@PiCoreTeam Jun 8th – 11:30pm
Recent events have drawn major focus onto the climate impact of cryptocurrency globally. For the sake of the planet, sustainability is important to ensure the future of decentralized finance and transactions. Read more on how Pi is taking the industry forward while creating a sustainable blockchain ecosystem.
How can Pi be mined on mobile phones without the energy consumption typically known in “crypto mining”?
Pi achieves this by using a different type of consensus algorithm in its blockchain rather than the widely-known and energy exhaustive Proof of Work (PoW) . Pi’s consensus algorithm is based on the Stellar Consensus Protocol (SCP) and an algorithm called Federated Byzantine Agreement (FBA), all of which do not require exhaustive energy consumption to reach consensus in order to secure a ledger. These types of consensus algorithms require the nodes to form quorums and exchange messages with each other based on a trust graph composed of individual quorum slices in order to come to “consensus” on what the next block should be.