Pi Network Launching New Update by Dr Nicolas Kokkalis During the conversation #crypto #pinetwork

Summary

The speaker, a computer scientist with a background in distributed systems, explains their involvement in blockchain research before Bitcoin's creation. They co-founded Pi Network in 2018, aiming to create an accessible cryptocurrency ecosystem. Pi Network focuses on inclusivity, allowing users to mine cryptocurrency using only their mobile phones without financial barriers. The platform prioritizes compliance, implementing KYC to ensure trustworthiness, while also supporting decentralized and mainstream applications. The speaker highlights Pi's mission to solve human-centered problems, engaging a community of millions, and differentiating itself from other blockchain projects by focusing on real-world user needs.

Takeaways

• 😀 The speaker is a computer scientist with a PhD and postdoc from Stanford University, specializing in distributed systems and social computing.
• 😀 They were involved in the blockchain space before Bitcoin's invention, researching decentralized systems and smart contracts.
• 😀 The speaker's master's thesis focused on creating frameworks for smart contracts on fault-tolerant distributed systems.
• 😀 They introduced and taught a class at Stanford on designing decentralized applications on blockchain (CS 359b).
• 😀 The primary challenge faced by students building decentralized apps was user adoption, especially due to barriers like acquiring cryptocurrency for transaction fees.
• 😀 The speaker co-founded Pi Network in 2018 with a fellow academic from Stanford, driven by a shared interest in blockchain and decentralized applications.
• 😀 Pi Network aims to create an inclusive, user-friendly cryptocurrency ecosystem, with over 35 million engaged members globally.
• 😀 Pi Network differentiates itself by focusing not just on technical aspects but also on solving human problems, such as accessibility and engagement.
• 😀 Unlike traditional blockchain platforms, Pi Network allows users to mine cryptocurrency through their mobile phones without needing expensive hardware.
• 😀 Pi Network is focused on inclusivity, aiming to remove financial and technical barriers for users to participate in the ecosystem.
• 😀 Compliance is a key priority for Pi Network, with a strong focus on KYC (Know Your Customer) to ensure security, transparency, and long-term sustainability.

Q & A

What is the speaker's background and expertise?

The speaker is a computer scientist with expertise in distributed systems, blockchain, and social computing. They completed their PhD and postdoc at Stanford University, where they focused on fault-tolerant distributed systems and crowdsourcing.

What was the speaker's involvement in the early stages of blockchain technology?

The speaker conducted research related to blockchain technology before the invention of Bitcoin. As part of their Master's thesis, they developed a framework for writing smart contracts on fault-tolerant distributed systems, which laid the groundwork for what later became known as blockchain technology.

What key challenge did students face in the Stanford class on decentralized applications?

The main challenge students faced in the CS 359b class at Stanford was getting people to use the decentralized applications (dApps) they created. One core barrier was the need for users to acquire cryptocurrency to pay for gas fees before they could use the apps.

What was the inspiration behind creating Pi Network?

Pi Network was founded by the speaker and a fellow researcher from Stanford in 2018. The inspiration came from their academic careers and personal interest in solving the challenges they encountered while working with blockchain technology and distributed systems.

How does Pi Network aim to be different from other blockchain projects?

Pi Network differentiates itself by focusing on inclusivity, accessibility, and solving human-centric problems. Unlike other blockchain projects that primarily focus on technical solutions like transaction speed, Pi Network also addresses issues such as user engagement, financial accessibility, and platform ownership.

What unique feature does Pi Network offer to users in terms of cryptocurrency mining?

Pi Network allows users to mine Pi cryptocurrency using only their mobile phones. This eliminates the need for expensive equipment or technical expertise, making it more accessible to a broader audience.

What challenges did the speaker identify regarding user experience on blockchain platforms?

One key challenge was the user experience related to acquiring cryptocurrency for transaction fees, which acted as a barrier to entry. Many blockchain platforms require users to purchase or mine cryptocurrency before they can participate, which can be difficult for non-technical users.

How does Pi Network ensure compliance with legal and regulatory standards?

Pi Network ensures compliance by implementing Know Your Customer (KYC) procedures. KYC is a process that verifies the identity of users, helping the platform maintain a trustworthy ecosystem and prevent the issues of fake accounts that plagued early social networks.

What are the three main groups Pi Network aims to serve?

Pi Network aims to serve three main groups: users (who participate in the ecosystem), developers (who build decentralized applications), and merchants (who use the apps created within the ecosystem).

How does Pi Network address financial barriers for users?

Pi Network removes financial barriers by making it impossible for users to purchase Pi cryptocurrency. Instead, users can only mine Pi through the platform, making it accessible to anyone with a mobile phone and an internet connection.