About Pi Network

What is Pi Network?

This platform is base on blockchain technology.

Pi is a new digital currency. Mobile app allows you to access and grow your Pi holdings and serves as wallet to host your digital assets. Pi is fairly distributed, eco-friendly and consumes minimal battery power. It Launched in 2019 by three Stanford graduates, PI cryptocurrency quickly gained popularity among users.

Cryptocurrencies are a new form of digital money that is maintained and secured by a community, instead of by governments or banks. Today, you can mine (or earn) Pi by helping to secure the currency and by growing Pi’s trusted network. While most cryptocurrencies (like Bitcoin) have been very hard for everyday people to use and access, Pi puts the power of cryptocurrency into the palm of your hand.

How You Can Enter In PI Network?  

1. Go to the App Store or Google Play. And Install Pi Network.

2. Specify the registration method: Facebook or phone number. We recommend the second option since it is much safer .

3. Fill in the country of residence and phone number.

4. Fill in first name, last name and USERNAME. Your username will become your refferal code.

5. Use Invitation code: Anjan50 (Here Invitation code must be required)

Invitation code: Anjan50

6. Now You will see Power Icon, You have click there every 24 hours.

7. There are two chat room available in this One is for Public And Another one is for Official Announcement about Pi Network.

8. You can see in green Icon your Pi increasing speed. You can also increase it by inviting people.

After registration, each user receives 1 Pi per account. The system provides the following ranks:

Where to Store PI Cryptocurrency

The wallet is the app where you mine your coins. During phase 3 of the project, you will also have the option to take full ownership of your private/public keys.

Why should download the Pi mobile app.

1. You still have serious FOMO over not jumping into the Bitcoin phase. Ten years ago, that one crazy friend keep bugging you about downloading this shady “bitcoin” mining desktop app on your computer and you brushed your bro off. Besides, he also told you about that stupid Yo app and the flopped Google Glass. You just don’t want to associate with Glassholes.
2. You are that one crazy tech evangelist in your friend group. You don’t mind being ridiculed if things burst — it’s the joy to jump on early that excites you.
3. Like the base mining rate of Bitcoin, early adopters will earn more coin per hour than those who join later. Pi coin on my app call you “pioneers” who will earn at about 0.8 pie/hr rate, while by the time it hit 1 million, the rate is halved. At around 10 million to 100 million users, the Pi network will stop accepting new members for minting.
4. 4. Even if you are not technically savvy, if you have a wide network and good at marketing, you can still be a successful Pi miner. However, if you are the developer type like me, it is worth waiting for their phase 3; Pi will roll out a desktop app and possible language support to code some contracts for the Pi market. This is how Pi network sets up its token supply:

How many Pi are there?

Total Max Supply = total mining rewards + total referral rewards+ total developer rewards.

In short, there is a certain amount of Pi that is reserved for each “slot” in the Pi Network for the first 100 million user.

Mining Supply (Based on fixed mining supply minted per person)

In contrast to Bitcoin which created a fixed supply of coins for the entire global population, Pi creates a fixed supply of Pi for each person that joins the network up to the first 100 Million participants. In other words, for each person that joins the Pi Network, a fixed amount of Pi is pre-minted. This supply is then released over the lifetime of that member based on their level of engagement and contribution to network security. The supply is released using an exponentially decreasing function similar to Bitcoin’s over the member’s lifetime.

Referral Supply (Based on fixed referral reward minted per person and shared b/w referrer and referee)

In order for a currency to have value, it must be widely distributed. To incentivize this goal, the protocol also generates a fixed amount of Pi that serves as a referral bonus for both the referrer and the referee (or both parent and offspring) This shared pool can be mined by both parties over their lifetime 

when both parties are actively mining. Both referrer and referee are able to draw upon this pool in order to avoid exploitative models where referrers are able to “prey” on their referees. The referral bonus serves as a network-level incentive to grow the Pi Network while also incentivizing engagement among members in actively securing the network.

Developer Reward Supply (Additional Pi minted to support ongoing development)

Pi will fund its ongoing development with a “Developer Reward” that is minted alongside each coin that is minted for mining and referrals. Traditionally, cryptocurrency protocols have minted a fixed amount of supply that is immediately placed into treasury. Because Pi’s total supply is dependent on the number of members in the network, Pi progressively mints its developer reward as the network scales. The progressive minting of Pi’s developer reward is meant to align the incentives of Pi’s contributors with the overall health of the network.

Like other cryptocurrencies, the first to start backing the currency stand to make the most of it, the first million users used to make 2 Pi per hour, until Pi reach its first 10 million user users will make 0.4 Pi per hour on their own (before inviting anyone) and the more users join the less they will be able to make hourly.

Pi was launched on 14\3\2019 within the first eight months Pi recorded its first million users and on its first anniversary it recorded three and half million active users.

Pi Roadmap

So far three phases have been announced,

Phase one

spread and proof of concept, this phase ended on Pi’s first anniversary.

Phase two

build Pi Apps so third-party developers can start building apps that utilize Pi

Phase three

allows users to transfer and withdraw Pi

(Now Phase two is going on.)

The Pi Network was launched by a team of four: anthropologist Chengdiao Fan, computer scientists Nicolas Kokkalis and Aurélien Schiltz, and business major Vince McPhilip.

FAQ

Q: Is Pi a scam?

A: To be honest, I had my doubts at first but the more I read about it and the more I followed the core team the more I came to the conclusion that this is an investment I want to take, yes you are not putting money or hardware to mine Pi but it still needs time and network to make the most of it.

I remember people being skeptical about Bitcoin when it first came out and calling it a scam too, anticipating it will crash around every corner but look where it is today.

Make no mistake Pi is still a new currency and it has a long way to go but I do not want to look back and think about what I could have done, I guess I would rather regret spending the time on the app if it fails rather than regretting not mining it if it takes off.

So if you are not sure I encourage you to do your own research and make that conclusion for yourself (links below).

Q: Do I need to leave the app open to mine? Does the app drain my battery or data?

A: You do not need to leave the app open to mine. Pi does not affect your phone’s performance, drain your battery, or use your network data. Once you hit the lightning button, you can even close the app and you will continue to mine Pi.

Q: How can you mine a cryptocurrency without draining your battery or data?

A: Instead of burning energy as proof of work cryptocurrencies like Bitcoin does, Pi secures its ledger when members vouch for each other as trustworthy. This forms a network of interlocking “security circles” that determines who can execute transactions. This novel approach allows crypto mining on your phone by leveraging your existing social connections, with no financial cost, no battery drain, and a light footprint on the planet. Read the technical section in Pi White paper for a more accurate and detailed explanation (Link below).

Q: What is the value of Pi?

A: Today Pi is worth approximately 0$. similar to Bitcoin in 2008. Pi’s value will be backed by the time, attention, goods, and services offered by other members of the network

Q: Why Pi has ads?

A: It is to help out the team with the cost at this point of the development, and it can be disabled from your profile

By Anjan Diyora