There is still no indication when – or if – the 35 million so-called “pioneers” who mine on the Pi Network (PI) are ever going to benefit from their coins. However, unlike other blockchains, its developers have not yet released its source code. As with other public blockchains, the Pi blockchain will allow external wallets to hold PI coins and submit transactions directly to the blockchain. The PI mining app acts as a cryptocurrency wallet, linked to a user’s mobile phone number or Facebook account. Security circles build a global trust network that prevents fraudulent transactions, as transactions can only be validated on the shared ledger if the trusted nodes approve them. ![]() Under SCP, Pi nodes form security circles, or groups, of three to five trusted people known to each of the network’s users. Pi Nodes validate transactions on a distributed ledger and reach a consensus on the order of new transactions that the ledger records. Unlike nodes on networks such as Bitcoin that use proof-of-work ( PoW) protocols, Pi nodes use an algorithm based on the Stellar Consensus Protocol (SCP). The Pi Network, developed by a team of Stanford University graduates, enables users to mine PI cryptocurrency coins using desktop and mobile phone apps, validating transactions on a distributed record. Pi Network is a digital currency project that aims to make cryptocurrency mining accessible, as the centralisation of first-generation currencies like bitcoin ( BTC) has made mining them a challenge for many everyday users. PI, the native token of the Pi Network, remains arguably the biggest upcoming cryptocurrency, with no official release date set more than four years after it was intially announced. ![]() Pi is yet to officially launch but has already attracted interest – Photo: Valentin Baciu / Shutterstock
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