Pi Network boasts over 35 million Pioneers - users who mine coins by tapping the app every 24 hours to generate coins - who mine coins by mining coins themselves and can become Contributors by inviting friends into their...
Pi Network boasts over 35 million Pioneers – users who mine coins by tapping the app every 24 hours to generate coins – who mine coins by mining coins themselves and can become Contributors by inviting friends into their secure circle or Ambassadors by spreading awareness with referral codes..jpeg)
However, PI is currently unavailable to buy or sell on any exchange due to it still existing in an enclosed network.
What is Pi?
Pi is the mathematical constant which connects circle circumference with its diameter, captivating mathematicians for millennia with its infinite series of digits. Now applied to crypto mining, Pi cryptocurrency has no value as of November 2021 as neither it can be traded on exchanges nor is backed by any blockchain network; even though thousands have used its app already.
For mining Pi, an invitation code from one of the community members is necessary. The app uses a referral system that rewards members who invite others using their code; more people you convince to join under your code equals more PI earned! Unfortunately, coins earned can only be stored within the app itself and cannot be withdrawn or traded with other currencies; the Pi team says they hope to implement such capabilities during its third phase when its mainnet launches.
Some have speculated that the Pi Network may be an elaborate scam given its multi-level marketing structure and reliance on referrals to grow. Furthermore, this network claims it has amassed 35 million registered users without detailing how these people joined or how many remain active members.
How to mine
Pi is being touted as one of the easiest cryptocurrencies to mine, as users are able to do it via smartphones without taking too much battery or data usage into account. Mining works by verifying transactions on blockchain networks and adding them for inclusion; those involved receive new cryptocurrency coins in return.
Pi Network’s approach to crypto mining relies on community trust and social connections rather than computational power to do its work. To join, users need to register their Facebook or mobile number with an invitation code in order to ensure they are human beings rather than bots and help the team verify they’re rewarding those who deserve them.
The app ranks its users according to their participation in the network, such as mining regularly (known as Pioneers) who earn 0.39 PI coins an hour; contributors and Ambassadors receive additional rewards based on their involvement; adding three or five people from your security circle is required in order to become one and inviting others using your invitation code will become ambassador status.
The PI Coin hasn’t yet hit exchanges or been priced, but is already being touted as a potentially valuable investment. If the platform proves worthwhile, those who participated early could see significant returns from their early investments.
What are the rewards?
Pi is a cryptocurrency designed for mobile use, therefore no special hardware and mining equipment are required to mine coins on its network. Instead, you use your smartphone to verify transactions across its blockchain-based blockchain and mine coins using it as well as refer other users who will help expand both your earnings as well as its overall security – Pi’s developers believe personal networks provide more protection than large networks.
On Pi Day (14 March 2022), they also launched KYC app pilot and an innovative mining mechanism with more diverse rewards..jpeg)
Stellar Consensus Protocol (SCP), is another key aspect of its network, offering a secure, decentralized and energy efficient alternative to Proof of Work. Instead of miners processing each block individually, each node validates each updated record on a blockchain ledger instead.
Pi coins’ base mining rate has been cut in half upon reaching 10 million engaged pioneers to preserve the limited supply. Furthermore, a blockchain wallet for Pi coins is currently under development, which will allow users to make transfers and perform other financial transactions using Pi coins.
Is it worth it?
Pi is an innovative cryptocurrency with minimal start-up costs that has the potential to become one of the fastest growing networks. However, investors should be wary as this form of crypto mining does not come without risk: unlike more established cryptocurrencies like Bitcoin, Pi remains relatively new network with potential scammers looking to take advantage of it.
Mining PI coins requires users to provide personal details in order to validate their accounts with the app – leading some people to believe that Pi is an illegal scam that collects user data for profit. Furthermore, its cryptocurrency has yet to appear on any exchanges for trading so there is no way for users to generate any money through mining it until its launch as a live network.
Though there may be concerns, the Pi network also holds some advantages. Being decentralized makes it harder to manipulate, while its team has been working on improving functionality based on user feedback and its global trust network which allows people to verify transactions with other trusted members of the community. As a result, some may find the rewards provided by this decentralized network worth their time and energy investment.