Pi Network, the innovative project bringing crypto mining to the masses, recently announced its plan to release a new platform to build apps on the network. The platform will provide a means for the entire network to build apps, create value, and contribute to the growth of the ecosystem.
The utility apps platform is due for launch on June 28, marking the occasion of Pi2 day. Interestingly, Pi2 day gets its name as the 28th day of the 6th month (6.28) represents the value equal to 2xPi or 3.14*2.
On this day, the Pi Network will also unveil its month-long hackathon for community developers. The hackathon will encourage developers to build Pi apps and projects on top of the newly launched utility apps platform and showcase their progress to earn rewards.
Pi has been under development since 2018 and is currently in testnet mode with over 10,000 connected nodes. After the conclusion of the testnet mode, the mainnet of Pi Network will launch toward the end of 2021. The launch of the utility apps platform and hackathon is a part of this bigger picture to build the Pi Network’s ecosystem and real-life utilities.
Pi Network — Bringing Cryptocurrencies to the Masses
Cryptocurrencies have seen tremendous growth over the past decade but their popularity also increased the difficulty of cryptocurrency mining. In the early days of Bitcoin, you could mine it using the processing power of a personal computer. As of today, mining cryptocurrencies requires specialized hardware such as ASICs that are cost and energy-intensive and accessible only to a few. The extensive resource allocation needed to mine cryptos creates a monopoly in the market, leaving most people out of the crypto revolution.
To solve this issue and bring more people into the crypto world, Pi Network aims to enable people to mine crypto assets using a basic processing device such as a smartphone. The network is said to achieve this using an improved and more decentralized variation of Byzantine Fault Tolerance.
Instead of nominating a leader, the network claims to depend on a set of nodes reaching consensus on a block through a system of voting. In addition to this, Pi also uses an extra layer that lets individual nodes decide whether or not they can trust other nodes rather than depending on a central authority to decide the set of voting nodes.
According to the Pi Network, this consensus protocol consumes very little energy, which allows users to mine from a smartphone without any hassle. Anyone who wants to mine Pi can do so by downloading a mobile application on their smartphone. With over 18 million engaged users around the globe, Pi is the most popular digital asset that can be mined on a smartphone.
The value of Pi is currently zero and the network aims to realize its value by creating use-cases where people can use Pi to trade goods and services.
The Innovation Keeps Going Forward
Cryptocurrencies have become well-known across the globe for the transparency and decentralization they create in the financial ecosystem. But due to a mining mechanism that is inaccessible to the majority of the people, we fall back into the trap of centralization and monopoly. As of today, only six mining pools dominate the Bitcoin mining activity.
In the pursuit to find real-world use-cases of cryptocurrencies, we need projects like Pi that aim to decentralize not just the technology but also people’s access to it. This ensures that more and more people join the crypto revolution and push towards mass crypto adoption. The developer hackathon and the utility apps platform will be a great way for Pi to foster a decentralized development of its ecosystem, introduce this project to more people, and head toward the launch of its mainnet.