As the world becomes increasingly digital, cryptocurrency is the 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.
Our Mission: Build a cryptocurrency and smart contracts platform secured and operated by everyday people.
Our Vision: Build the world’s most inclusive peer-to-peer marketplace, fueled by Pi, the world’s most widely used cryptocurrency
DISCLAIMER for more advanced readers: Because Pi’s mission is to be inclusive as possible, we’re going to take this opportunity to introduce our blockchain newbies to the rabbit hole :)
Generation Cryptocurrencies out of reach
In the early days of Bitcoin, when only a few people were working to validate transactions and mining the first blocks, anyone could earn 50 BTC by simply running Bitcoin mining software on their personal computer. As the currency began to gain in popularity, clever miners realized that they could earn more if they had more than one computer working to mine.
As Bitcoin continued to increase in value, entire companies began to spring up to mine. These companies developed specialized chips (“ASICs”) and constructed huge farms of servers using these ASIC chips to mine Bitcoin. The emergence of these enormous mining corporations, known drove the Bitcoin Gold Rush, making it very difficult for everyday people to contribute to the network and get rewarded. Their efforts also began consuming increasingly large amounts of computing energy, contributing to mounting environmental issues around the world.
The ease of mining Bitcoin and the subsequent rise of Bitcoin mining farms quickly produced a massive centralization of production power and wealth in Bitcoin’s network. To provide some context, 87% of all Bitcoins are now owned by 1% of their network, many of these coins were mined virtually free in their early days. As another example, Bitmain, one of Bitcoin’s biggest mining operations has earned billions in revenue and profits.
The centralization of power in Bitcoin’s network makes it very difficult and expensive for the average person. If you want to acquire Bitcoin, your easiest options are to:
Mine It Yourself. Just hook up the specialized hardware (here’s a rig on Amazon, if you’re interested!) and go to town. Just know that since you’ll be competing against massive server farms from across the world, consuming as much energy as the country of Switzerland, you won’t be able to mine much
Buy Bitcoin on an exchange. Today, you can buy Bitcoin at a unit price of $3,500 / coin at the time of writing (note: you can buy a fractional amount of Bitcoin!) Of course, you would also be taking on substantial risk in doing so as the price of Bitcoin is quite volatile.
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. 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.
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