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Introduction to the Pi Network

Summary

As the world becomes increasingly digital, cryptocurrency is a next natural step in the evolution of money. Pi is the first digital currency for everyday people, representing a major step forward in the adoption of cryptocurrency worldwide.

Currently, our everyday financial transactions rely upon a trusted third party to maintain a record of transactions. For example, when you do a bank transaction, the banking system keeps a record & guarantees that the transaction is safe & reliable. Likewise, when Cindy transfers $5 to Steve using PayPal, PayPal maintains a central record of $5 dollars debited from Cindy’s account and $5 credited to Steve’s. Intermediaries like banks, PayPal, and other members of the current economic system play an important role in regulating the world’s financial transactions.


However, the role of these trusted intermediaries also has limitations:


  1. Unfair value capture: These intermediaries amass billions of dollars in wealth creation (PayPal market cap is ~$130B), but pass virtually nothing onto their customers - the everyday people on the ground, whose money drives a meaningful proportion of the global economy. More and more people are falling behind.

  2. Fees: Banks and companies charge large fees for facilitating transactions. These fees often disproportionately impact lower-income populations who have the fewest alternatives.

  3. Censorship: If a particular trusted intermediary decides that you should not be able to move your money, it can place restrictions on the movement of your money.

  4. Permissioned: The trusted intermediary serves as a gatekeeper who can arbitrarily prevent anybody from being part of the network.

  5. Pseudonymous: At a time when the issue of privacy is gaining greater urgency, these powerful gatekeepers can accidentally disclose -- or force you to disclose -- more financial information about yourself than you may want.


Bitcoin’s “peer-to-peer electronic cash system,” launched in 2009 by an anonymous programmer (or group) Satoshi Nakamoto, was a watershed moment for the freedom of money. For the first time in history, people could securely exchange value, without requiring a third party or trusted intermediary. Paying in Bitcoin meant that people like Steve and Cindy could pay each other directly, bypassing institutional fees, obstructions and intrusions. Bitcoin was truly a currency without boundaries, powering and connecting a new global economy.


Bitcoin achieved this historical feat by using a distributed record. While the current financial system relies on the traditional central record of truth, the Bitcoin record is maintained by a distributed community of “validators,” who access and update this public ledger. Imagine the Bitcoin protocol as a globally shared “Google Sheet” that contains a record of transactions, validated and maintained by this distributed community.


The breakthrough of Bitcoin (and general blockchain technology) is that, even though the record is maintained by a community, the technology enables them to always reach consensus on truthful transactions, insuring that cheaters cannot record false transactions or overtake the system. This technological advancement allows for the removal of the centralized intermediary, without compromising transactional financial security.


Bitcoin was the first to show how cryptocurrency could disrupt the current financial model, giving people the ability to make transactions without having a third party in the way. The increase in freedom, flexibility, and privacy continues to drive the inevitable march toward digital currencies as a new norm. Despite its benefits, Bitcoin’s (likely unintended) concentration of money and power present a meaningful barrier to mainstream adoption. As Pi’s core team has conducted research to try to understand why people are reluctant to enter the cryptocurrency space. People consistently cited the risk of investing/mining as a key barrier to entry.


After identifying these key barriers to adoption, the Pi Core Team set out to find a way that would allow everyday people to mine (or earn cryptocurrency rewards for validating transactions on a distributed record of transactions). As a refresher, one of the major challenges that arises with maintaining a distributed record of transactions is ensuring that updates to this open record are not fraudulent. While Bitcoin’s process for updating its record is proven (burning energy / money to prove trustworthiness), it is not very user (or planet!) friendly. For Pi, we introduced the additional design requirement of employing a consensus algorithm that would also be extremely user friendly and ideally enable mining on personal computers and mobile phones.

Company address:
SocialChain Inc.
Directors: Dr. Nicolas Kokkalis & Dr. Chengdiao Fan
555 Bryant St #408
Palo Alto, California 94301, USA
E-mail: support@minepi.com

Instruction:

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Collect your Pis and earn coins (easy, effortless, climate-friendly and free of charge)

Valuation:

Decentralized

Secure, immutable, non-counterfeitable and interoperable digital money

Mobile First

Works on your mobile phone and does not drain your battery

User & Planet-Friendly

Easy to use security at scale, without the massive electrical waste

Transparent

Invented by Stanford PhDs and publicly known concept

Company address:
Bee Games Limited (?)
or Bee Network International (?)
Directors: concealed
China, Hong Kong, Toronto
E-
mail: bee@bee.com
More data publicly unknown

Instruction:

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Valuation:

Stable And Functioning Software

Clone Of The Pi Network

Non-public Service Provider

Incomplete Whitepaper

Unknown Trustworthiness

No Risk Of Losing Anything

Company address:
Midoin P.C.
Director: ΝΙΝΟΣ ΚΑΡΑΜΠΕΛΑΣ ΠΕΡΡΟΣ ΑΝΕΣΤΗΣ
18 Levidou str.
Ilion, 13121
Greece
E-Mail: hello@midoin.com / midoin@midoin.com

Instruction:

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Valuation:

Easy To Join

Download Midoin and experience how money should always have been

Mine Midoins

Mining is as simple as tapping on a button; no special technical knowledge is required

Send Midoins

You can send Midoins to all users, worldwide, with lightning speed

Build For The Community

It's not just a coin; be part of the Midoin community; see where others are sending their Midoins to, like and socialize

Eco Friendly

We believe that mining should not consume enormous amount of electricity and have a negative impact to our planet; Midoin instead, gives value to the human effort and time

Privacy Centric

We believe that people don't need or want to be anonymous, but they need privacy; share the things you are happy for, or proud of with your families, friends, or even the whole world; decide for yourselft, what you want to share and with whom.

Company address:
Spera
x Inc.
Directors: see team
2180 Sand Hill Rd, 170
Menlo Park
California 94025
USA
E-mail:
play@sperax.io

Instruction:

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Company address:
Chengdu Dongtai Node Technology Co., Ltd.

Directors: concealed
China
E-mail:
potiana@gmail.com
More data publicly unknown

Instruction:

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Company address:
Automated Chain Limited
Director:
Peter Ahuruonye
75 Shelton Street
Covent Garden
London, WC2H 9JQ
United Kingdom
E-mail: automatedchain@gmail.com / info@eaglenetwork.app
Phone: +447520633527
https://automatedchain.io

Instruction:

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Company address:
Heesu Kim
Korea
E-mail:
kait.help1@gmail.com
More data publicly unknown

Instruction:

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Company address:
Babylon Solutions LLC (?) or Remitano Pty. Ltd. (?)
Directors: concealed
Seychelles
E-mail:
support@remitano.com
Phone: +61386588805
More data publicly unknown

Instruction:

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Company address:
Vikione Network
Director: Saiful Islam
12912 Brookhurst Street
Garden Grove, California 92841, USA
E-mail:
support@vikione.com
Phone: +17148668618

Instruction:

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Company address:
hi Foundation Limited
Directors: Stefan Rüst
& Sean Rach
3 Fraser Street
DUO Tower, #05-25
Singapore 189352
E-mail: membersupport@hi.com

Instruction:

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