What is Pi Network (Pi Network KYC)?

08/12/2023 01:18 • Blockchain Briefs • 95 views

What is Pi Network? Editor’s note: This article is from Ethereum enthusiasts (ID: ethfans), written by EvanLuo, translated and proofread by:

Welcome to the third decade of Ethereum enthusiasts. Today, let’s take a look at what it is all about.

What is Pi?

It is a concept of a blockchain network protocol that is carried out through a distributed ledger and a decentralized cryptocurrency, supported by smart contracts and running on the chain; enabling users to access various properties of these tokens and their interactions, etc.

The core of this technology is to allow developers to easily create their own DeFi applications, investment portfolios, or asset management platforms (e.g., Bitcoin).

The project aims to solve many complex issues on the existing Ethereum network, such as congestion caused by high transaction fees, inability to handle large volumes of transactions, and lack of scalability.

To solve this problem, it is necessary to build some general tools to help achieve it. For example, establishing infrastructure for smart contracts that allow users to create digital credentials and call records with smart contracts. In addition, similar functionalities to other smart contracts can be created, thereby turning oneself into an “unmanaged” financial service system. How to deploy and operate DAPPs based on this system?

In the example mentioned above, we have seen an application called pi-network – a data exchange solution based on the Bitcoin blockchain.

This application is mainly divided into two aspects: the first aspect is to connect the Bitcoin blockchain network and other blockchain networks. Since the Bitcoin blockchain does not rely on anyone, there are no nodes to access, but it relies on third-party validators to obtain Bitcoin data. The second aspect is to track the Bitcoin block space throughout the ecosystem, making it easier to accept and obtain a higher level of security.

Another important aspect is governance throughout the ecosystem. Most current DeFi projects are network operators composed of community members, including Pantera Capital, Coinbase Ventures, etc.

From this perspective, participating in the Bitcoin market is an attractive move for ordinary investors. However, if you want to join this market, please ensure the security of your funds because they must have enough capital to invest in these liquidity mining, and at least pay a certain amount of gas costs.

Of course, this does not mean that Bitcoin will disappear, but it indicates the future development direction of this industry, so you can also choose to transfer your assets to other institutions. However, if such an exchange exists, then you can directly charge them a fee.

There are a few other points worth noting: 1. Build a bridge between blockchains through a separate technical solution, so that everyone can see each other’s communication information without worrying about intermediary risks. 2. Open source code is completely free and tamper-proof. 3. Seamless integration of all blockchain protocols.

pi networkkyc

pi.networkkyc is a combined framework of blockchain technology and distributed ledger technology used for verification, storage, or invocation in different networks. Projects using this framework can achieve a more efficient user experience and higher security while also providing customized services for developers.

By establishing connections to expand services and integrating existing systems into new platforms, users can communicate between different chains (e.g., Ethereum). This helps build a more flexible, user-friendly solution and allows new customers to join.

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What is Pi Network (Pi Network KYC)?

pi networkkyc

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