Introduction to Pi Network Cryptocurrency
Have you been interested in the Pi Network Cryptocurrency Project and you are not sure if it is a scam or not? Don’t worry I’ve got you covered. In this article, I’ll be doing a review of the Pi Crypto-currency and I’ll make it as interesting as possible. So let’s get started.
What is Pi Network Cryptocurrency?
Pi Network is a form of crypto-currency which was launched on March 14th, 2019 by three Stanford PhDs and graduates.
- Nicolas Kokkalis (Head of Technologies)
- Chengdiao Fan (Head of Products)
- Vincent McPhilip (Head of Community)
By June 2019, the number of active users grew to over 100,000. In November 2019, this number grew to over 1 Million active users and now the total number of active users as of the time of writing this review (June 16, 2020) has grown to over 3.5 Million active users. This shows that it is among the most popular new crypto startups.
How does Pi Network Cryptocurrency work?
Pi Network Cryptocurrency gives everyday users the ability to mine crypto-currency (Pi Tokens) on their mobile phones in an easy and convenient way.
Pi Network Crypto-currency is designed to be an upgrade to Bitcoin crypto-currency due to the fact that mining is gradually becoming old-fashioned due to the sheer amount of computing power and electricity required to successfully mine Bitcoin
Thus we can deduce that the unique selling point of Pi Network is the fact that it is eco-friendly and allows the use of proof-of-work algorithm without the high energy costs.
Steps of Pi Network cryptocurrency development
Currently, there are three steps of Pi Network development
Phase 1: Design and Token Distribution
This phase is actually a test run of the Pi Network. During this phase, the Pi Network is centralized on a Pi Server which emulates a decentralized system as the Pi Network will function in Phase 3. During this phase, users can only earn Pi tokens by mining as Pi will not be listed on any exchange and will not be purchased with Fiat currency. Improvements to the network will be made easily according to user experience and behavior
Phase 2: Test Network
In this Phase, the Node Software will be deployed on a test network. This test network will use the same trust graph as the main network but on a testing Pi Coin. Pi Core team will host several nodes on the test net and encourage Pioneers to run their own nodes on the test network.
After a thorough concurrent run of both systems, the test network will reach a stage where its results consistently match that of the emulator. Then when the community feels ready it can move over to
Phase 3: Main Network
At this stage, the official main network will be launched. Some key features of this Phase include:
– Only validated accounts belonging to distinct and real individuals will be honored
– Faucet and the Pi network emulator will be shut down
– Further updates to the protocol will be contributed by the Pi developer Community and Pi’s core team and will be proposed by the committee
– Full decentralization of Pi crypto-currency
– Balances of duplicate or fake users will be discarded.
– Pi Crypto-currency will be connected to exchanges and can be exchanged for other crypto-currencies
How do I mine Pi Network Cryptocurrency?
Mining Pi Network cryptocurrency is very easy and convenient. All you need is a smartphone and you are ready to start mining
- Go to App Store or Google Play (depending on your Phone OS) or click here to visit the official page
- Search for Pi Network App
- Download and Install the Application on your phone
- Open the App and choose your preferred means of registration [Facebook or Phone Number]
- Fill in the required information such as country of residence, phone number, name (First and Last Name)
- If you are asked for an invitation code (Referral code) use “Mylezkayn”
After successful registration, every user is given 1 Pi. The system assigns four ranks/roles to users as Pi Miners
- Pioneer: This role is assigned to all users upon registration. In this role, users earn 0.39 π/hour which can increase to 0.49 π/hour if the user used a referral code/invitation code during registration. This role also serves a security measure by ensuring the users validate their presence each time they sign into the App usually at the beginning of each mining session (every 24 hours)
- Contributor: This role is attained by mining Pi Crypto-currency consecutively for 3 days.
- Ambassador: This role is attained by inviting other users to the Pi Network
- Node: This role is for Pi Users who run the Pi node software on Desktops, Laptops, and PCs.
Pi Users can play more than one role in the system and mine Pi crypto-currency at a higher rate.
Verdict:
After Careful Study of the Pi Network cryptocurrency, we have come to the conclusion that it is safe for you to join. So join Pi Network today and start mining.
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