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Someone put in beautiful words why $Pi will go below a penny. Now you know with more details why #Pi will go between $0.01 to $0.00001. #PiNerwork this is the research that deserves your likes, retweets and follows. Give merit where due merit is earned.
1. Is it because of “mobile mining” that it can never be open-sourced?
The mobile mining mechanism itself is not technically impossible to open-source. Rather, it is this “security circle and social trust mining” economic model that would face enormous practical problems after being open-sourced. This is the fundamental reason the team has been reluctant to fully open-source it.
1) Pi mining is not computing-power mining; it is a social security circle mechanism: your mining speed is determined by the trusted friends you add (the security circle), not by your computer's computing power.
- The technology behind this algorithm can be completely written as open-source code;
- However, once it is fully open-sourced, hackers could directly examine the mining logic, write scripts in bulk, generate fake accounts in bulk, and forge security circles in bulk, massively inflating mining output and directly destroying the entire token economic model.
Bitcoin's computing-power mining is not afraid of being open-sourced because the cost of fabricating computing power is extremely high. For Pi's social mining, if the source code were made public, the cost of large-scale cheating would become extremely low.
This is the core contradiction circulating in the community: open-source = cheating methods become completely public; closed-source can conceal the mining logic and raise the barrier to bot account farming, but it violates the industry's principles of decentralization and transparency for public blockchains.