What is Pi Network?
Pi Network is a cryptocurrency project developed by Standford PhDs and graduates — Nicolas Kokkalis, Chengdiao Fan, and Vince McPhillip, designed to run on mobile phones. Cryptocurrencies are a new form of digital money that is maintained and secured by a community, instead of by governments or banks. Today, you can mine Pi by helping to secure the currency and by growing Pi’s trusted network. While most cryptocurrencies have been very hard for everyday people to use and access, Pi puts the power of cryptocurrency into the palm of your hand.
With branding based on the number π, Phase 1 of the project launched in 2019 on Pi Day, March 14, with its free Pi mining app. By June 2019, the network had more than 100,000 active users, and a year later when Phase 2 launched there were more than 3.5 million. The app started running ads in May 2020 to provide a source of financing for the project. The user base reached 14 million in March 2021, having crossed the 12 million mark in February. Pi Coin is the cryptocurrency that runs on the Pi network.
PI Coin Fundamental Value
The main goal of the developers was to create a simple and convenient platform for cryptocurrency and smart contracts that would not without the usual serious energy costs. This team has created a simple application that can both extract the new token and store it.
Simplicity-A user who has never heard of Bitcoin and cryptocurrency before will be able to mine PI crypto money without a struggle. We have the step-by-step guide on how to mine PI cryptocurrency.
Fair distribution-The number of coins mined does not depend on the capacity of the device
Extra earnings-Users who contribute to the development of the platform receive a reward.
Since Pi Network cryptocurrency allows for mining without contributing your computing power, this coin might be interesting to anyone willing to expand their crypto portfolio. The mining power and multiplying coefficients depend on the amount of referred users, among other things.
The developers made clear about Pi’s value because it should not reach huge values, so people will be more inclined to use it as a unit of exchange than a store of value.
Of course, people will be able to earn Pi even after the project airs by:
- Mining- a fixed supply minted per person
- Developers’ rewards.
PI Network is another scam?
Pi is not a scam. It is a genuine effort by a team of Stanford graduates to give everyday people greater access to cryptocurrency. Pi’s core team is led by two Stanford PhDs and one Stanford MBA, all of whom helped build Stanford’s blockchain community. We cannot guarantee that the project will succeed. However, we do promise to work our hardest to make our shared dreams a reality, while maintaining the highest standards of integrity. You can learn more about us in the “Core Team” page in the main menu of the app.
After some background research on the Pi Network and found that not only is it a very legitimate and innovative digital currency initiative, but more importantly, it is still at the right stage to jump in with an excellent risk reward ratio. Of course, there is no guarantee that it will be a successful project, but what you tent to lose is a few minutes a day of hitting a button on your mobile and the mobilization of your network of friend and family at no financial cost to you or them for a possible reward of amassing lot of Pi digital currencies that could be very valuable in the future if the project is successful.
About Pi App
This app allows you to earn Pi by making simple contributions to Pi’s community.
- After downloading the Pi Network app, you need to confirm that you are a human by pressing a lightning symbol on the app at 24 hours intervals. This will initiate the mining process at a predetermined rate on your mobile device without draining your phone battery. You are free to exit the app after that action without discontinuing the mining process.
- It is a FREE App. Free to download either from Google play or apple store. You may search pi, pinetwork, or minepi.
- Members can join only on invitation from other members. You can accelerate your mining rate by inviting other members to join using your code. You are welcome to use mine to join if you decide to or if this review adds any value to you (code: rramnath14).
- After three successful mining cycles of 24 hours each, you qualify to become a contributor and you can form a security circle of 3 to 5 trusted members. This will accelerate your mining rate as well.
- The mining rate has been halved for any multiple of 10 members that the network achieved. By June 2019, the network had more than 100,000 active users, and a year later when Phase 2 launched there were more than 3.5 million. The app started running ads in May 2020 to provide a source of financing for the project. The user base reached 14 million in March 2021, having crossed the 12 million mark in February.
- The next milestone is at 10million members and it is not yet clear if the mining process will be discontinued at that stage or if it will continue to reduce in speed.
Roles for Pi Users
There are four roles Pi users can play, as Pi miners. Namely:
Pioneer. A user of the Pi mobile app who is simply confirming that they are not a “robot” on a daily basis. This user validates their presence every time they sign in to the app. They can also open the app to request transactions (e.g. make a payment in Pi to another Pioneer)
Contributor. A user of the Pi mobile app who is contributing by providing a list of pioneers he or she knows and trusts. In aggregate, Pi contributors will build a global trust graph.
Ambassador. A user of the Pi mobile app who is introducing other users into Pi network.
Node. A user who is a pioneer, a contributor using the Pi mobile app, and is also running the Pi node software on their desktop or laptop computer. The Pi node software is the software that runs the core SCP algorithm, taking into account the trust graph information provided by the Contributors.
What is the value of Pi?
Today Pi is worth approximately 0 dollars/euro etc. similar to Bitcoin in 2008. Pi’s value will be backed by the time, attention, goods, and services offered by other members of the network. Once the third stage is completed we may come to know the value of the one pi coin. Till that we cannot predict the value of the Pi.
In my view the risk reward ratio justify my recommendation of jumping in while it is still open. But like for everything in life, feel free to do your own research. This is only my personal opinion and if you decide to go by it I will appreciate you using my code to join. It will bless me in return by accelerating my mining rate. It’s not a get-rich-quick scheme that they’re peddling unlike many other currencies out there. Their intent genuinely seems to be to develop something useful. Something better. So start mining pi and let’s hope it get a good value of money after all the phases get completed.