The Stanford Daily reported on September 16 that the project – called Pi Network – has consolidated its user base in less than six months since its launch in March this year.
"Social security circles"
The Pi network was launched by a team of four people: an anthropologist, two computer scientists and a business expert (Chengdiao Fan Ph.D. '14, Nicolas Kokkalis Ph.D. '13, visiting research student Aurélien Schiltz and Vince McPhilip MBA '18).
With the aim of bringing disintermediated finances to a wide audience, the project focuses on accessibility, providing a user interface geared towards smartphones and an innovative validation mechanism for the "security circles" registry.
Instead of undermining through an intensive computation algorithm, Pi's registry or 'ledger' is ensured by a system in which users guarantee the reliability of others.
Therefore, it is lighter, accessible through a free smartphone application, which requires minimal processing and energy resources. The social trust mechanism works, as the Stanford Daily reports, as follows:
"Pi members (…) endorse each other as trustworthy (…) These interlocking" security circles "create a global trust chart that shows who can be trusted to record transactions. This approach allows users contribute to crypto mining directly from their phone by taking advantage of their existing social connections. "
Systems that promote "mass participation online"
Stanford University did not provide resources for the project, although the founders mention the influence they had on the project from their interactions with computer science professors Michael Bernstein and David Mazieres, and bioengineering professor Jan Liphardt. Professor Bernstein told the Stanford Daily:
“The human-computer interaction aims to identify undeclared needs and assumptions in the computer systems we inhabit and to quickly iterate towards a solution that addresses them. In addition, our research deeply analyzes how to design systems that encourage mass online participation. "
Earlier this year, a team at Stanford University and Visa Research jointly developed a privacy mechanism for Ethereum (ETH) smart contracts.
In January, Stanford researchers joined other academics from the Massachusetts Institute of Technology (MIT), the University of California, Berkeley and other institutions to launch a globally scalable decentralized payment network backed by Pantera Capital.
The Stanford Foundation would have invested capital in the cryptocurrency sector, joining other Ivy League universities such as Harvard and Yale.
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