Why you should start mining pi Network
Pi network is committed to serving everyday people release more economic value that today energies to banks, technology monsters (e.g., Facebook, tesla), and other arbitrators. Pi rely on the communal contributions of its members. If you are looking for fast money, look elsewhere.
Is Pi Network a scam?
Pi network is not a scam. It is an open effort by a team of Stanford graduates to give everyday people better access to cryptocurrency. Pi’s core team is run by two Stanford PhDs and one Stanford MBA, all of whom assisted building Stanford’s blockchain community. We cannot promise that the project will succeed. However, we do promise to work our firmest to make our communal dreams a reality, while upholding the highest standards of reliability. You can learn more about us in the “Core Team” page in the main menu of the app.
How Pi Network works?
Pi Network is a new cryptocurrency for and by everyday people that you can “mine” (or earn) from your mobile phone.
Cryptocurrencies are a new system of digital money that is maintained and safeguarded by a community, instead of by governments or banks. Today, you can mine (or earn) Pi by serving to secure the currency and by growing Pi’s reliable network. While most cryptocurrencies (like Bitcoin&Ethereum) have been very hard for everyday people to use and access, Pi networks puts the control of cryptocurrency into the palm of your hand.
Pi was launched on 14\3\2019 on Pi day by three Stanford graduates with PhDs:
To start mining Pi you must have a referral username provided by user and then make an account by installing the app to your smartphone and continue to open the app every 24 hours, but why?
Invitation Code: Karljhay7
While using Pi app and growing your network by Inviting others, you are assisting Pi build a strong network to validate users and do transactions, that is why you have to open the app once every 24 hours to validate actions on your network. This is why you have to be invited by someone to make an account and gain more Pi per hour by inviting more people.
Can my phone mine Pi?
You can gain Pi per hour if you are always active. PI use SCP for mining which can be well understood by reading in detail on PI White Paper.
Do I need to leave the Pi App open to mine Alone?
You do not essentially need to leave the app open to mine. Pi does not disturb your phone’s performance, drain your battery, or use your network data. Once you hit the lightning button on the app, you can even close the app and you will continue to mine Pi. You can as well off your data or Wi-Fi and leave the app open to mine. Instead of burning energy as resilient of work cryptocurrencies like Bitcoin do, Pi safeguards its ledger when members guarantee for each other as trustworthy. This forms a network of linking “security circles” that determines who can perform transactions.
What is the Ambassador role in the Pi App?
As an Ambassador, you get up to a 25% bonus on your base mining rate for each person you request to the network. You become an Ambassador when new members join your earning team by using your referral code when they sign up for Pi Network. Each member of your earning team provides a 25% increase to your earnings when they are actively mining. A new member can only be added to their inviter’s earning team because each member-only joins Pi once using one inviter’s invitation(referral) code.
What is the Contributors role in the Pi App?
Becoming a Contributor allows you to get more Pi by building a security circle of 3-6 trusted members. Pi’s Contributor role becomes unlocked for users after you’ve finished 3 mining sessions as a Pioneer. After 3 days of mining, you will see a new icon of the security circle on the home screen of the app which you can click to start.
What are security circles in Pi?
Security circles are groups of 3-6 trusted people built by each of Pi’s associates. Security circles secure the currency by constructing a global trust graph that avoids bad performers from performing fake transactions. While cryptocurrencies like Bitcoin secure their ledgers by compelling miners to burn energy (proof of work), Pi secures its ledger when its members assure for each other as honest. Pi’s Contributors vouch for each other by building security circles comprised of 3-5 members they deem as trustworthy. Security circles should be embraced of people you trust not to execute false transactions.
What is the value of Pi Network?
Today Pi is worth approximately 0 dollars/naira etc. comparable to Bitcoin in 2008. Pi’s value will be funded by the time, attention, goods, and services offered by other members of the network. By merging our attention, goods, and services around a common currency, Pi’s members seek to capture more of the value that typically goes to banks, technology giants (e.g., Facebook, Tesla), and other arbitrators. Today, we are laying the infrastructure for this digital currency and marketplace by distributing the currency, building the community, and developing the technology to ensure its security.
Can I withdraw my Pi?
No, you cannot withdraw Pi yet. You will be able to withdraw Pi or exchange Pi for other currencies in Phase 3 of the project when Pi moves to a fully decentralized blockchain. Pi launched Phase 1 of the project on 3/14/2019 (Pi Day). During Phase 1, your balances are being recorded with a guarantee of being thrilled when Pi moves to mainnet (Phase 3). Transfers of Pi are restricted until we reach mainnet to prevent corrupt performers from accumulating Pi from fake accounts.
Can I mine from more than one device? How does the network prevent fake accounts, bots, etc. from earning Pi?
No, you cannot mine from more than one device. The network has a strict rule of one account per person. Pi uses a multi-pronged strategy to ensure Pi is not mined by fake accounts. First, the network uses Google’s ReCaptcha v3 to know if a device is operated by a human or a machine. (This technology is completely invisible to most users since they are real humans, but bots may start seeing captchas if google’s algorithm catches them). Over time, we are also developing a machine learning algorithm based on real users’ mining behavior to predict bots.
Second, Pi’s consensus algorithm requirement (security circles) makes it easy to detect fake accounts. Fake accounts will not have enough real people pointing at them via security circles. At best, fake accounts would be pointing at each other with very few incoming pointers from the rest of the network. This anomaly is easy to detect with computer algorithms.
Finally, when Pi enters its 3rd and final phase – Mainnet, only accounts validated as belonging to distinct real individuals will be honored. In other words, even if all other methods missed out on some “bot” accounts, this user validation process will further eliminate them because bot owners will not be able to prove bots as real people with real names. We are currently exploring decentralized KYC processes that would be minimally intrusive.
Is this app a wallet? Will we hold our own private/public keys? And can we use an external wallet to hold our Pi in the future?
Yes, your phones will serve as a cryptocurrency wallet that will be linked to your current accounts (number / Facebook). Like with any other public blockchain, Pi’s blockchain will also allow in-app/external wallets to hold Pi and transact with it, by submitting transactions to the blockchain directly. This is a functionality that we have currently scheduled to be provided on Phase 3 of the project. (as a reminder we are now on phase 1 – distribution of the currency – we will then launch a Testnet as phase 2, and phase 3 is when our mainnet will be live). During phase 3 of the project, you will also have the option to take full ownership of your private/public keys.