Money has continuously evolved and changed its form. Today, digital currencies are what suits the requirements of the digital world. Digital currencies focus on decentralizing the currency to make privacy-oriented transactions. Cryptocurrency is a digital currency that can be used to transfer assets from one person to another in a decentralized way. They are not regulated by any banks or any other central authorities. These coins are all digital and have no physical presence. Cryptocurrencies can be bought from exchanges and stored in wallets, exchange wallets, or hardware storage disks. They are also distributed across the whole network, so even if one part fails no data is lost. And interestingly, Pi coin is the first cryptocurrency that you can mine on your phone.
What is Pi Network?
As the world becomes increasingly digital, cryptocurrency is the next natural step in the evolution of money.“Pi Network” is a smart platform that allows users to earn Pi cryptocurrency from any mobile device. The Beta version of the app was launched in March 2019 by three individuals from Stanford. And two of them hold PhDs. They aim to create a secure, immutable, non-counterfeit, and interoperable source of digital money. They are going to do this by using distributed ledger technology and making use of the stellar consensus protocol.
There are currently over 10+ million users (miners) that earn (mine) the Pi coins/tokens on their smartphones free of cost, free of privacy infringement, and close to zero CPU, data & battery usage. Pi coins/tokens are believed to have significant, real-life monetary value in the near future.Is Pi Legit or a SCAM?
When I first heard about Pi, I thought it was some sort of privacy scam that will steal our data. I didn’t understand it. It seemed like another app that I would never use. I thought it was a waste of time, mobile data, and battery life. As a result, I didn’t participate.Months later… My friend who is pursuing mechanical engineering told me that Pi is valuable similar to how Bitcoin is valuable. Once I understood it, I immediately realized that I had missed a great opportunity, because you can only earn Pi for a very limited time, and will have to buy Pi coins/tokens on the market like other stocks and cryptocurrencies.
I went to my home to start mining Pi on my phone. As I went through the process I realized I couldn’t start mining because I didn’t have an invitation code. I was locked out and couldn’t even join the Pi Network. I had to wait for a day to meet my friend again and ask him for the invitation code to join and earn.
If I started mining Pi the first time I heard about it, I would have way more Pi coins today.
How Do I Earn/Mine Pi for free?
Step 1: Download the official “Pi Network” App on the Play Store for Android or the iOS store for AppleStep 2: Specify the registration method: Facebook or phone number
Step 3: Use the following invitation code: simrantaneja
Step 4: Verify your phone number so you don’t lose the Pi Coins you accumulate.
Step 5: Mine Pi all day by pressing the button once every 24 hrs. That’s it!
NOTE: Each user receives one “Pi” per account upon registration. To mine, you just have to open the app and click on the ‘mine’ button every 24-hours to prove that you are a credible contributor to the network. The app doesn’t need to run in the background, so you can close it and open it after 24-hours and click on the button to mine. There is currently no way to invest in shares but more options will hopefully become available as the app gains more popularity.
Does Mining Pi Rob my Privacy, CPU, Data Usage, and/or Battery Life?
Mining Pi uses almost zero CPU Power, Data, or Battery life.Pi does not violate your privacy in any way. In fact, that is one of the reasons why the “Pi Network” is so successful & growing so quickly.
Do I need to spend any Money to earn Pi?
No. For a limited time, you can mine Pi from your phone for free. There is no risk, no cost, no obligations, no credit card…Nothing.How is Pi Valuable? How Much is it Worth?
It’s valuable the same way Bitcoin is valuable but in a more personable and practical way that involves more humans and fewer computer machines. Bitcoin is revolutionary because it is a decentralized network, while companies like Facebook can control private information & data because it is a centralized network. Bitcoin is a decentralized network of CPU’s.Pi is a decentralized, phone number verified network of humans and machines… Very powerful.
As a result, Pi has the potential to be more impactful in the future because larger populations of people are involved.
Projected Pi Worth?
Pi tokens will be bought and sold on the market and eventually will not be able to be mined for free the way it can be now. Some speculate that Pi will be one of the top cryptocurrencies in the world once the mass adoption of blockchain technology occurs.In its current infancy stage, some experts say 1 Pi = $1.00-$5.00 USD which is approximately equal to Rs. 73.61 - Rs. 368.04.
Roles in Pi Network:
The Mining for Pi Network is done on a four-tier basis:
1. Pioneer
Someone who uses the mobile app to interact with the network daily. They do this by signing in to verify their identity and requesting transactions that can be sent or receive Pi over the Pi network. It is the entry-level rank for all users. Initially, it’s production size is 0.12 pi/h, which you can increase to 0.22 pi/h by participating in the referral program during registration.2. Contributor
Someone who adds other people to their network within Pi. This information then goes together to create a shared trust graph. You need to mine cryptocurrency for three days to receive this rank.3. Ambassador
Somebody who recruits other individuals to come over and join the Pi network whether they are pioneers, contributors, or ambassadors. The ambassador and the referee will receive a 25% referral bonus for signing up to the network. This rank is for the users who invite other members to connect to the Pi Network.4. Node
Someone who is physically running a node on a desktop or laptop and will maintain the distributed ledger. This is for members who have connected additional equipment to the network. It is still under development.It is possible to be all four of these tiers of mining and receive contributions based on all four of them.
How is it different from other cryptocurrencies?
Some of the key differences between Pi Network and other blockchains are the fact that rewards are paid out daily. They are not paid out per block, and they are also spread across the entire network so as long as you interact with the network, you will receive a payout at the end of the day. The white paper discusses the availability of free transactions depending on network congestion. Once the network becomes heavily congested, then miners will be able to sort through transactions based on a fee system with higher fees being dealt with first and everybody else having to wait based on the amount of fee they want to pay.At present, there is no fixed supply and the total supply is unknown. Once the project officially launches, the total supply will be worked out. The tokens that people are earning right now are acting as a faucet and are a visual representation of tokens that will be created in the Genesis block when the main net launches.
Pi network is rapidly expanding and as of right now it has more than 10M+ engaged users. It could be the next big thing for all we know. It is free to join so no one stands anything to lose by downloading the app. But it is highly recommended to do your research before you decide to delve further. You can also find the Pi network on Instagram, Facebook, and Twitter for more information.
Nice efforts👍
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