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…ew Pi Network card with comprehensive details and references
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#show-card | ||
#explain-card | ||
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# Bybit's $1.4 Billion ETH Hack | ||
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## Introduction | ||
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[Pi Network](https://minepi.com/blog/) is a digital currency project aimed at making cryptocurrency mining accessible to everyday users through mobile phones. Founded in 2018 by Stanford graduates, the project seeks to distribute cryptocurrency fairly and build a decentralized marketplace and ecosystem for its users. | ||
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## Service Provided | ||
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Pi Network provides a mobile-first cryptocurrency mining experience that consumes minimal battery power and processing resources. Unlike traditional cryptocurrencies that require significant computing power to mine, Pi can be mined through a mobile app by tapping a button once every 24 hours. This approach makes cryptocurrency accessible to the general public without specialized equipment or technical knowledge. | ||
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## Technical Details | ||
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The Pi Network operates on a consensus algorithm called the Stellar Consensus Protocol (SCP), which is more energy-efficient than traditional Proof of Work systems. Pi uses a security circle concept where users build trust networks that contribute to the overall security of the blockchain. | ||
## Team | ||
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The Pi Network was founded by a team of Stanford graduates: | ||
- Dr. Nicolas Kokkalis - Head of Technology | ||
- Dr. Chengdiao Fan - Head of Product | ||
- Vincent McPhillip - Head of Community | ||
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## Roadmap | ||
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Pi Network follows a three-phase development roadmap: | ||
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- Phase 1 (Beta): Launched in March 2019, allowing users to mine Pi on mobile devices | ||
- Phase 2 (Testnet): Launched in March 2020, testing the Pi blockchain | ||
- Phase 3 (Mainnet): Transition to a fully decentralized blockchain with KYC verification requirements and open ecosystem development | ||
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## Latest Updates | ||
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- 2022 Q4: Mainnet launched in closed network mode with KYC verification requirements | ||
- 2022 Q2: Introduction of Pi Wallet and enhanced KYC verification system | ||
- 2021 Q4: Preparation for Mainnet launch with mass verification system | ||
- 2021 Q3: Expanded ecosystem applications and developer tools | ||
- 2021 Q1: Launched Pi Brainstorm community ideation platform | ||
- 2020 Q1: Testnet launched, allowing initial blockchain operations | ||
- 2019 Q1: Beta version launched, allowing mobile mining | ||
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## References | ||
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- [Pi Network Official Blog](https://minepi.com/blog/) | ||
- [The Pi Network & Pi Token (YouTube)](https://youtu.be/wHjuX20y82c?si=VBD0PFi8H2JuFhj0) | ||
- [Pi Network Official Website](https://minepi.com) | ||
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