2 Founders of Pi Currency

The Founders of Pi currency are a team of Stanford graduates who envisioned making cryptocurrency accessible to everyone. Their combined knowledge of computer science, blockchain technology, and human behaviour has played a key role in building the project.

Did you know SCP maintains decentralization by using quorum slices? They allow participants to agree without a central authority.

The Origins of Pi Currency

Pi Currency was born out of a mission to make cryptocurrency accessible to everyone. They are Launched on March 14, 2019. The project intentionally chose Pi Day (3/14) as its starting point to symbolize its name and concept. The creators envisioned a platform that could overcome the challenges of traditional cryptocurrencies like Bitcoin, including high entry costs, environmental concerns, and technical complexities.

As we know, Bitcoin relies on energy-intensive mining, but the Pi network does not. The Pi Network allows users to mine Pi coins directly from their smartphones.it is one of the most user-friendly and eco-conscious blockchain projects.

The Founders of Pi Currency

Pi Currency was created by a team of Stanford University graduates who brought together their expertise in blockchain technology. The two key founders are

1. Dr. Nicolas Kokkalis

2. Dr. Chengdiao Fan

Their leadership and innovation have turned Pi Network into one of the most promising projects in the cryptocurrency space, with 55 million+ active users worldwide.

Milestones in Pi Currency’s History

Launch of the Testnet (2019)

The Launch of the Testnet (2019) for the Pi Network marked a significant milestone in its development. The Testnet phase was introduced to test the network’s functionality, scalability, and security before transitioning to the mainnet.

Did You Know SCP protocol supports millions of transactions per second.

What is Node Testing?

Node Testing in the Pi Network is the process of running and checking computer programs called nodes that help keep the network working smoothly and securely. These nodes are like helpers that validate transactions and make sure everything in the network runs correctly.

Why is Node Testing Important for Pi Network?

• Nodes make sure no single person or group controls the network. The more nodes, the stronger and fairer the system becomes.
• Nodes check and confirm transactions to ensure they’re accurate and trustworthy.
• Testing nodes helps prepare the network to handle more users and transactions as it grows.
• It ensures the network is protected from hacking or technical issues by fixing any weak points during testing.
• Node testing is like a practice round for Pi Network’s technology.

Blockchain Simulation

Blockchain Simulation is a process where the Pi Network tests how its blockchain would work in real-life situations without using actual money or real transactions. It’s like a practice run to make sure everything functions as expected.

Why is Blockchain Simulation Important for Pi Network?

• It helps check if the blockchain can process transactions, keep records, and handle user activities properly.
• Any errors or bugs can be found and fixed during the simulation.
• By simulating the blockchain, Pi Network shows its community how the system works and proves it’s safe and efficient.
• It ensures the blockchain can handle more users and transactions as Pi Network becomes more popular.

Community Involvement

Community Involvement in the Pi Network means actively engaging its users to participate in building and growing the network. This can include activities like mining Pi on their phones, running Pi Nodes, testing features, and sharing feedback. The Pi Network relies on its community to create a decentralized and user-friendly cryptocurrency.

Why is Community Involvement Important in Pi Network?

• A strong and diverse community ensures no single entity controls the network.
• The more people who join and use the Pi Network, the stronger and more valuable it becomes.
• Users help test features and give feedback to fix bugs and improve the system.
• When people are involved in creating something, they trust it more and are more likely to use and promote it.
• By involving the community, more people learn about cryptocurrency, blockchain technology, and how Pi Network works.

Introduction of KYC Verification (2021)

KYC (Know Your Customer) is important in the Pi Network to ensure that users are real people and not bots or fake accounts. It’s a way to verify the identity of participants in the network before granting them access to their mined Pi coins during the mainnet phase.

Why is KYC Important in Pi Network?

• By confirming that only genuine users participate, KYC strengthens the security of the Pi Network.
• KYC helps stop people from creating multiple fake accounts to mine more Pi unfairly.
• Verifying user identities creates a trustworthy network where everyone knows the system is secure and legitimate.
• KYC ensures the Pi Network follows global laws and regulations about preventing fraud, money laundering, and illegal activities.
• Users need to complete KYC to transfer their mined Pi from the test phase to the mainnet, where it can have real-world value.

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Mainnet Development (2024-Present)

Mainnet Development in the Pi Network is the phase where the Pi blockchain is fully launched and operates independently. They allow real transactions with real value. This is the most critical stage because it transitions Pi from a test system to a functional cryptocurrency.

Why is Mainnet Development Important in Pi Network?

• A fully operational blockchain attracts more developers and businesses to build apps and services on the Pi Network.
• Users can transfer Pi coins for real-world purposes, like buying goods, services, or trading.
• The network becomes more decentralized as more nodes run independently, ensuring no single entity controls it.
• With the mainnet, Pi coins gain real value, allowing users to utilize them in the growing Pi ecosystem.
• The mainnet is more secure and robust compared to earlier phases, protecting user data and transactions.

Conclusion

The history of Pi Currency is a testament to the founders’ dedication to creating a cryptocurrency that prioritizes accessibility, sustainability, and community. Dr Nicolas Kokkalis and Dr Chengdiao Fan have combined their expertise to develop a platform that could redefine the way we think about digital currencies.

Also Read: What is pi network?

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