New and interesting projects keep coming out in the constantly changing world of Bitcoin. For example, the Pi Network project has gotten much attention. Traditional coins need strong tools and mining methods that use much energy. On the other hand, Pi Network has a unique way of mining called “mobile mining.” This blog looks into what Pi Network and how it works and what it could mean for the future of decentralized digital currencies.
People often say, “If it sounds too good to be true, it probably is.” Pi CRYPTO is a great example of this. It’s meant to be a coin you can mine on your phone with the Pi Network app. Since no start-up costs or other tools are needed, it’s easy to see why it would be appealing. Pi Network took years to start its blockchain or cryptocurrency, so Pi coins are worthless. However, the company has built a big community of over 33 million people.
What is Pi Network?
Simply put, Pi Network is a software and digital currency that you can mine Pi on your phone, which makes it interesting. Bitcoin (BTC 1.44%) and other mining cryptocurrencies need much more working power, so most miners use special devices. Every 24 hours, you must tap a button on your phone to start mining. To join the app, you need a code from someone who has already joined.
The promotion method in Pi Network lets you get more coins based on how many people use your request code to sign up. The app keeps your Pi safe. Getting your money back, selling it, or trading it for other cryptocurrencies is impossible. The Pi Network website says that all of those things will be possible in the third part of its plan, which starts when the mainnet goes live, but there is no set a date for when that will happen.
What is a Pi Coin?
The Pi network initiative introduced this currency. The project’s main goal was to make cryptocurrency mining open to everyone. Until now, only people with very powerful crypto-mining rigs could do it. Therefore, three Stanford University graduates worked together to create an app that lets people mine pi coins from their phones, making mining easier for everyone.
Other decentralized digital currencies, such as Bitcoin, use the Proof of Work model. The SCP, or Stellar Consensus Protocol, is used by the Pi network. The ledger’s activities can only be confirmed by a group or nodes everyone trusts.
Pi Phase
Here is a short history of the different stages of the Pi network:
- Phase 1: Beta
The Pi Network Beta phase began on March 14, 2019, after it was set up. People could get the Pi Network app for their phones and make Pi accounts during the Beta phase. It was also okay for them to start mining Pi and ask people to join the Pi Network.
- Phase 2: Testnet
The next step is the Pi Network Testnet phase, which began on March 14, 2020. Users could keep mining Pi and chat with the Pi Network blockchain during the Testnet phase. In any case, the Pi coin wasn’t yet listed on any cryptocurrency platforms.
- Phase 3: Enclosed Mainnet
The third part of this network, which began on December 28, 2021, is the Pi Network Enclosed Mainnet. Before the Enclosed Mainnet phase, users could still mine Pi and communicate with the Pi Network blockchain as they pleased. No matter what, the Pi coin hasn’t been added to any platforms yet. The network is still in this stage right now.
- What to Expect in Phase 4 (Coming Soon)
When the Pi Network moves to Phase 4, the Pi coin will be listed on cryptocurrency platforms. Users can then trade Pi for any other cryptocurrency or cash. The Pi Core Team wanted to create a Pi community with its apps and services. Thanks to this environment, people can use Pi to buy things in the real world.
History of Pi Network
Two students started the Pi Network at Stanford University, Nicolas Kokkalis and Chengdiao Fan. The plan was to make a digital currency that regular people could use. Work on it began in 2018. On March 14, 2019, Pi Day, they distributed a white paper and the Pi Network app.
The project is still being run by Kokkalis and Fan, who comprise its core team. Kokkalis runs tech, and Fan runs products.
How Pi works
This is as simple as it gets with the Pi Network app. To mine Pi, you press the lightning button on it. This also starts a 24-hour countdown. Check-in and tap the button again after 24 hours to keep mining. It’s enough to open the app and tap the button every 24 hours. You don’t have to leave the app open to mine.
When you sign up, it determines how much you get paid each hour to mine. People who joined first earn more than people who joined later. You can get more people to mine by making a protection group or adding new users.
Pi Network Roles
Pi allows users to take on four different roles:
- Pioneer: Tap the lightning button to mine Pi.
- Contributor: They add three to five trusted people to a protection circle. When someone adds someone to their security group, they get an extra 0.2 PI every hour.
- Ambassadors: Use their permission code to show new people Pi. For every person they ask, ambassadors get a 25% mining bonus.
Users can have more than one job. For example, you could be an Ambassador, a Pioneer, or a Contributor. For those who mine Pi, make a safety group and ask new people. Stellar (XLM 0.3%) is used on the blockchain for the Pi white paper, which says it is built on the Stellar Consensus Protocol. The Stellar Consensus Protocol was picked to make mobile mining easy for everyone to use.
Partnerships
Pi Network doesn’t work with any well-known companies. It held a Pi Hackathon to get people working on making Pi apps and an environment. Prize winners and special mentions got US dollars and Pi coins. Pi Workforce Pool, a job board with Pioneers, was the best business app at the first Pi. Hackathon. PiCare, a way for Pi apps to report bugs, was the best community app.
Pi Utility and Tokenomics
People who use the Pi Network collect Pi token on the Pi platform. Peer-to-peer trades are possible because Pi is the platform’s original currency and can also be used to send money to other users.
The total amount of Pi cryptocurrency that can be issued is limited to 100 billion to encourage “continued growth and new contributions,” as the project says. It is planned that 80% of the stock will go to the Pi community and 20% to the Pi core team. The core team’s share will be unlocked bit by bit.
How to Get Pi Coin
You can’t buy or sell Pi, and you can’t find it on any cryptocurrency markets. Getting it is only possible through the Pi Network app. How to do it:
- Get the Pi Network app for your phone.
- Make an account by giving it a name, a password, a phone number or an email address.
- Type in a code for request. You can find many of them online if you don’t have one.
- To begin mining, press the lightning button.
- Every 24 hours, open the app and tap the lightning button to keep mining.
It’s easy to start saving your Pi digital currency. Is there any value of coin ever? Time will tell, but the Pi Network is very different and has caused a lot of debate. It also doesn’t seem very useful yet, so if you want to invest in crypto, look for other choices. You could buy cryptocurrency stocks or invest in cryptocurrencies like Bitcoin and Ethereum (ETH -1.96%) that you can buy and sell.
Is Pi Network legit or a scam?
Over the years that the network has been around, many people have wondered if Pi Network is a real project or a scam. One of the main worries about the Pi Network is the following:
- Not being honest: The fact that Pi Network doesn’t have a thorough white paper or technical paperwork is seen as a big red flag by many. It’s hard to understand how the network works and how coins are used and given out without these.
- Pyramid Scheme Claims: Pi Network is also said to work like a pyramid scheme because it pushes users to ask others and gives them benefits for doing so.
- Coin not listed: As of September 2024, the Pi coin is not listed on any major cryptocurrency market, so users cannot buy or sell it.
- Concerns About Funding: Many people are worried that Pi Network hasn’t been clear about how the project is paid for. This makes people think the idea is a scam to get money and then dump it.
In a different context, people who support Pi Network point out its unique mining mode and great community. The slow pace of growth is explained by the fact that it is a careful plan for long-term success.
Is Pi Network safe?
Most people think the Pi Network app is safe to use, but no outside reports back this up. The fact that the Pi community hasn’t reviewed the project’s code and security systems in great detail makes people wonder how safe they are. It’s hard to say how safe the app is without having it checked by a third party.
When it comes to data security, the Pi Network is very careful. Users do not need to give out private details like government IDs. All you need to join is an email address or a Facebook account.
Like any other website or app, it’s important to be careful. Even if the app seems safe, be careful about how much personal information you give out.
FAQs
What is the Pi Network?
Pi Network is a coin mining site with an app that lets users, called Pioneers, mine right from their phones. The process uses less energy than other ways of mining crypto, and it doesn’t need the complicated and sometimes expensive mining gear.
How do I access the Pi Network?
To join the Pi Network, you’ll need to be asked by someone you know who is already a member. Then, get the Pi Network app for your Android or iOS device and use it to connect to the platform.
Is Pi Network better than conventional crypto mining methods?
Each person can decide for themselves if Pi Network is a better choice. The tool is meant to make it easier for people to use crypto by letting more people mine. Because of this, Pi Network might be a better choice if you want to mine cryptocurrency without having to pay a lot of money or use a lot of technical know-how.
Is Pi safe to trade?
Because the market is so volatile, selling any coin comes with risk. The PI token is no different. The coin is useful on the site, but you should be careful when trading and only use money you can afford to lose.
Conclusion
When trying to figure out what the pi future value will be, these facts are important to know, but they shouldn’t be used instead of your study. Remember that crypto markets are very risky and change a lot. Don’t put more money into something than you can stand to lose, and keep in mind that prices can go up and down.
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