Pi network stands for Pioneer network.
As a result of this, you would always see people inviting you for pi mining. It is one of the clever things that the pi network team has integrated into their system so that more people get into mining their coins and as a result, it increases its chances of becoming mainstream a reality.
What are Distributed ledgers?
This is the form of decentralization that does not allow anyone to look inside somebody’s wallet or to have a record of someone with the transactions. It was deliberately made by the founder of bitcoin so that the government bodies and the banks cannot track us. Here the word distributed is used because the network is shared by all the validators who validates every transaction and in return get rewarded with the fractions of that crypto.
It is the basic formula on which almost all cryptocurrencies are based as whatever transactions are being done in the system, it is validated by a computer integrated into the network and is securely working into the Blockchain and kept forever without knowing anything about the sender or the receiver. This is the power of cryptocurrencies which the government hates because this does not allow anyone to track anyone what he is doing.
If you look at the current stats then you would be surprised to know that the failure rate of our banks is about 7 to 8% but the failure rate of cryptocurrencies like bitcoin is nil, absolutely nil. These are the actual reasons why people think banks and other entities would fail in the future and bitcoin will be the ultimate way we will be doing transactions.
Banks had made a monopoly for hundreds of years but because of these cryptocurrencies sooner or later these monopolies will be broken no matter what and a safe and secure future will emerge out of it with no chances of failure whatsoever. Many billionaires believe in the power and functionality of Kryptos so as result they have invested heavily into the most promising coins that there are. Everyone’s favorite billionaire Elon Musk has also invested in dogecoin and he has also advertised it so much that the value shot up like crazy.