What are security circles?
Security circles are groups of 3-5 trusted people built by each of Pi’s members. Security circles secure the currency by building a global trust graph that prevents bad actors from executing fraudulent transactions.
While cryptocurrencies like Bitcoin secure their ledgers by forcing miners to burn energy (proof of work), Pi secures its ledger when its members vouch for each other as trustworthy. Pi’s Contributors vouch for each other by building security circles comprised of 3-5 members they deem as trustworthy. Security circles should be comprised of people you trust not to execute fraudulent transactions. The network’s security circles form a global trust graph that determines who can be trusted to execute transactions on Pi’s ledger.