners, there are four roles Pi users can play.

Since the Pi network hasn't yet reached Mainnet, some of the features may change when it does. The second stage has now been added, and developers now have the option of using Pi in their programmes. I've used every network role, and some, like the Node, are subject to change. It doesn't currently reward you with Pi for the service you're providing, but the developers are taking data into account and will make the necessary adjustments when the time comes.

Pioneer.

On a regular basis, a Pi mobile device consumer who explicitly confirms that they are not a "robot." This user confirms their existence in the app every time they log in. They can also use the app to request transactions (e.g. make payment in Pi to another Pioneer which is added in the second phase of)

Contributor.

Prepare a report. A user of the mobile Pi app who contributes by sharing a list of pioneers he or she is familiar with and trusts. In the aggregate, Pi contributors will build a global trust graph.

Ambassador. 

A user of the Pi mobile app who links other Pi users to the network.

Node.

A person who is a master, a contributor, and who uses both the Pi mobile app and the Pi node software on their desktop or laptop computer. The core SCP algorithm is run by the Pi node programme, which takes into account the trust graph information given by the Contributors.

Proof-Of-Work vs Protocol of Stellar Consensus

Both bitcoin nodes compete against each other to solve a cryptographic puzzle. Since the solution is discovered at random, the round's leader, who produces the next block, is decided by chance by the node that discovers the solution first. This algorithm is referred to as "Proof of Work," and it consumes a lot of energy.

Pi uses the Stellar Consensus Protocol (SCP) and the Federated Byzantine Agreement algorithm as the other kind of consensus algorithm (FBA). Such algorithms do not waste time, but they do necessitate the exchange of multiple network messages in order for the nodes to "consensus" about what the next block should be. Based on the cryptographic signature and transaction history, each node will determine whether or not a transaction is valid, such as transfer authority and double-spending.

Since voting is involved in the BFT method, one complaint is that it has a centralised point. The collection of nodes involved in the "Quorum:" vote is determined by the system's creator at the start. Instead of wasting resources like Bitcoin's proof of work consensus algorithm, SCP nodes secure the shared record by vouching for other nodes in the network as trustworthy. Each node in the network creates a quorum slice, which consists of other nodes in the network that they consider trustworthy.

Pi Mining Review

I've been using their software for over a month now and have yet to encounter any issues. I've continued to use my phone as my primary location for work and even gaming, and I haven't seen any change in quality, battery drain, or network speed. After the 24-hour period has ended, all you have to do now is remember to press the button to start mining.Furthermore, the software does not bombard you with updates or anything; it simply sits there and generates PI for you. For the record, 

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