Cryptocurrency

Facts You Don’t Know About Pi Network

Pi Network, is a phenomenal decentralized global project based on the systematics blockchain technology that aims to bring wealth to everyone with its very own cryptocurrency, a form of digital money that is maintained and secured by a community, instead of by governments or banks.

It is a clone of ETN without a tradable coin but with referral marketing which fueled its growth. It is Similar to Bee Network in all aspects. So if you are trying to earn a few bucks per month just by logging into an app, and tapping a button, then this app is for you. There official social media accounts including FacebookTwitterInstagram, and Youtube.

Facts about Pi Network

Facts About Pi Network.

Pi Network is a long-term project whose success depends on the collective contributions of its members. The Network is dedicated to helping everyday people capture more economic value that today goes to banks, technology giants (e.g., Facebook, Amazon), and other intermediaries. Other facts are:

  • It is a new cryptocurrency for and by everyday people that you can “mine” (or earn) from your phone. 
  • Pi is a new form of digital money that is maintained and secured by a community, which puts the power of cryptocurrency into the palm of an individual’s hand instead of governments or banks.
  • It is a trusted network that you can mine (or earn) by helping to secure the currency and by growing it.
  • Pi Network is not a scam, but a genuine effort by a team of Stanford graduates to give everyday people greater access to cryptocurrency. 

How does Pi Network work?

This app allows you to earn Pi by making simple contributions to Pi’s community. The more you contribute, the more Pi you earn. To start earning Pi, check in every 24 hours and hit the lightning button to start mining. Once you are mining, you can boost your hourly rate by inviting trusted friends and family to join the community. After 3 days of mining, you can boost your earnings more by building your security circle, which contributes to the overall security of the network. Keep in mind, earlier members of the network mine at a higher rate than those that come after them.

Procedure to join Pi Network

To join the train, all you need is to download the Pi Network app from Google Play Store or Apple App Store. Register a new account with your phone number or via Facebook. Input the invitation code e.g. ” ashkoncepts” when requested. You can only create a Pi account when you have an invitation code from an existing member.

Pi Referral

There are many invitation codes you can use, but mine is “ashkoncepts” you can join my Pi community where support-experts will assist you to ensure that your account is set up correctly and you mine Pi at the fastest speed possible.

You simply press the MINE button inside the Pi Network app. At the end of each 24-hour mining session, you need to reopen the app to activate the next session. Currently, each new account gets 1 π free. Then, you can mine 0.1 π / hour in the first 3 sessions (called the pioneer rate). 

Invite friends to join Pi Network to increase your mining rate. When the app asks you to, you can verify your identity to prove the ownership of your Pi balance

Does Pi Network drain my battery or data?

Pi does not affect your phone’s performance, drain your battery, or use your network data. Once you hit the lightning button, you can even close the app and you will continue to mine Pi. Instead of burning energy as proof of work cryptocurrencies like Bitcoin or Ethereum do, Pi secures its ledger when members vouch for each other as trustworthy. This forms a network of interlocking “security circles” that determines who can execute transactions. This novel approach allows 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. Read the technical section in our White paper for a more accurate and detailed explanation.

What are security circles?

Security circles are groups of 3-5 trusted people built by each of Pi’s members. Security circles secure the currency by building a global trust graph that prevents bad actors from executing fraudulent transactions. While cryptocurrencies like Bitcoin secure their ledgers by forcing miners to burn energy (proof of work), Pi secures its ledger when its members vouch for each other as trustworthy. Pi’s Contributors vouch for each other by building security circles comprised of 3-5 members they deem as trustworthy. Security circles should be comprised of people you trust not to execute fraudulent transactions. The network’s security circles form a global trust graph that determines who can be trusted to execute transactions on Pi’s ledger.

Advantages of Being a Member

Earlier members mine at a higher rate to reward contributions to the network when they are most needed. Pi aims to be the world’s most widely used and distributed cryptocurrency. To achieve that goal, Pi incentivizes its earliest members to make contributions that will ensure its success (e.g., securing and growing the network). To reflect the importance of early contributions, the rate of mining decreases as more people join the network. At this time, the base rate of mining halves every time the number of active users increases by a factor of 10 (see graph below). This rate will eventually fall to 0 when the network reaches a certain number of users (e.g. 10 million or 100 million). At that point, just like Bitcoin, miners will continue to be rewarded through transaction fees and not through the minting of new currency.

What is the Ambassador role? How does the earning team work?

As an Ambassador, you earn up to a 25% bonus on your base mining rate for each person you invite to the network. You become an Ambassador when new members join your earning team by using your invitation code when they sign up for Pi Network. Each member of your earning team provides a 25% boost to your earnings when they are actively mining. A new member can only be added to their inviter’s earning team because each member-only joins Pi once using one inviter’s invitation code. In other words, unlike the security circles where people can be added into multiple member’ circles based on trust, earning teams are fixed based on who invited whom. Each invitee in the world can only be claimed by one inviter.

What is the Contributor role? How do I become a contributor?

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 you’ve finished 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.

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. By pooling our attention, goods, and services around a common currency, Pi’s members seek to capture more of the value that typically goes to banks, technology giants (e.g., Facebook, Amazon), and other intermediaries. Today, we are laying the infrastructure for this digital currency and marketplace by distributing the currency, building the community, and developing the technology to ensure its security.

Pi Interface

Can I withdraw my Pi? What is the timeline for withdrawals?

No, you cannot withdraw Pi yet. You will be able to withdraw Pi or exchange Pi for other currencies in Phase 3 of the project when Pi transitions to a fully decentralized blockchain. Pi launched Phase 1 of the project on 3/14/2019 (Pi Day). During Phase 1, your balances are being recorded with a guarantee of being honored when Pi transitions to mainnet (Phase 3). Transfers of Pi are restricted until we reach mainnet to prevent bad actors from accumulating Pi from fake accounts. For example, a bad actor could mine from fake accounts, transfer the Pi to a legitimate account, and then pass through Pi’s account verification process despite their illicit gains. We are still refining the exact development timeline for the project. For more details, please refer to the Roadmap section of our white paper.

When will Pi be worth something? When can I turn Pi into “real” money?

Pi’s holders will be able to turn Pi into “real” money when they either purchase goods and services on Pi’s marketplace or exchange Pi for fiat currency. Cryptocurrency holders have two options for turning their holdings into “real” money (or to “cash-out”): 1) Directly purchasing goods and services with their crypto or 2) exchanging their crypto for fiat currency (e.g., dollars, euro, etc.) on cryptocurrency exchanges.

1) Directly purchasing goods and services with your Pi. Pi Network is building a peer-to-peer marketplace where our members will be able to directly spend Pi to buy goods and services. We aim to start experimenting with in-app transfers of Pi as soon as Q4 2019.

2) Exchanging Pi for fiat currency on cryptocurrency exchanges. Pi’s Core Team does not control when cryptocurrency exchanges (like Binance, Coinbase, Kraken etc.) decide to list Pi. However, Pi will be able to be traded in Phase 3 of the project (i.e., Mainnet). At that point, exchanges can choose to list Pi. In the meanwhile, Pi’s core team is focused on implementing our technical roadmap (see our white paper) to reach phase 3.

Is this app a wallet? Will we hold our own private/public keys? And can we use an external wallet to hold our Pi in the future?

Yes, your phones will serve as a cryptocurrency wallet that will be linked to your current accounts (number / Facebook). Like with any other public blockchain, Pi’s blockchain will also allow in-app/external wallets to hold Pi and transact with it, by submitting transactions to the blockchain directly. This is a functionality that we have currently scheduled to be provided on Phase 3 of the project. (as a reminder we are now on phase 1 – distribution of the currency – we will then launch a Testnet as phase 2, and phase 3 is when our mainnet will be live). During phase 3 of the project, you will also have the option to take full ownership of your private/public keys.

Pi aims to be much more accessible to everyday people which is why we are trying to build this integrated interface. We’ve chosen this phased implementation to make it easier for everyday people to use. We are still in our early days and are excited about the road ahead of us.

What is the security circle? What is the Contributor role? How do I become a contributor?

Security circles are groups of 3-5 people whom you trust not to commit fraudulent transactions. While cryptocurrencies like Bitcoin secure their ledgers by forcing miners to burn energy (proof of work), Pi secures its ledger when its members vouch for each other as trustworthy.

After you have completed 3 mining sessions, Pi’s Contributor role becomes unlocked. You will see a new shield 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. Each connection will boost your mining rate by 0.02 π / hour. So, the maximum contributor rate you can receive is 0.1 π / hour.

Besides, Pi has a concept of “next halving”. Accordingly, the base rate = pioneer rate + contributor rate will decrease from 0.2 π / hour to 0.1 π / hour when the Pi Network reaches Phase 3 or 100 million users. Or this rate may drop to 0. As of Dec 2020, Pi Network has crossed 10 million users, so please join quickly!

Final Verdict on Pi Network

Not really. The Pi Network app is free and will not require you to enter your bank account number, credit card number, or ask you to deposit money. You do not need to waste any effort or time except pressing the MINE button every day. The Pi app being available on Google Play and Appstore means it’s completely safe for users. This application also does not affect your phone’s performance, drain your battery, or use your network data. After pressing the MINE button, you can close the application and your Pi account will continue to be accumulated on the Pi Network server. One small note: you need to fill in your personal information accurately if you want to prove ownership of the Pi balance in your account (read more on their web).

Spread the love

Leave a Reply

Your email address will not be published. Required fields are marked *