The goal of the cryptocurrency project known as the “Pi” Network is to provide an easy entry way for individuals to join in on the digital currency market. This can be done through downloading a mobile application that is simple and user friendly.. The project was founded in 2019 by a team of Stanford graduates, and it is designed to be accessible to anyone with a smartphone.
Pi Network uses a unique consensus algorithm, called the Stellar Consensus Protocol, which allows users to mine the cryptocurrency directly from their mobile devices without requiring the use of specialized mining equipment. This is intended to make mining more accessible and eco-friendly than other cryptocurrencies like Bitcoin, which require significant computing power and energy consumption.
The Pi Network is currently in its beta phase, and users can earn Pi coins by contributing to the network’s security and integrity by verifying transactions. These coins can be used to participate in the network’s governance and to purchase goods and services from other users within the network. It remains to be seen whether Pi Network will achieve widespread adoption and become a significant player in the cryptocurrency world.
Once again a reminder that this is not financial advice. This site is just meant to provide information. Please always do your own research.
Pi network coin value
Pi is not free money and for now as far as we can tell it is not a scam. it is claimed to be a cryptocurrency for and by everyday people. You need to download the Pi app to mine their coin and basically you earn bonus from your base mining for contributing to the network and inviting more members. The pi network coin value currently is 0 dollars similar to Bitcoin in 2008. Users cannot withdraw their coins yet. Pi network users will be able to withdraw or exchange Pu for other currencies in Phase 3 of the project when it fully transitions to a decentralized blockchain. Users can only mine from one device and your device/ account serves as your wallet.
Watch the video below to learn more about the story of Pi Network.
How Pi Network works. Step by Step
Pi Network works through a unique consensus algorithm, called the Stellar Consensus Protocol, which allows users to mine the cryptocurrency directly from their mobile devices without requiring specialized mining equipment. Here are the steps to get started with Pi Network:
Download the Pi Network app: When you are ready to begin with Pi Network, the initial step is downloading the app onto your phone. Whether you use an iOS or Android device, it can be located easily in the App Store or Google Play Store. After that, creating an account is necessary to continue with using this network.
Sign up for an account: Once you have downloaded the app, you will need to create an account. This involves providing your name, email address, and creating a password.
Verify your identity: To ensure the integrity of the network, Pi Network requires users to verify their identity using their phone number and Facebook account. This helps to prevent fraudulent accounts and ensure that users are real people.
Start mining: Once you have created an account and verified your identity, you can start mining Pi coins. Mining involves contributing to the network’s security and integrity by verifying transactions. You can do this by opening the app once a day and clicking on the lightning bolt icon to start mining.
Earn Pi coins: As you mine Pi coins, you will earn a certain amount of coins based on the amount of time you spend contributing to the network’s security and integrity. The more time you spend mining, the more Pi coins you can earn.
Participate in the network: Pi coins can be used to participate in the network’s governance and to purchase goods and services from other users within the network. As the network grows, there may be more opportunities to use Pi coins for a variety of purposes.
Overall, Pi Network aims to make it easier for individuals to participate in the cryptocurrency economy through a mobile app. Its unique consensus algorithm and accessibility make it an interesting project to watch in the cryptocurrency landscape. Below you see two screenshots from the actual Pi Network app. The left is the home screen and to the right is the mining screen showing the current rate of the user.
Is Pi Network a scam
Considering the widespread curiosity regarding the authenticity of the Pi Network project, it is understandable that many people question whether it is a legitimate undertaking or simply a fraudulent scheme. However, it is important to note that the project is still in the development stage and, as such, it is premature to pass a final verdict on its credibility. While the Pi Network team has set out its vision and goals in the white paper, the actual launch of Pi as a digital currency is yet to occur, leaving the potential for success or failure of the project in question.
Nonetheless, the Pi Network team has taken proactive measures to allay doubts about the project’s legitimacy. One such measure includes making the project’s code open source, which allows for external parties to scrutinize the code and confirm its legitimacy. Furthermore, the team has made clear that they have no intention of selling Pi coins to investors, a common hallmark of fraudulent schemes. These actions by the Pi Network team can be seen as positive steps towards ensuring the project’s integrity.