Pi Network (π): what is this cryptocurrency and how to mine it?

As our world becomes more and more digital, so does the development of cryptocurrency. New cryptocurrencies appear every day and offer new features...

· 5 min read
Pi Network (π): what is this cryptocurrency and how to mine it?

As our world becomes more and more digital, so does the development of cryptocurrency. New cryptocurrencies appear every day and offer new and interesting features and opportunities.

Pi Network is one such cryptocurrency, representing a new type of digital currency that ordinary people can use. Now, anyone with a smartphone can mine IP.

The PI cryptocurrency was launched in 2019 by three Stanford University graduates and was quickly welcomed by users with a particular interest in cryptocurrencies. Most of them already have predictions about its price (about twenty euros after its launch).

What is Pi Network (PI) cryptocurrency? How to mine the IP? Find everything about it in our new article.

The fundamental principles of Pi Network (PI)

The beta version of Pi Network was launched on March 14, 2019, by three Ph.D. students and graduates of Stanford University:

  • Dr. Nicolas Kokkalis, Technical Director
  • Dr. Fan Chengdiao, Product Manager
  • Vincent McPhillips, Community Leader
Vincent McPhillip, Nicolas Kokkalis, and Fan Chengdiao
Vincent McPhillip, Nicolas Kokkalis, and Fan Chengdiao

Pi Network allows users to earn cryptocurrency, called PI, from any mobile device (smartphone). This is the result of the evolution of cryptocurrency in general. Bitcoin is starting to become obsolete because it requires a lot of electricity, and is no longer profitable for mining (except for large mining companies that can afford to mine 24 hours a day, the precious Bitcoin), while the PI cryptocurrency is completely green. Indeed, Pi Network uses a proof-of-work algorithm without having to pay high electricity bills, because it is mainly mining done on your smartphone.

Here is the development of the Pi Network in three phases.

Design and distribution of tokens

The Pi server is like a crane. It works after the decentralized system runs, thus simulating the behavior of the decentralized system. In this phase, compared to the stable phase of the main network, the user experience and behavior can be improved, and it is relatively easy to implement. After booting, all coins for users will be transferred over the network in real-time.

In other words, the real-time network will be pre-assembled at its origin to block all account holder balances created in Phase 1 and will continue to operate in the same way as a fully decentralized system. Pi Network is currently not displayed on the exchange and it cannot be purchased with other currencies, the only way to "earn" is to mine with your smartphone.

Test network

Before starting the primary network, the host software will be deployed to the test network. The test network uses exactly the same approved programs as the main network.

Pi's core team will host multiple nodes on the test network, but will encourage more pioneers to start their own nodes on the test network.

In fact, for all nodes (called nodes) that want to join the main network, it is recommended to start with the test network. Initially, the test network will work in parallel with the Pi emulator and will work regularly.

For example, the results of the two systems will be compared daily to detect gaps and failures in the test network. This will allow Pi developers to propose and implement patches.

Once the two systems (test and main) are fully started in parallel, and when the community is ready, the test network will reach a state where its results will be consistent with the simulator.

Main network

When the community feels that the software is ready and has been fully tested on the test network, the official Pi Network main net will be launched. An important detail is that when transitioning to basic knowledge, only accounts confirmed as real people will be limited (don't forget to enter your real name and surname when registering for the network).

After that, phase 1 and the network simulator will be closed and the system will still operate independently forever. The Pi community and the Pi core team will propose future protocol updates, which will be proposed by the committee. Like other blockchains, their implementation and deployment will depend on the nodes that update the mining software.

Without a central authority to control the currency, it will be completely decentralized. The rest of the "fake" or duplicate users will be removed. It is at this stage that Pi will be able to connect to the exchanges.

How to mine and mine THE CRYPTOCURRENCY PI?

Pi mining is very simple and intuitive (even my mother managed to understand its use, and my IP every day, on her smartphone).

To connect to the Internet, all you need is an iOS or Android-based mobile device. Then follow the simple instructions below:

  1. Depending on your operating system type, go to the App Store or Google Play
  2. Enter Pi Network in the search box
  3. Download the app to your smartphone and open it
  4. Specify the registration method (Facebook or phone number), we recommend the second option because it is more secure
  5. Indicate the country of residence and telephone number
  6. Fill in the first name, last name, and nickname
  7. You can enter YubiGeek as the username for sponsorship if you want to join YubiGeek's mining team

After registration, each user can get 1 π (Pi) per account. The system offers the following categories:

  1. Pioneer: this is an entry-level ranking for all users. The production scale is 0.10 π per hour. If you participated in the referral program during the registration period, you can increase it to π 0.15 per hour.
  2. Contributor: To get this ranking, you need to mine the PI cryptocurrency for three days
  3. Ambassador: the ranking of users who have invited other members to connect to the Pi network.
  4. Node: a member who has connected other devices to the network (PC/Mac, iPad, etc.). This level is still in development and will be available in the future.

When opening the app, you should press the "Min" button. You don't need to keep the app open, just click the button once every 24 hours, and the app will mine the IP cryptocurrency on its own, without your help. Mining does not drain the battery faster, and in no way affects the performance of your smartphone.

Where to store PI cryptocurrencies?

The wallet where your PI cryptocurrencies are stored is directly on the application, which allows you to check your "coins". In the 3rd phase of the project, you will also be able to choose to fully own the private key and the public key.

Where to exchange PI cryptocurrency?

The CRYPTOCURRENCY PI can be exchanged on some marketplaces (platform for buying and selling crypto-currencies), in phase 3 of the project, and even after, it will be possible to exchange it for other crypto-currencies and even buy goods with it.

How much is the Pi worth? How much will the Pi be worth?

What is the value of the IP? Surely you are wondering how much is an IP worth? Currently, PI Network is a project under development, and the IP is not even worth a single euro cent. If you are wondering about the value of the IP in the future, it could be, according to some cryptocurrency experts, that it will reach 5 euros within 5 years.

Again, we can't predict the future, and we don't know its value in advance. Patience is a virtue from which we draw strength and rights that we deprive ourselves of when we do not know how to wait and we like to rush everything. Reckless men brave peril before they look at it, and truly brave men look at it before they brave it.

In conclusion

So far, Pi Network is just an experiment in the field of mining cryptocurrency mining on smartphones. If the Stanford team continues to develop the project, the application will become a real phenomenon in the field of crypto-currencies. stay tuned!

The mobile application of Pi Network is not very pretty (graphically speaking), but it has the merit of working properly, without bugs, and to go straight to the point: to mine cryptocurrency on a smartphone, without affecting its performance. Trust me!

If you want to join Pi Network, you can download the app directly from the official website. I suggest you use our sponsor ID (spoiler: this is the name of our website) when registering in the mobile application to help us grow our mining team.