What is Pi Network (IOU)?
Pi Network is an App that was produced by a team of Stanford Ph.D.'s. This new platform aims to give the financial and social benefits of blockchain to an average user. The vision of the company is to build the world's most comprehensive P2P marketplace, which is planned to be fueled by PI. As the platform mentions, it makes mining easy by applying a tech that allows a user to mine via phone and doesn't damage the battery. Pi Coin is the cryptocurrency that runs on the Pi network, and it was designed to undergo regular “halving” to protect its scarcity. So, the number of coins that a miner receives for processing new transactions is reduced by half when a certain milestone is reached. Pi’s mining rate halved from 1.6 π per hour when it reached 100,000 users, halved again to 0.4 π per hour when it reached 1 million, and again to 0.2 π when it reached 10 million. It will continue to halve, reaching zero at 1 billion users. Pi network runs an algorithm based on the Stellar Consensus Protocol.