In particular, the network is promoted by its users. Essentially, users describe the advantages of the platform and they provide referral names to boost their revenue. Membership is still by invitation only, which allows users to reach out to family and friends first.
Aside from these, what is Pi Network? Let us find out here.
What Is Pi Network?
Pi Network presents itself as a cryptocurrency and smart contracts network secured and operated by everyday people. Particularly, it is a blockchain mining project that is accessible to everyone with a smartphone.
Users mine once a day by pressing one button and it takes less than 10 seconds. The main goal of the Pi Network is to make crypto reachable for most people. Even more, it aims to empower crypto mining using a smartphone app.
Furthermore, the Pi Network does not utilize the energy-intensive algorithm used by BTC to verify users. Rather, Pi secures its ledger when members vouch for each other as trustworthy through social “security circles”. By using social security circles instead of an intense algorithm, Pi can be used through a free application on a typical smartphone.
What are Social Security Circles?
Security circles are groups of 3-5 trusted people built Stanford’s blockchain community by each of Pi’s members. The noble invention secures the currency by building a global trust graph that prevents bad actors from executing fraudulent transactions.
Following then, social circles allow crypto mining on your phone by leveraging your existing social connections, with no financial cost, no battery drain, and a light footprint on the planet. Notably, the interlocking security circles create a global trust graph that determines who can be trusted to execute transactions.
Pi’s consensus algorithm requirement (security circles) makes it easy to detect fake accounts. Hence, they will not have enough real people pointing at them via security circles.
Pi Network Overview
Pi Network is a project led by two Stanford PhDs and one Stanford MBA. These are Chengdiao Fan, Nicolas Kokkalis, and Vince McPhilip, respectively. In fairness, Fan, Kokkalis, and McPhilip helped build Stanford’s blockchain community.
The project’s mission is to build the world’s most inclusive peer-to-peer (P2P) marketplace fueled by Pi cryptocurrency. Secondly, it aims to offer a smart contract protocol that is secured and operated by everyday people.
This is to avoid a concentration of whale miners like in BTC. Moreover, Pi aims to allow everyday people from all walks of life to contribute to the security of the cryptocurrency and the success of its community.
Additionally, the network addresses many of the current problems with Proof-of-Work (PoW) mining and cryptocurrency. Included are energy wastage, centralization issues with cryptocurrency ownership, and mining among the list.
Pi Network aims to be efficient, extremely user-friendly, and ideally enable mining mobile phones.
Pi Network App
Pi has developed a smartphone mining app. Amazingly, the phone app is unintrusive. It uses no battery power and a negligible amount of data. In detail, the app allows users to earn Pi by making simple contributions to Pi’s community.
In order to earn Pi, users firstly check in every 24 hours and hit the lightning button to start mining. As of now, miners get 0.1pi/h which is 2,4 pi a day.
Afterward, once you begin mining, users can boost their hourly rate by inviting trusted friends and family to join the community. Then after 3 days of mining, users can boost their earnings more by building their security circle.
With Pi, phones serve as a cryptocurrency wallet that will be linked to your current accounts (mobile number/Facebook). Similar to other public blockchains, Pi’s will also allow in-app/external wallets to hold Pi and transact with it, by submitting transactions to the blockchain directly.
How to Mine Pi Currency?
Below are the steps on how to mine Pi currency.
Step 1: Get to Download the Pi Network app here
Step 2: Sign up with your Facebook account or mobile number.
Step 3: Set up your password
Step 4: Set up your account by filling in the proper details.
Step 5: Enter the invitation code. This can be done in two ways which are:
- Ask your friend who uses Pi Network to share his code with you
- Google it
Step 6: Sign up completed. Following then tap the lightning icon on the right
Step 7: Congratulations you are ready to mine. After signing up users receive 1Pi.
Pi Network Mining Advantages
As stated earlier, Pi cryptocurrency’s smartphone mining app does not affect your mobile battery. It neither affects phone performance nor makes use of the user’s network data. Technically, there is no need to leave the app open to mine.
Once you hit the lightning button, you can even close the app and still continue to mine Pi. Nonetheless, users cannot mine from more than one device. The Pi Network has imposed a strict rule of one account per person.
Pi strives to put in place strategies that ensure Pi is not mined by fake accounts. Therefore, the network uses Google’s ReCaptcha v3 to know if a device is operated by a human or a machine.
Pi Network participant roles
Take note that earlier members of the Pi Network mine at a higher rate than those that come after. Those who joined earlier also mine at a higher rate to reward contributions to the network when they are most needed. The system provides different types of ranks for its users.
This is the initial level for all users. Pioneer is the user of Pi mobile who confirms that they’re not a robot by starting a mining session.
Among the roles offered by Pi Network is being an ambassador. You become an Ambassador when new members join your earning team by using your invitation code. Also, when they sign up for Pi Network.
Pi Network ambassadors are eligible to earn up to a 25% bonus on their base mining rate. This is for each person they invite to the network. Each member of your earning team provides a 25% boost to your earnings when they are actively mining.
Another role available on the Pi Network is the contributor role. Actually, becoming a contributor allows you to earn more Pi by building a security circle of 3-5 trusted members.
Pi’s Contributor role becomes unlocked for users after completing 3 mining sessions as a Pioneer. After 3 days of mining, you will see a new icon of the security circle on the home screen of the app which you can click to start. To become a contributor, you need to add 3-5 people whom you trust to your security circle
Pi Network cryptocurrency
The Pi Network has its own cryptocurrency. Generally, the Pi Network cryptocurrency aims to be the world’s most-widely used and distributed crypto. Also, Pi provides everyday people with a means to mine cryptocurrency from your phone. Basically, Pi network cryptocurrency puts the power of blockchain into the hands of the user.
Currently, Pi cryptocurrency has no real value yet. Probably, it may get monetary value soon. It is also accessible to all and is easy to mine.
Can I withdraw Pi?
As of now, users cannot withdraw Pi yet. Users will be able to withdraw Pi or exchange Pi for other currencies in Phase 3 of the project. This is when Pi transitions to a fully decentralized blockchain. Transfers of crypto are restricted until Pi reaches mainnet to prevent bad actors from accumulating Pi from fake accounts.
Pi holders will be able to turn it into “real” money when they either purchase goods and services on the Pi marketplace. Aside from this, they can exchange Pi for fiat currency.
Is Pi Network a Scam?
Pi Network is a long-term project. It is not a scheme or a get-rich-quickly platform. The app conveniently runs on your iPhone and Android phone. People who tell others about the App earn more Pi.
However, other users are wary that it may be one. This is understandable since it is not as popular as many cryptocurrencies and blockchains. Given these, they may opt to engage in Pi Network with caution.
On the other hand, mining Pi Network cryptocurrency is free. That is why others are fine with using Pi Network’s smartphone mining app.
You Might Also Be Interested in Bee Network
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.