Pi Network's new announcement - Maybe it's trying to enter Amazon & Tesla?

On June 09, 2021, the Pi Network made another announcement. This time, the technical principles such as how pi can get pi without consuming the resources of mobile and how to develop it well.

 

This content may be boring or unfamiliar. Those who have simply continued mining after joining the Pi Network may not be aware of these details, but those who have done research through various searches will now be bored.

 

But I think this announcement is very important. First of all, I will write a notice.

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[ 1. Notice content ]

Notice date: 2021.06.09

■ Building a Sustainable Blockchain with Pi Network

( All blue texts in the middle of the notice are my tips and opinions.)

 

Recent events have drawn major focus onto the climate impact of cryptocurrency globally. For the sake of the planet, sustainability is important to ensure the future of decentralized finance and transactions. Read more on how Pi is taking the industry forward while creating a sustainable blockchain ecosystem.

( It appears to be referring to the case in which Elon Musk stopped accepting Bitcoin payments for his electric vehicle purchases. He cited environmental issues as a reason for stopping Bitcoin payments. Bitcoin mining has been stopped for this reason because hardware resource consumption is high and carbon emission is very high. )

 

How can Pi be mined on mobile phones without the energy consumption typically known in “crypto mining”?

Pi achieves this by using a different type of consensus algorithm in its blockchain rather than the widely-known and energy exhaustive Proof of Work (PoW) . 

( Currently, Bitcoin uses POW for mining and payment. Although this method has excellent node security, it is known that the payment speed is slow and it is not good for the environment. )

 

Pi’s consensus algorithm is based on the Stellar Consensus Protocol (SCP) and an algorithm called Federated Byzantine Agreement (FBA), all of which do not require exhaustive energy consumption to reach consensus in order to secure a ledger. These types of consensus algorithms require the nodes to form quorums and exchange messages with each other based on a trust graph composed of individual quorum slices in order to come to “consensus” on what the next block should be.

( Bitcoin applies an algorithm called BFT (Byzantine Fault Tolerance). The method of adding nodes in Bitcoin is to create your own block by adding your own hash value to the previous block added by someone, and then add it as the current block. At this time, since the difficulty of adding blocks is designed to be more difficult the closer it is to the total amount of mining, the resource consumption of the hardware (PC) used at this time is extreme. Currently, 1 block of Bitcoin is being added every 10 minutes. The Pi Network seems to indirectly argue that "we are different from you" about this inefficiency. )

 

Mining is the process of contributing to the consensus algorithm of a blockchain to secure its ledger in exchange for rewards. While PoW mining requires a lot of energy consumption for nodes to “work” to solve mathematical puzzles to help the algorithm reach consensus, Pi mining requires a distributed trust graph. The security circles of each individual mobile miner will aggregate into a global trust graph that will feed the consensus algorithm of the Pi blockchain. Therefore, each mobile miner mines Pi by contributing to the intersectionality, security and feasibility of the Pi Blockchain’s consensus algorithm in order to secure the Pi ledger.

( The "shield" icon that is activated after 3 mining runs is the "security circle". Many people think that the shield has only a function to increase the mining bonus, but in fact, this security circle enables the fast payment speed of the pi network. Those who have experienced the test pie payment speed will know how fast it is. Security circles are a very important part of the pi network. )

 

While PoW miners’ contribution to those blockchains is energy, Pi mobile miners’ contribution to Pi Blockchain is their trust relationships and active confirmation of such relationships. The heavy lifting of running the consensus algorithm based on this trust graph aggregated from mobileminers is still done by computer nodes. In fact, the Pi Testnet already has more than 10,000 such computer nodes, placing Pi onto a good path towards creating a very decentralized Mainnet.

( After downloading the node program from the current Pi Network homepage, it is possible to participate in the active node by opening the communication port on the PC. There are no rewards for participating in the test yet. Nevertheless, it is achieving an astonishing record of over 12,000 active nodes on average. I think the core team probably wants to say something like this. "We are also running nodes on PC. We are developing based on high-level technology, not moderately developing." )

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[ 2. Features of this notice ]

Here is my personal opinion. It might be close to a conspiracy theory.

"Amazonpi" domain address already registered in 2019

■ Pi Network seems to be conscious of Tesla & Amazon.

 

Currently, Amazon is discussing the possibility of introducing virtual currency as a means of payment in the future. There is no information about when that time will be, what kind of cryptocurrency will be introduced, or whether they will develop their own coins, and they just say "I will do that" for now. For reference, Amazon already has a virtual currency called "Amazon Coin", but payment is only applied to some items. So, you can think of it as simply trying to expand this coin.

 

However, there is no guarantee that payment is possible with only one coin, and if there is a coin that has more demand than Amazon coin, there is a possibility that it will be introduced as a mainstay. ( Everyone knows by now that the Pi Network has over 18 million active users, right? lol~ ) It's still too early to predict, but I think the Pi network could also be a candidate. And I wonder if Pi Network may have released this notice with these factors in mind. 

 

As mentioned above, Tesla has suspended Bitcoin payments due to environmental issues. However, this does not mean that we will not accept any cryptocurrency in the future. It leaves room for the introduction of “a next-generation coin that is eco-friendly and has a fast payment speed”. So, many people are now wondering, "What will that coin be?"

 

If you read the first part of this notice carefully, you can see that we are talking about environmental issues. The biggest advantage and disadvantage of the SCP method is that it is a "minting" method, not a "mining" method. One of the advantages of issuance is that it has little impact on carbon emissions, and if I pick one of the disadvantages, I think it is people's perception. "How do you get coins without consuming terminal resources? That's a scam." you would think And it may take a lot of effort to convince you of this misunderstanding.

 

The image above is a screen to see whether each name has already been registered as a domain by searching for "amazon", "amazonbitcoin" and "amazonpi" on the domain search site Whois, respectively. Amazon already has a site, so of course it will be searchable, but the other two are curious. 

 

You can see that the domain addresses "Amazon Bitcoin" and "Amazon Pi" have already been registered by a company called Mark Monitor. This company is a domain consulting company, and you can see that Amazon registered the current Amazon homepage domain even in the early days of Amazon in 1993. And the same company had already registered the domain in February 2019, a month before the first launch of the Pi Network.

 

Let's think about it.

• "A consulting company that handles the domain of the Amazon homepage has already registered an address called Amazonpi and is waiting."
• “There is a growing possibility that Amazon will introduce a cryptocurrency payment system in the future.”
• "Tesla is also looking for an eco-friendly and fast-payment cryptocurrency."
• In such a situation, Pi Network suddenly made a notice saying, "We are now making an eco-friendly and fast coin".

You are free to decide what kind of judgment you make, but at least there seems to be no difficulty in thinking that 'there is something'.

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□ If you haven't heard of the Pi Network yet, or want to know how to join, go to this link. 

[ Invitation code: kingsnet2 ]

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