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

As our world becomes increasingly digital, so does the development of cryptocurrency. New cryptocurrencies appear every day and offer exciting new features and opportunities, such as Pi Network.

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 on its price (about twenty euros after its launch).

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

The Fundamentals of Pi Network (PI)
The beta version of Pi Network was launched on March 14, 2019 by three Stanford University PhD students and graduates:

Dr Nicolas Kokkalis, technical director
Dr. Fan Chengdiao, Product Manager
Vincent McPhillip, community leader
Pi Network (π): what is this cryptocurrency and how to mine it?
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 to mine (except for large mining companies who can afford to mine the precious Bitcoin 24 hours a day), 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 mainly mining on your smartphone.

Here is the development of Pi Network in three phases.

Design and distribution of tokens (tokens)
The Pi server is like a crane. It works after the execution of the decentralized system, thus simulating the behavior of the decentralized system. In this phase, compared to the mainnet stable phase, user experience and behavior can be improved, and it is relatively easy to implement. After startup, all coins for users will be transferred to 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 during 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” it is to mine with your smartphone.

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

The Pi core team will host multiple nodes on the testnet, but encourage more pioneers to start their own nodes on the testnet.

In fact, for all nodes (called node) wishing to join the main network, it is recommended to start with the test network. At first, the test network will work in parallel with the Pi emulator and will work steadily.

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 fixes.

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

main network
When the community feels the software is ready and has been fully tested on the testnet, the official Pi Network mainnet will launch. An important detail is that during the transition to basic knowledge, only accounts confirmed as real people will be limited (remember 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 work independently forever. The Pi Community and Pi Core Team will propose future updates to the protocol, which will be proposed by the committee. Like other blockchains, their implementation and deployment will depend on the nodes updating 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 deleted. It is at this point that Pi will be able to connect to the

changes.

How to mine and mine PI cryptocurrency?
PI mining is very simple, and intuitive (even my mother managed to understand its use, and mine PI 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:

Depending on your type of operating system, go to the App Store or Google Play
Enter Pi Network in the search box
Download the app on your smartphone and open it
Specify the registration method (Facebook or phone number), we recommend the second option because it is more secure
Indicate the country of residence and the telephone number
Fill in the first name, last name and nickname
You can enter YubiGeek as your referral username if you want to join the YubiGeek mining team
After registration, each user can get 1 π (Pi) per account. The system offers the following categories:

Pioneer: this is an entry-level classification 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 0.15 π per hour.
Contributor: To get this ranking, you must mine the PI cryptocurrency for three days
Ambassador: the ranking of users who have invited other members to connect to the Pi network.
Node: a member who has connected other devices to the network (PC/Mac, iPad, etc.). This level is still under development and will be available in the future.
When opening the application, you must press the “Miner” button. You don’t need to keep the app open, just click the button once every 24 hours and the app will mine the PI 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 (or “wallet” in English) where your PI cryptocurrencies are stored, is directly on the application, which allows you to check your “coins” (coins). In the 3rd phase of the project, you can also choose to fully own the private key and the public key.

Where to trade PI cryptocurrency?
The PI cryptocurrency can be traded on certain marketplaces (platform for buying and selling cryptocurrencies), in phase 3 of the project, and even after, it will be possible to trade it for other crypto -currency, and even to buy goods with it.

How much is the Pi worth? How much will the Pi be worth?
What is the value of Pi Network? You are probably wondering how much is a PI worth? Currently, PI Network is a work in progress, and PI isn’t even worth a penny. If you are wondering about the value of PI in the future, it could, according to some cryptocurrency experts, reach 5 euros within 5 years.

Again, we cannot predict the future, and we do not know its value in advance. Patience is a virtue in 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. Bold men brave danger before they look at it, and truly brave men look at it before they face it.

In conclusion
So far, Pi Network is just an experiment in smartphone cryptocurrency mining. If the Stanford team continues to develop the project, the application will become a real phenomenon in the field of cryptocurrencies. stay tuned !

Pi Network’s mobile application is not very pretty (graphically speaking), but it has the merit of working correctly, without bugs, and going straight to the point: mining cryptocurrency on smartphones, without affecting the performance. Trust me !

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