What is Pi Network? (Pi Network.)

08/12/2023 01:16 • Metaverse Matters • 96 views

What is Pi Network? What is Pi Network?

In traditional internet, users can store their idle assets on the blockchain for transactions. This method is called “peer-to-peer network” (Peer-to-Pay). Due to the high volatility of cryptocurrencies and the existence of flaws such as opacity and fraud risks (such as compliance and security issues of exchanges), people use these funds for various financial services, portfolio management, social activities, and even the real estate market. This allows individuals to easily purchase real estate, loans, payments, and use various digital goods and services from their mobile or computer devices.

But with the continuous development of blockchain technology, more and more projects are turning to this technological solution. One typical example is cross-chain protocols like Polkadot, which allows developers to create a decentralized smart contract without trusting intermediaries.

For users who already have a large amount of assets, they need to know which data will be recorded on the public ledger. This system can be achieved through the following ways: a group of validators are rewarded through validating blocks; another way is to obtain tokens without involving any other third parties. These incentive mechanisms also include some security audit tools based on smart contracts. One of them is the identity verification of validators, where validators can register their private keys or addresses on the platform to prove that their private keys have been verified and receive corresponding rewards. (Here we only discuss how to ensure the security of your assets)

Pi Network.

Editor’s note: This article is from Blue Fox Notes (ID: lanhubiji), written by Benjamin Wernick, translated and organized by “William” from the “Blue Fox Notes” community.

Pi Network is a dedicated software protocol for building blockchain network applications. It allows developers to create their own smart contracts and conduct transactions on the chain.

It achieves more efficient communication, sharing security, and security targets by connecting one block to another block and including it in the public blockchain.

This work enables anyone to easily use decentralized exchanges based on Bitcoin. It can even allow users to purchase encrypted assets or other cryptocurrencies from third-party service providers.

Therefore, the “PI-Network” (i.e., non-trusted delegation) model is designed as a novel solution: it stores data in a verifiable manner. It has anti-censorship properties just like many existing technologies. However, due to the existence of a large number of different participants, these methods are often difficult to implement because they often rely on external entities. For example, if a person has a network value of more than $1000, they can receive more than 10 times the revenue share. But for those who want to take advantage of this innovative solution, this problem remains a challenge.

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What is Pi Network? (Pi Network.)

Pi Network.

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