Crypto mining method has become more straightforward and less time-consuming as blockchain innovation has advanced over time. Pi team claims to provide consumers with new money that has all of bitcoin’s benefits without any of its drawbacks.
Pi, however, currently has no value. It is not transferable to any exchange. It is not yet present on a functioning blockchain as it has not been officially launched.
The Pi Network app allows you to mine Pi, and you can just do it by clicking a button on your smartphone once in every 24 hours
The Basics of Pi: What Makes it Unique?
Crypto mining is the only thing happening right now, as there are many barriers. For the time being, you are not checking the validity of transactions. You get Pi coin coupons for logging into the program once each day and demonstrating that you are not a robot.
In order to successfully register in the application, you would require an activation code from a user. And, if you use a referral program, you may get a chance to increase the number of rewards. The higher the number of people who use your referral program, the higher rewards you will be able to obtain. The program includes a copy of your Pi.
You should know that it cannot be withdrawn, traded for other digital currency, or sold to anyone else. The Pi Network site says you can perform all that during the mainnets in the third development phase, though there is no set launch date yet.
How Does Pi Work?
The Pi Network differs from many other cryptocurrencies in that it uses a proprietary mechanism known as the “Stellar Consensus Protocol” to attempt to compensate for their interaction in the network.
The Pi ecosystem is based on a groundbreaking technique known as the Federated Byzantine Agreement (FBA), which allows a group of computers to come to an agreement without the need for a central authority.
The SCP is meant to be more secure, scalable, and quicker than existing schemes like Proof-of-Work (PoW) and Proof-of-Stake (PoS) (PoS).
The Stellar Consensus Protocol uses a meritocracy mechanism to encourage participants to contribute to the network by validating transactions and blocks. The more people who join the Pi ecosystem, the more incentives they receive.
Pi Users Can Play One of Four Roles
The SCP is the alleged consensus process used by Pi Network. SCP is a mechanism that allows users to be compensated for their network contributions. The project asserts that SCP outperforms consensus techniques like PoW and PoS regarding speed, security, and scalability.
Pioneer
By pressing the lightning key, this role only can mine Pi.
Contributor
A participant who, in exchange for incentive, provides a list of trustworthy users.
This introduces three to five additional users to a security ring. For each person in their security ring, contributors receive an additional 0.2 Pi every hour.
Ambassador
They explain Pi to new users via their invitation code. With every invitation, ambassadors profit 25% regarding mining benefits.
Node
These users use their PC to run the Pi node software. As you are reading this now, the testing stage is being carried out by the authorities.
The Team Behind Pi: Who’s Driving the Project?
Academics from Stanford University, Nicolas Kokkalis along with Chengdiao Fan, are the founders of the Pi Network. This platform was created to make the availability of digital money to all and they began working on it in 2018.
The Pi Network was created as an app and released a whitepaper on March 14, 2019. It focuses on the importance of sustainability. Therefore, environment-concerned folks will be more likely to invest in the network.
The Potential of Pi: How This Cryptocurrency Can Impact the Future?
Early adopters are acquiring Pi cryptocurrency and are expecting a dramatic price increase when the network launches. Users can enhance their mining rate by associating with other competent miners even if the coin’s mining speed has been decreased by half. Only people who have received a promo link from another member are eligible to join the Pi Network.
The assertion made by the project’s creators that these personal networks ensure safety on the Pi Network. These also urge people to invite friends and family. However, this has increased skepticism that the program may be an MLM or pyramid scam.
Users cannot earn coins through the networks of their contacts, unlike in an MLM program, and can only receive coins through their direct networks.
How to Trade with Pi?
In March 2019, Pi Network was introduced. Users can now mine the Pi coins during the evaluation and development period. Since the Pi network’s introduction three years ago, generating the Pi cryptocurrency has been the only available alternative.
Since Pi has not been released on centralized exchanges, it cannot be exchanged. The third phase of creation for the Pi cryptocurrency will be introduced soon. In its experimental stage, mining is possible. However, until Pi cryptocurrency is listed on an exchange, investors cannot purchase or sell it.
How to Mine Pi?
To mine Pi, you can download the Pi Network app on your smartphone, create an account, and start mining by tapping the “Lightning” button in the app. The app uses your phone’s processing power to perform cryptographic hashes, contributing to the security of the network.
You can also invite friends to join the network and earn a percentage of their mining rewards.
Here are the 5 easy steps on how to mine Pi:
- Download the Pi Network app: Go to the App Store or Google Play Store and download the Pi Network app on your smartphone.
- Create an account: Open the app and sign up for an account using your phone number and a valid email address.
- Verify your identity: Verify your identity by taking a photo of yourself and your ID.
- Start mining: Once your account is set up, tap the “Lightning” button in the app to start mining Pi. You can also invite friends to join the network and increase your mining rate.
- Check your rewards: Your Pi rewards will accumulate in the app and you can check your balance anytime.
Please note that Pi Network is still in its early stages and its long-term viability and value as a cryptocurrency is uncertain.
How to Cash Out Pi?
Withdrawals or transfers of Pi are restricted until the project reaches Phase 3.
With its 3rd phase of development fast approaching, the highly anticipated Pi cryptocurrency is only available for mining.
But you should be aware: trading in Pi asset isn’t quite open yet. To prevent malicious intent and manipulation, transfers will remain locked until Phase 3 completes – so don’t miss out on your chance to get involved with what could prove a game changer!
A Long Way to Go for Pi Coins
Since the Pi Network coin has not yet been properly introduced, no price projections are available. It is also hard to analyze how the price of the Pi Network will respond to changes in the cryptocurrency market since it lacks a price history.
It is also impossible to do a complete fundamental analysis. Only time will reveal the Pi cryptocurrency prognosis and its influence in the future.
Disclaimer: Investing can be quite a wild ride – especially when you don’t know the terrain! To keep things from getting too rocky, take some time beforehand to get familiar with all of the risks involved. Our site is here to up your investor game by providing all available intel about platforms and trends, but we don’t take responsibility nor can we be held accountable as advisors. That being said, it’s still important for you to make educated decisions that match what works best for YOU – just remember: no amount of savvy will guarantee success or protect against loss so invest money you can spare.
