What is Pi Network Cryptocurrency? Is it legit?

Pi Network Cryptocurrency

What is it?

Pi network is a cryptocurrency project which enables its users (pioneers) to mine Pi coins (cryptocurrency unit) using smartphone for free. It uses Blockchain technology, which is simply decentralized and distributed ledger that records all the transactions of a digital asset, here Pi coin.

Its developers are alumni of the Stanford university, they started this project on 14th March of 2019.

Pi network cryptocurrency is first of its kind, which can be mined on any smartphone with the help of a simple application, it does not drain the battery significantly and surely does not affect the performance of system.

 These features attracted the multitude. So, just in 20 months from its launch, in December of 2020 Pi has reached 10 M users.

Invitation code: Neelothpal2002

This project develops in three phases, they are simply explained as

Phase-1 

During this phase improvements in the user experience and behavior are done, all the minting coins are migrated to pioneers.

Phase-2

It is testnet phase, means it is run on nodes belonging to pioneers before going to market.

Phase-3

This is the most important phase, Pi network is launched to mainnet and currency will start having value. Until the launch of Pi network to mainnet, Pi coin does not have any value. Only after this phase Pi will have real value and can be bought and sold with other currencies.

What's their goal?

• Pi network developers want the Pi coin cryptocurrency to be the most used currency, infact totally replacing current form of currency (fiat currency).
• Though there are other cryptocurrencies in the market they are still far away from general public reach because of the inefficient ways of mining. So, developers came up with the smartphone application.
• Pi developers realized that digital currency and Blockchain together technology are the next step of evolution in currency.

How does it work?

In first generation cryptocurrencies like Bitcoin or ethereum, one does get rewarded by respective currencies for solving complex mathematical problems, which requires high computing power and enormous energy sources, that method is known as proof of work but  Pi network rewards a certain amount of currency for every miner (pioneer) for just joining the project.

In bitcoin, mining rate is dependent on the computing power of the system used for mining and the amount of time system is involved in mining, both turned out to be a great screen for normal people to access cryptocurrency. So, for greater mining rate miner must employ high tech computing systems, cooling systems for dissipating heat produced and a stable, high electricity source, which are pretty expensive for a common being.  

So, Pi network's solution for this is a smartphone application, for higher mining rate pioneer must invite others to the project, thus increasing the reach of the project, which is particularly essential because it creates an elaborate community of people who are really interested in the project.  

Base mining rate decreases by half every time the number of pioneers becomes ten times the number before, thus creating scarcity of the currency.

How to join?

It is really simple, click for android, for iOS or Pi network or follow the steps given below, use invitation code Neelothpal2002

Invitation code: Neelothpal2002

• Go to Google play or apple app store
• Search for Pi Network cryptocurrency
• Click download
• Install the application
• Fill in the required personal information, make sure the information you would give could be verified with some document issued by your country's government (like Passport or driving license).
• It asks for "invitation code", use Neelothpal2002
• Start mining

How to mine?

Mining Pi coins is very simple, it neither consumes high power nor requires high computing abilities, all a pioneer has to do is just open the smartphone application for every 24 hours period and tap the thunderbolt icon when mining session ends (it is on the middle right part of your smartphone screen and usually shows your mining rate when mining session is in progress)

How to increase your mining rate?

Mining rate can be increased in three ways

• Contributor, it simply means adding people you deem as trustworthy and will probably make transactions when project reaches mainnet
• Ambassador, it simply means inviting people to the project
• Node, running the Pi mining software on your computing system to help secure the Pi blockchain.

Is it legitimate and safe?

Personally, I feel Pi is a genuine effort made by enthusiastic and determined developers, following points may convince you too 

• Pi network has a very well drafted white paper which explains how the whole system works and tells their plan for action
• Pi network developers are alumni of the Stanford university
• Developers are identified themselves well enough
• Pi network follows strict one account per person policy which disables pioneers to mine on numerous systems.
• To make Pi network a safe environment for everyone all pioneers must undergo KYC (Know Your Customer) which allows to disable multiple accounts owned by a single person, accounts owned by non person pioneers and pioneers who would not want to disclose their identity.
• Pi network does not directly collect data from pioneers for verification of their accounts they rather take approvement of a third party app YOTI which verifies pioneers' account. YOTI is an internationally trusted application for such services.

Other projects like Pi network Cryptocurrency

TImeStope, it is being developed by alumni of Seoul National University, join using witness neelu2002

Bee network is also a project similar to Pi network, use referral code neelu2002

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