Recent events have drawn major focus onto the climate impact of cryptocurrencies globally.
For the sake of the planet, sustainability is important to ensure the future of decentralized finance and transactions.
Crypto currencies like Bitcoin are known for their energy consumption to be mined. Mining is the process of contributing to the consensus algorithm of a blockchain to secure its ledger in exchange for rewards. Bitcoin miner continuously solve mathematical puzzles racing for a solution, known as Proof of Work, which requires a lot of processing power and therefore electricity.
Pi Network is different:
Pi’s consensus algorithm is based on the Stellar Consensus Protocol (SCP) and an algorithm called Federated Byzantine Agreement (FBA), all of which do not require exhaustive energy consumption to reach consensus in order to secure a ledger. These types of consensus algorithms require the nodes to form quorums and exchange messages with each other based on a trust graph composed of individual quorum slices in order to come to “consensus” on what the next block should be.
Pi mining requires a distributed trust graph. The security circles of each individual mobile miner will aggregate into a global trust graph that will feed the consensus algorithm of the Pi blockchain. Therefore, each mobile miner mines Pi by contributing to the intersectionality, security and feasibility of the Pi Blockchain’s consensus algorithm in order to secure the Pi ledger.
While PoW miners’ contribute energy to their blockchains in exchange for mining rewards, Pi mobile miners’ contribution to Pi Networks blockchain is their trust relationships and active confirmation of such relationships, removing exhaustive energy consumption from the process of mining.
Anyone can join the eco friendly alternative now and start earning Pi Network Coins today: Join Pi Network!
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