Pi Cryptocurrency
The Pi Network (PI) cryptocurrency is the first social coin mined using your smartphone. On Pi Day, March 14, 2019, it was released as a beta version. The cryptocurrency quickly piqued users’ interest who wanted to be a part of a new social network and mine cryptocurrency.
Pi crypto is a new project that promises to provide users with all of the benefits of Bitcoin while removing all of the disadvantages.
The pi coin has no monetary value, cannot be traded on any exchange, does not yet exist on a blockchain, has no wallet, and is mined by users logging into the Pi app and clicking a button.
Given those enigmatic characteristics, it’s no surprise that many potential investors are left wondering, “What is Pi cryptocurrency?” In this guide, we’ll look into this unusual new cryptocurrency.
What is the Pi Network?
Pi Network is a new cryptocurrency channel that allegedly launched on March 14, 2019. Pi Network, as with most digital currencies, was created with the goal of decentralising finance in order to make financial tools more accessible to a wider user base. It is unique in that it was intended to be extracted on smartphones.
The concept is that anyone with a smartphone and an internet connection can participate in the network’s actions.
The Pi Network app is available for download from the Google Play and Apple App stores. The network expands via a referral system: mining sessions cannot be completed unless a user successfully refers a new user.
Explanation of Cryptocurrency Mining
Solving blocks is responsible for the emergence and existence of all cryptocurrencies. During mining, many calculations are performed to combine solid trading frames into a single chain. A miner is rewarded with new cryptocurrency coins.
The type of digital currency influences the complexity of calculations and the speed with which an electronic wallet can be replenished—a more straightforward method of cryptocurrency mining results in a noticeably lower exchange rate. Increased algorithm complexity immediately results in a scarcity of new coins and increased value.
Is it still profitable to mine cryptocurrency today? If you are new to crypto mining, you should be aware that obtaining coins is extremely difficult. Different currencies necessitate distinct mining techniques. To mine Bitcoin, you must have specialised GPU or ASIC hardware.
What is the process, and what should you do to mine coins? There are, however, many easy answers for beginners, such as Pi Network (PI) Mining. Continue reading the Pi network review to learn more.
Process of Pi Network Mining
While Bitcoin mining still necessitates significant expenditures and power inputs, which are harmful to the environment, the developers of the Pi Network crypto took a significant step forward in mining processes. The main idea was to create a user-friendly network to form chains and underground mining coins for a low cost and with little battery drain by using a mobile app. The PI Network mobile app is simple to use.
Step-by-Step Guide to Pi Network (PI) Mining
How do you mine PI? To obtain your coins, simply follow the steps outlined below.
1: Get the Pi Network app here.
2: Sign up using your Facebook account or phone number.
3: Create a password.
4: Complete your profile information. Make sure to include your full name. Then come the country and phone number.
5: Type in the invitation code. There are two places to look for it:
- Request that a Pi Network user share his code with you.
- It’s easy to find.
6: You have successfully signed up. Then, on the right, tap the lightning icon.
You must visit the application daily to demonstrate that you are a natural person, not a bot. The cryptocurrency will be credited to your account within 24 hours, after which you must reactivate Pi Network mining. Turn on the notifications if you find it difficult to remember everything.
7: Take a quick tour of the Pi mining app. You are now ready to mine PI. Every user receives one PI after signing up.
The following ranks are available through the system:
- Pioneer. This is the starting point for all users. The mining volume is 0.39 cubic metres per hour.
- Contributor. To gain access to this level, you must mine cryptocurrency for three days.
- Ambassador. This rank is awarded to users who invite other Pi Network participants to join.
- Participants who have connected additional hardware to the network are called nodes. This level is still being worked on and will be available later.
What Is the Function of Pi Coin?
The short answer is no; it does not. At this point, the Pi coin is just a number on people’s phones.
The coin is worthless and cannot be traded. It can’t even be withdrawn from the app because there isn’t yet a Pi wallet. Once the mainnet is launched, the app is supposed to transform into a wallet, yet another oddly unique feature of Pi.
Crypto wallets are typically available as open-source software that anyone can use.
What Is the Pi Cryptocurrency Worth?
Currently, the Pi coin is worthless. It is not listed or traded on any exchange and thus has no monetary value.
According to the Pi Network’s white paper, the native cryptocurrency will not be available until phase 3 of the venture, when the Pi Network mainnet goes live. No one knows when this will happen because the developers haven’t provided direct hints about a timetable.
Some speculate that the creators have every incentive to postpone the launch of the Pi coin. There may be a selling frenzy once the coin is listed. If the price falls low enough, people may no longer find it worthwhile to use the app.
On the other hand, while the launch is still a long way off, Pi’s value “could” be as high as a user’s imagination allows. People are free to believe that Pi cryptocurrency could or can not be the next big thing as long as they don’t have answers to these questions “what is Pi cryptocurrency?”
What Is the Pi Network Security Circle?
Pi does not employ a consensus mechanism like Bitcoin’s proof of work or Cardano’s proof of stake. Instead, the Pi network claims that its distributed ledger is secure because users vouch for one another’s credibility.
In the context of the Pi network, a “security circle” is a group of 3-5 users who trust one another not to engage in fraudulent transactions. It is unclear how this trust is established, what it means, or what will happen if that trust is violated.
Is the Pi Network a Ponzi Scheme?
Because people haven’t yet invested in Pi, it’s difficult to say whether it’s a scam. If this is a cryptocurrency scam, it is unlike any others that have come before it.
There have been numerous initial coin offering (ICO) scams, cloud mining scams, decentralised finance (DeFi) rug pulls and hacks, and countless other cryptocurrency scams over the years.
Some cryptocurrency enthusiasts believe that the majority of altcoins are scams. There have been millions of ambitious projects that have come and gone over the years. They usually go through a cycle of being recognised as a great new idea, attracting large sums of money, and then collapsing when everyone realises the picture doesn’t work in practise the way it did in theory.
How do you calculate the value of the Pi cryptocurrency?
Pi’s value cannot be determined until it is listed on crypto exchange. Even after listing, it is possible that it will begin trading at a zero point. Pi coins cannot currently be swapped for fiat money.
How do I purchase and sell the Pi cryptocurrency?
As of now, it is not possible to buy, sell, or withdraw Pi coin. Once the project reaches the third stage of its transition to a fully decentralised blockchain, a withdrawal or exchange infrastructure may be activated. It is now in its second stage of development.
Frequently Asked Questions on Pi Cryptocurrency
Q1. Will Pi Crypto be valuable?
Some users believe that when the coin is released on exchanges, which is expected in 2021, it will be worth close to $200, if not more! This means that if you mined over 1000 coins on the Pi Network App, you would have a $200,000 balance.
Q2. How many Raspberry Pi users are there?
The Pi Network, which debuted on March 14, 2019, now has over 23 million users.
Conclusion
Pi network cryptocurrency is a new social cryptocurrency safeguarded and supported by ordinary people. Pi, which the researchers made of Stanford University PhD and graduate students, can be mined on smartphones without expensive devices or a large amount of battery power. The main idea is to build an open online ecosystem where ordinary people can mine digital coins.
To summarise, there are several significant benefits:
1. Simplicity. A user who has never heard of Bitcoin before can mine and use it.
2. Availability. The device’s power does not determine the number of mined coins, and the mining process does not necessitate the use of a complex machine.
3. Earnings are reasonable. Users who contribute to the platform’s development are rewarded.
Without a doubt, the Pi Network is a grand experiment in the world of digital money. If the Pi team continues to develop the project, it will be a significant advancement in the crypto sphere.
Pi is a new social cryptocurrency backed and protected by ordinary people. Pi can be mined on smartphones without the need for expensive hardware or a large amount of battery power. The main idea is to build an open online ecosystem where ordinary people can mine digital coins.