Bitcoin introduced the Proof of Work Consensus Algorithm to know who can be trusted to mine the block that follows. In this method, all the miners in the system will be given a mathematical puzzle to solve. They use so much money and electricity to be able to solve this puzzle to find a validator. That made it extra difficult for ordinary people to be able to mine Bitcoin.
Pi Developers figured out that if digital assets will be accepted and used by all, they should be accessible to all. They worked on all the shortcomings of Bitcoin when it was mined and developed the Pi Network. Pi Network allows for the mining of Pi by everyone. This was made possible by creating a system which allows both mobile phones and personal computer owners to mine. In the mining of Pi, one cannot have more than one personal account from which mining can be made because in the process, a KYC to validate a Pioneer will be done.
Unlike Bitcoin that uses the PoW to reach consensus, Pi uses the Stellar Consensus Protocol and the Federated Byzantine Agreement algorithm. In this type of algorithm, nodes of the Pi network send series of messages across to each other to agree on who the next block validator will be. The mining of Pi has been since 2019 and this consensus mechanism has worked perfectly.
There is an order of events that are followed for the launch of the Pi coin. Though we are in the last face of these events, it is not yet complete.
The road map that has been followed to see the Pi Network fully mature and get launched follows the below outline.
Phase1: Design, Distribution Trust Graph Bootstrap.
This is the phase Pi Server began functioning imitating the decentralized system of digital currencies. Improvements in the user experience were made possible to enhance it's properly working.Phase2: Testnet
This is the phase the software of the node was used on a testnet. After testing it was used on the Mainnet. Hosting of many nodes were done on the testnet to see it function optimally.Phase3: Mainnet
This is the phase where Mainnet will be launched. This phase come fully when the same results gotten in the testnet can be replicated on the Mainnet without errors.
The Mainnet phase has two sub-phases.
Enclosed Mainnet: This period commenced in December 2021. This is the phase where different dApps and Pi applications will be used on the Pi Network. It is the period where KYC will be done by majority of Pioneers in readiness for open Mainnet.
Open Mainnet: This is the phase where the Pi network will be fully launched. Pi will be listed in exchanges at this time and can be traded to USD and other fiat currencies. According to the Pi White Paper, the open Mainnet period was slated to have held on either March 14, 2022 or June 28, 2022 but was put under probability because it depends on the maturity level of the Enclosed Mainnet phase.
MORE INFORMATION
Whatever is used to mine Pi, it can only be done once in a day. It is a circle of 24hours in which the start of the next round of mining depends on the previous. It is not an automatic mining, so one would have to click on the mine button every 24hours.
The number of Pi displayed on each persons Pi account can only be gotten if the referral and security team have have done KYC for their individual accounts. Else, only the Pi mined by an individual can be realized at open Mainnet.
Generally, the balances of each persons Pi account is divided into unverified balance, transferable balance and balance migrated to mainnet. Migrated balance to the Mainnet can only be available when KYC had been passed and the Mainnet checklist had been completed.
COMPONENTS OF THE MAINNET CHECKLIST.
- Download and install Pi Browser
- Create a Pi wallet.
- Confirm Pi wallet.
This two can be done on Pi browser. - Commit to lockup Configuration: A portion of a pioneer's transferable balance is locked up for a period he/she wishes. This can boost mining rate.
These four components of the checklist can be done before KYC is done. - Submit KYC application.
KYC is done with government issued ID cards, e.g international passport, National ID, Driver's License, etc - Wait for KYC result.
- Sign Acknowledgement to Receive Tokens
- Migrate to Mainnet.
This is an automated process which only the network does. One joins the queue after completing the first seven steps in the checklist.
A Pioneer who has done all these is good to go.
WHAT IS NEXT FOR Pi NETWORK?
Many persons have anticipated the launch of the Pi network. Many have speculated what the price of this coin which is being mined by millions of people from all over the world will be. To tell you the truth, so many people are tired of waiting and have given up even without doing KYC. What's the need for starting if you won't wait to reap the fruit of your labour?
Well, Pi Network is in its last phase of development. Anytime from now, the good news all Pioneers have been expecting will come. I can say, Pi is very close to Open Mainnet Launch.
You can read the Pi Whitepaper
to get all the information about the Pi Network.
If you missed Bitcoin and Ethereum, you don't want to miss Pi. And if you have not started mining, well, I cannot tell you it is too late but you have wasted so much time.
EXCEPT for the BACKGROUND IMAGE, all images used were taken from the my Pi ACCOUNT PAGE.
I encourage you to use my referral link to register. Download the app and start mining. Better late than never.
My Pi Referral Link
Thank you!