Dr. Chengdiao Fan, Dr. Nicolas Kokkalis, and Vincent McPhillip found that Decentralized Application (dApp) developers had trouble reaching users and that blockchains were unreachable to the general public.
In a session Kokkalis presented about “dApps on Blockchain” in 2018, the trio of researchers found both issues. McPhillip added that people do not see blockchain’s usefulness after sharing his experience founding the Stanford Blockchain Collective after the discovery.
Kokkalis and the team members started looking at ways to address the issue and make blockchain usable by the general public. Fan recognized that creating a crypto asset that was broadly distributed among users would be essential to the development of the blockchain while making it accessible.
The team came up with the concept of Pi Network to provide people with an accessible blockchain, mainstream dApp access, and a widely used cryptocurrency. On Pi Day in 2019, the blockchain mining protocol was released, giving users access to the widely used Pi native token.
Since 2019, the Pi ecosystem has expanded and drew more than 30 million blockchain users. The company is on the correct track with its objectives in the cryptocurrency area, as open mainnet is soon to come and the ongoing hackathon is exhibiting a variety of usable dApps.
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