Digital economic model Pi

We will talk about the extremely famous Pi coin in this article. We will also determine if investing in it in 2023 and beyond is a wise move.

Introduce

Bitcoin mining is difficult. Cryptocurrency investing is dangerous. We are all being left out of the bitcoin revolution in many ways. Pi simplifies cryptocurrency mining.

What is Pi?

Pi represents a significant advancement in the adoption of cryptocurrency globally as it is the first digital currency designed for the general user.

Mission: Build a platform for smart contracts and cryptocurrencies controlled and secured by ordinary people.

Vision: Build the most open peer-to-peer marketplace in the world with Pi, the most popular cryptocurrency available.

For the common people to be able to mine, the Pi Core Team has started development (or earn crypto rewards for validating transactions on a distributed transaction record). For the Pi, the additional design regulation of using the consensus mechanism would also be very user-friendly and ideally allowing desktop and mobile mining has been added.

A Simple Introduction to the Stellar Consensus Protocol

Based on the Stellar Consensus Protocol (SCP) and an algorithm known as the Federated Byzantine Agreement, Pi leverages an alternative consensus algorithm (FBA) class. Such algorithms don't waste energy, but for nodes to "consensus" or agree on what the next block should be, they need to exchange a lot of network messages.

Using cryptographic signatures and transaction histories, each node can independently decide whether a transaction is valid, such as the right to make the switch and double spend.

As a Pi miner, a user can take on four different roles. Detail:

Pioneers – merely daily confirmation that they are not “robots” as users of the Pi smartphone software. Every time they log in to the app, this user confirms their identity- Alternatively, they can use the app and make transaction requests (such as sending money with Pi to a Pioneer). other style)

Contributors. One user of the Pi mobile app is giving back by submitting a list of pioneers they know and trust. A world trust graph will be generated by the total of Pi contributors.

Ambassador- user of the Pi mobile app who introduced new members of the Pi network.

Node- users are pioneers, contributors, and use both the Pi mobile app and the Pi node software on their desktop or laptop computers. The software that runs the main SCP algorithm while taking into account the trust graph data provided by the Contributor is known as Pi node software.

A user can take on more than one of the aforementioned roles. Since every role is needed, every role gets a new Pi generated every day as long as they join and contribute on that particular day. All four jobs are considered Pi miners in the broad definition of “miners,” defined as users who gain access to newly created coins in exchange for contributions.

Roadmap/Deployment Plan

Stage 1 – Design, Deliver, Trust Graph Bootstrap.

The Raspberry Pi server is acting as a faucet, simulating the behavior of the decentralized system as if it were active. In contrast to the mainnet stabilization phase, improvements in user experience and behavior are both conceivable and fairly straightforward during this phase.

After the launch of the live network, all mining for users will be moved there. In other words, the livenet will continue to function just like the existing system, but completely decentralized and pre-fabricated in its origin will block all account holder balances generated in Phase 1.

During this time, Pi is not available for purchase in any other currency and is not listed on any exchanges.

Phase 2 – Test Network

The Node software will be set up on a test network prior to the mainnet launch. In contrast to the mainnet, the test network will use the test Pi coin and the same trust graph. The Pi core team will host some nodes on the test network, but it will also encourage more Pioneers to launch their own nodes there. In fact, starting on the testnet is recommended for any node that wants to join the mainnet.

In phase one, the test network will be run concurrently with the Pi emulator, and the results from both systems will be compared regularly, for example once a day, to identify bugs and deficiencies. test network. This will allow Pi developers to suggest and come up with solutions. The test network will reach a point where its results always match the emulator's results after running both systems simultaneously.

We'll talk about stuffi next paragraph when the community thinks it's ready.

Stage 3 – Mainnet

The official Pi network mainnet will be introduced whenever the community determines that the software is ready for production and has been properly tested on the testnet. The fact that only verified accounts belonging to specific real people will be honored during the transition to the main network is an important detail.

The Pi network simulation and Stage 1 faucet will be turned off for the mommoment, and the system will then run continuously on its own. The committee will make recommendations for future protocol improvements, including input from the Pi developer community and the Pi core team.

They will be deployed and executed based on mining software upgrade nodes, just like any other blockchain. The currency will be completely decentralized and not controlled by any central organization. Duplicate or wrong users will have their balances forfeited. The stage where Pi can be connected to exchanges and traded in different currencies is at this point.

Digital economic model Pi

Pi aims to find a compromise between infusing Pi with a sense of scarcity while ensuring that a large quantity does not reach a very small number. We want to make sure that when users contribute to the network, they get more Pi. Pi's goal is to build an economic model complex enough to accomplish and balance these goals while remaining user-friendly.

Design specs for the Pi economy model:

Simple: Create a model that is clear and easy to understand.

Fair distribution: Gives the majority of the world's population access to Pi

Scarcity: To sustain the price of Pi over time, instill a sense of scarcity.

Mining by merit: Honoring efforts to help maintain and expand the network

Pi – Token Offering (Token Issuance Policy)

Maximum total supply = M + R + D

M = total mining reward

R = total referral reward

D = total developer rewards

M = f(P) dx where f is the reduced logarithmic function

P = Number of population (e.g. first person to join, second person to join, etc.)

R = r * CODE

r = referral rate (50% of the total or 25% for both referrer and referee)

D = t * (M + R)

t = developer bonus rate (25%)

Pi in Recent News

Pi (IOU) is now listed on Huobi

The KYC update is now available on the main screen of the Pi mining app.

Pi Coin to USDT (Tether) trading pairs have gone live on XT.COM and the trading pair is pumping so far.

PiCoin Price History

A group of Stanford graduates officially launched blockchain technology on March 14, 2019.

The blockchain project has been widely adopted, despite the fact that the Pi network is still under construction. In June 2019, there were over 100,000 active users of the protocol, and by May 2020 there were over 29 million. More than 33 million people are currently active on the Pi network.

The Pi network has seen a lot of controversy lately. Please note that the mainnet is yet to be released and it may not be transferable between exchanges. The current market capitalization is $0. It also has 0 USD in circulation right now.

Pi price prediction 2022

Pi has not provided us with a price history to test, nor has it demonstrated how it reacts to changes in the crypto market. We cannot make price forecasts based on market capitalization or all-time highs.

The projected price for Pi Network in December 2022 is estimated at $430,224 based on live transaction prices.

Pi price prediction 2023 ~ minimum 314$ until beyond. Open network period is the golden age of Pi. Total Open Mainnet circulation is estimated to hover around ~500 million Pi worldwide. and is gradually unlocked in the following years. The slower the KYC, the longer the Mainnet wallet transfer time and the longer Pi lock time. Thus, in the next 5 - 10 years, the total circulating supply has not reached the maximum level. At that time, the ecosystem market was stable and smooth.

Keeping your Pi or other plans for the future is up to you,

Wish success!

#pinetworkyenbai #pifull #diitalpower