Pi Network is a new digital currency/cryptocurrency. This CryptoCurrency was developed by a group of Stanford PhD graduates. It is actually the first digital currency that you can mine on your phone. The application is totally free and it does not even use your battery or RAM during the process of mining. Moreover, it can run on any Android phone that is running on Android 4.1 and up. So, Pi Network is both risk and scam free digital currency. if you truly want to understand how Pi Network works, you need to understand what CryptoCurrencies or Digital Currencies actually are. CryptoCurrency is an internet-based currency that can be used to do transactions online. This currency is not physical and can only be used on the Internet. Surely, you must have heard about the BTC “Bitcoins”. Nowadays, BTC is an official payment method, you can use it to sell or purchase.
Pi Network is a cryptocurrency just like BItcoin. However, Bitcoin has a value of 10,133$ while Pi is still currently in the testing phase so it has no value as of now. Back in 2009, Bitcoin came into existence. at that time it had no value either but look at it now? People who didn’t invest in Bitcoin because of the “risk-reward” ratio are now regretting. Pi Network has a lower risk and high reward ratio since all it takes is an application on your phone to mine. Moreover, there are no privacy concerns when it comes to Pi because the application does not even ask for any permission on your phone.
Pi Network is rapidly growing, it is currently in the phase 2. As the number of miners increase on the application, the mining rate will reduce. It currently has more than 7M users mining.
How Pi Network Works?
As mentioned above the Pi Cryptocurrency was designed by the Stanford PhD graduates, Dr. Nicolas Kokkalls (head of technology), Dr. Chengdiao Fan (Head of product), and Vincent McPhillips (head of the community). The mining method is different from Bitcoin since Pi. Seeing, how hard it is to mine Bitcoin, Pi Core Team came up with a method that will allow users to mine every day (Mining through mobile). On the White Paper it says:
Our Mission: Build a cryptocurrency and smart contracts platform secured and operated by everyday people.
Our Vision: Build the world’s most inclusive peer-to-peer marketplace, fueled by Pi, the world’s most widely used cryptocurrency.
Everything about Pi Network is available on the White Paper, it can be accessed through the application or you can simply visit their website.
There are four roles on the Pi Network:
- Pioneer: A user who’s simply just mining Pi on the basic rate
- Contributor: A user who is actually contributing by inviting more pioneers to the Pi Network, this increases the mining rate.
- Ambassador: A user who’s inviting more users than the contributor to the network and is mining at a really high rate.
- Node: A user who could be Pioneer, Contributor or an Ambassador but is running the Pi Node on his/her desktop/laptop.
It’s hard to say that right now, how much One Pi would cost but let’s go back to 2009. Bitcoin value was just 0.0008 USD and now it’s above 10K USD. Now, do you regret not buying the bitcoins? Pi Network gained rapid popularity all over the internet. From this, we can assume that in the upcoming years you won’t be regretting mining the Pi. Also, there is no cost to mine so what are you loosing here? All you are investing here is 2 seconds every day and 30 MB of your phone’s storage.
How to Mine Pi?
- Download the Pi Application from the Play Store or App Store depending on the device you use.
- Use this link, to register for the Pi Network, masab12 is my code.
- If you use my code, your earning rate will increase since I’m a very active miner.
- Now all you need is to verify your Pi account using Facebook or Mobile Number.
- All done, Click on the Thunder Icon to mine.
The more you invite your friends to Pi, the more your earning rate or mining rate will be. As mentioned above there are over 7M pioneers now, at 10M they’ll stop accepting new pioneers. So, you need to hurry up and mine.
Pi Network is 100% legitimate and promising cryptocurrency.
Masab Farooque is a Tech Geek, Writer, and Founder at The Panther Tech. He is also a lead game developer at 10StaticStudios.
When he is not writing, he is mostly playing video games