Pi Network is an innovative platform that enables cryptocurrency mining using smartphones. It does not require special hardware and adopts a consensus algorithm based on Stellar’s Federated Byzantine Agreement (FBA), which is energy-efficient and approves transactions based on trust.
How Pi Network Works and Its Features
It offers a simple process where users can mine by simply pressing a button within the app. This model has a lower environmental impact than traditional mining and is accessible to many users.
Furthermore, there are roles such as ‘Pioneer’, ‘Contributor’, ‘Ambassador’, and ‘Node’, each contributing to network growth.
Ecosystem Value Creation
Pi Network creates value within the ecosystem through the following initiatives:
- Consensus Formation: Value agreed upon by users is used as the standard for token transactions.
- External Collaboration: Expanding token adoption through cooperation with external companies and stores.
- dApps Development: Improving practicality through the introduction of decentralized applications.
Challenges and Solutions
Currently, the low value of Pi tokens is due to the following factors:
- Unauthorized Trading: Trading on unofficial DEXs hinders network goals.
- Market Pressure: Selling behavior by long-term holders also has an impact.
To address these, the following are recommended:
- Use Official Exchanges: Only use approved platforms such as OKX and Gate.io.
- Promote dApps Development: Improving practicality through ecosystem expansion.
Future Outlook
Following the successful launch of the Open Mainnet, Pi Network is focusing on the integration of dApps and the introduction of PiBridge. This is expected to increase token demand, expand the network, provide new services, strengthen the community, and improve interoperability with other blockchains.
Summary
Pi Network is attracting attention with its innovative technology and community-driven model. Moving forward, ecosystem growth and community activity will be key, and its success will be realized through cooperation with users worldwide.
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