What is PiCoin ?
It might have been the first thing coming to you mind when you saw this post so I'll do a quick presentation of what it is.
PiCoin is a new cryptocurrency still in Beta based on its own blockchain, this blockchain don't use the Proof of Work protocol like the Bitcoin or Ethereum. It uses the FBA protocol Allowing its user to mine even with a low calculation power.
In order to securize the Blockchain and its transactions the PiCoin use the process of Byzantine Fault Tolerance.
And the main goal of this cryptocurrency is to be a cryptocurrency available for everyone. So that's cryptocurrency is only available on smartphone as more people have a smartphone than a computer.
It also provide a more fair network because with the Proof Of Work, the richest person with the best calculation power were the ones who earned the more.
Byzantine Fault Tolerance
The Byzantine consensus Fault Tolerance is named in honor of military strategies supposedly put in place by the Byzantine Empire. Legend has it that when several generals encircled a city, they were each in charge of the management of a specific army. They then had the choice to attack together or not at all, but preferably not separately. If they attacked separately, then they might run straight to the fiasco. And the presence of messengers sent by the enemy to scramble the transmissions could precisely incite generals to act alone, believing that they would be supported by their allies ...
In computer science, this metaphor applies when information must be transmitted between different systems, but we can not be 100% sure of the integrity of the message transmitted, and the intentions of the source. The goal is to design a system that is not vulnerable to the transmission of false information. Each system is here assimilable to a general. And in the case of the blockchain, it is therefore each network node that represents a general.
This problem of the Byzantine generals is at the heart of the blockchain and the consensus principle, and it is through mechanisms such as Proof of Issue and Proof of Work that this problem can be solved. The "Byzantine Fault Tolerance" consensus attempts to provide a solution to this problem through two different mechanisms:
- Pragmatic Byzantine Fault Tolerance (PBFT): Only the most efficient generals communicate with each other, hoping others will follow suit.
- Federated Byzantine Agreement (FBA): Each of the Generals independently analyzes the situation based on the information it receives. He then makes his decision without consulting the other generals. We hope here that everyone will make the same decision because the analysis of the same problem should give rise to the same solution.
Here the PiCoin network uses the FBA protocol.
Why do I think it will became one of the next top market crypto in the future ?
As everyone is able to win cryptocurrencies with this system the network will expand pretty quickly and so on becoming safer. Because the more people run the app the more PiCoin is generated.
So I think it will become one of the first cryptocurrency really used in the world. The value of the money won't rise as high as the Bitcoin because it's a currency which aim to be used a lot in the world, and mined a lot, but for the Pioneer of this network there is a lot of money to do.
How do we join the PiCoin Network ?
In order to be part of the Network you have to download the app available on minepi.com and you also need a invitation code that's why you need my referal code :
Stjerne
Then you will be able to mine your first PiCoin and to invite your friends in order to expand the network and making it grow faster.