Pi was conceived with the vision of re-democratizing access to cryptocurrencies and making them accessible for anyone to mine with equipment that’s easily available – a smartphone.
The project achieves this by using a variation of the Federated Byzantine Agreement (FBA), devised by the scientists behind the Stellar blockchain. Whereas proof of work and the many variations on proof of stake rely on the idea of one miner or validator becoming the “leader” by proposing a block for consensus, the FBA operates using a different approach.
Users can participate in mining Pi by downloading the Pi Network app to their smartphone. Then, they can play up to four roles in the Pi consensus:
Pioneers are users of the mobile app who simply validate their presence each time they log in. Their contribution is in making Pi Network widely distributed. Currently, they can send and receive only Test-Pi on Pi Testnet through their Pi wallets.
Contributors are users who provide a list of pioneers they know and trust and maintain this list up to date. Ultimately, contributors are helping to develop the global trust graph needed for Pi’s consensus.
Ambassadors are users who introduce others to the Pi network.
Nodes are pioneers and contributors who also run the Pi node software on a desktop or laptop computer. Pi Nodes perform the heavy lifting of running the consensus algorithm of the blockchain and will use the trust graph aggregated from the trusted pioneers provided by mobile contributors
Participants can play more than one role. Each day, they receive newly minted Pi based on their participation and contribution.
The current value of Pi is stated as zero. The team behind Pi believes that value can be realized through the creation of utilities of the cryptocurrency where people use Pi to transact goods and services at scale globally. These goods and services will ultimately back the value of Pi.
Click on this link to get the pi app and begin to mine your own pi https://minepi.com/jumpyandm3 .