2 Founders of Pi Currency

The founders of Pi Currency are a group of Stanford University graduates with skills in computer science and blockchain technology. They wanted to make cryptocurrency easy for everyone to use.

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 created to make cryptocurrency easy for everyone to use. It was launched on March 14, 2019, which is also known as Pi Day (3/14). The team chose this date to match the name “Pi” and its concept. The founders wanted to solve problems faced by older cryptocurrencies like Bitcoin. These problems include high costs, environmental issues, and excessive complexity for regular users. Pi aims to be simple, eco-friendly, and accessible to all.

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 skill in blockchain technology. The two key founders are

1. Dr. Nicolas Kokkalis

2. Dr. Chengdiao Fan

Their leadership and innovation have driven Pi Network’s success. It is now one of the most promising projects in the cryptocurrency space. There are 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.

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What is Node Testing?

Node Testing in the Pi Network involves running computer programs. These programs, called nodes, are checked to verify they help keep the network working smoothly. They also make sure the network remains secure. These nodes are like helpers that check transactions and make sure everything in the network runs correctly.

Why is Node Testing Important for Pi Network?

• Nodes check and confirm transactions to verify they’re correct 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.
• Nodes make sure no single person or group controls the network. The more nodes, the stronger and fairer it becomes.

Blockchain Simulation

Blockchain Simulation is a process. The Pi Network tests how its blockchain would work in real-life situations. They do this without using actual money. They also avoid 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 it 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 join 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 platform.
• When people are involved in creating something, they trust it more and promote it.

Introduction of KYC Verification (2021)

KYC (Know Your Customer) is important in the Pi Network. It ensures that users are real people. This helps prevent bots or fake accounts. It verifies participants’ identities in the network. Only then are they granted access to their mined Pi coins during the mainnet phase.

Why is KYC Important in Pi Network?

• KYC helps stop people from creating multiple fake accounts to mine more Pi unfairly.
• KYC strengthens the security of the Pi Network so only genuine users take part.
• Verifying user identities creates a trustworthy network where everyone knows the platform is secure and legitimate.
• KYC ensures the Pi Network follows global laws and regulations about preventing fraud.
• Users need to finish KYC to transfer their mined Pi from the test phase to the mainnet.

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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 use them in the growing Pi ecosystem.
• The mainnet is more secure and robust compared to earlier phases, protecting user data and transactions.

Conclusion

The story of Pi Currency reveals the dedication of its founders. They worked hard to create a cryptocurrency that is easy to use. It is also eco-friendly and focused on building a strong community. Dr. Nicolas Kokkalis and Dr. Chengdiao Fan used their knowledge effectively. They used their skills to build a platform. This platform will change how people see and use digital money. Their goal was to make cryptocurrency simple and available to everyone.

Also Read: What is pi network?

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