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Does this sound fair to you?

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The disadvantages of Bitcoin are:

-because of the big mining farms btc is not as decentralized as it's supposed to be

-87% of all bitcoin are owned by 1% of their network

-mining btc is not very eco friendly

-the centralization of power in Bitcoin’s network makes it very difficult and expensive for the average person

 

After identifying these key barriers to adoption, the Pi Core Team set out to find a way that would allow everyday people to mine (or earn cryptocurrency rewards for validating transactions on a distributed record of transactions). As a refresher, one of the major challenges that arises with maintaining a distributed record of transactions is ensuring that updates to this open record are not fraudulent. While Bitcoin’s process for updating its record is proven (burning energy / money to prove trustworthiness), it is not very user (or planet!) friendly. For Pi, we introduced the additional design requirement of employing a consensus algorithm that would also be extremely user friendly and ideally enable mining on personal computers and mobile phones.

 

In comparing existing consensus algorithms (the process that records transactions into a distributed ledger), the Stellar Consensus Protocol emerges as the leading candidate to enable user-friendly, mobile-first mining. Stellar Consensus Protocol (SCP) was architected by David Mazières a professor of Computer Science at Stanford who also serves as Chief Scientist at the Stellar Development Foundation. SCP uses a novel mechanism called Federated Byzantine Agreements to ensure that updates to a distributed ledger are accurate and trustworthy. SCP is also deployed in practice through the Stellar blockchain that has been operating since 2015.

 

Verstuurd vanaf mijn SM-G960F met Tapatalk

 

 

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