Following the recent development of events on the Pi (π) Network especially the scheduled unveiling of the PiBridge this month (September), Pioneers ought to have an overview of how it’s going to look work, even as efforts are still underway.
How PiBridge works (Visually)
PiBridge will work visually as follows;
- Connect the Decentralized Application (DApp) with your Binance Smart Chain (BSC) or Pi Network wallet.
NOTE: A decentralized application (DApp) is a type of distributed open source software application that runs on a peer-to-peer (P2P) blockchain network rather than on a single computer.
DApps are visibly similar to other software applications that are supported on a website or mobile device but are P2P supported.
Binance Smart Chain (BSC) is a blockchain network built for running smart contract-based applications. BSC runs in parallel with Binance’s native Binance Chain (BC), which allows users to get the best of both worlds: the high transaction capacity of BC and the smart contract functionality of BSC.
- Secondly, Selecting the destination chain and enter the receiving wallet address.
- Thirdly, Execute the bridging transaction.
- Wait for the target tokens to be distributed to the receiving wallet.
How PiBridge works (Technically)
- First of all, As a user executes a bridging transaction from the Pi Network, they permit the smart contract to withdraw the specified amount of native Pi from their Pi wallet.
- Secondly, Native Pi tokens will be sent to a locked pool that restrains the tokens from circulating.
- Thirdly, Wrapped Pi tokens (BEP-20 standard) will be issued to the receiving wallet, allowing the holders to trade between the wrapped Pi and other currencies on Binance Smart Chain (BSC) such as BUSD, BNB, and so on.
NOTE: BUSD is a fiat-backed stablecoin issued by Binance and Paxos. Each BUSD token is backed 1:1 with US dollars held in reserve. BUSD aims to provide a more stable cryptocurrency alternative for traders and investors who are looking to avoid the volatility of the digital asset market.
Binance Coin (BNB) is the cryptocurrency issued by the Binance exchange and trades with the BNB symbol. BNB was initially based on the Ethereum network but is now the native currency of Binance’s own blockchain, the Binance chain.
- Lastly, Users can also convert their assets back to the native Pi by executing the smart contract, which will lock the Wrapped Pi on BSC and distribute native Pi from the locked pool to the designated Pi network wallet.
In case you are not aware
PiBridge is rumored to be officially unveiled to the public this September and has gained quite a lot of attention just within a few days after the leak of the news. It’s development team includes experts in the fields of Blockchain Technology and Fintech.
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