What is Pi Network? The latest Pi Coin mining guide
What is Pi Network? Pi Network is a virtual currency that can only be mined or mined on the phone, but does not consume equipment resources like other free mining apps. Before Pi Network, there may be a mining application like Electroneum (ETN), but this application consumes your device’s resources to decode the algorithm (Electroneum uses the cryptonight algorithm). With Pi Network, when you mine coins, the device doesn’t heat up. In addition, you can also turn off the application or turn off the network and still be able to mine every 24 hours.
Note:
- Pi Network is currently at BETA. The project is still in progress which means there will be bugs and some project details are still changing. While many crypto projects start from pure theory, Pi Network seeks to balance the theory with design and people centricity (or experiment with real people to best meet their needs. ). The project values your patience and welcomes your input as we work together to develop products that best meet community needs.
- Pi DOESN’T give you free money. This is a long term project whose success depends on the mutual contributions of its members. Pi helps people capture economic value, which is now held by banks, tech giants (e.g. Facebook, Amazon) and other intermediaries. Pi depends on the general contributions of the members. Hence Pi NetWork is not suitable for those who want to make money quickly. ** The goal of Pi Network ** is to create a blockchain with Stellar Consensus Protocol (SCP) to optimize resource efficiency and be most user-friendly through the use of the system. Drake’s security circle.
Project Pi Network commenced operations on March 14, 2019 (official Pi day), when developers launched their mobile apps. They then market it as a free, phone-friendly mobile mining app that you only need to visit once a day to continue mining yourself. Mining speed starts at 3.1 Pi / h and halves every time the number of users grows above a certain amount.
The Pi Network community is getting bigger and bigger and by August 2020, the app had more than 7.5 million members joining at a rate of 0.4 Pi / h.
Can Pi connect communities of up to 7.5 million people? Incredible!” Yes, but that’s not what happened. Inside Pi’s prospectus, we can see that the Pi network project has 3 phases: beta, testnet, and mainnet.
Currently, it is in beta and the application is just a virtual representation. From March 2020, the testnet phase begins.
Is Pi Network scam?
Pi is not a scam. This is an attempt by a group of former Stanford University graduates to spread cryptocurrencies to more people. Pi Network’s core team is led by two Stanford PhDs and a Stanford MBA, all of which help build the blockchain community at Stanford. There is no guarantee that the project will be successful. However, Pi Network will work hard to make the shared dream come true, while maintaining the highest standards of transparency. You can learn more about Pi’s core team on the app, or simply by typing these people’s names into the Google search page:
- Dr. Nicolas Kokkalis : Head of Technology
- Dr. Chengdiao Fan : Head of Products
- Vincent McPhillip : Head of Community
After analyzing the whitepaper and taking a deeper look at this project, we explain why the Pi Network project is often suspected by many as a scam, but it is not.
- The goal of the Pi Network project is for mass adoption and targeting a large community. And because most people often hear about Bitcoin, there is a comparison between the weaknesses of Bitcoin and the advantages of the Pi, which inadvertently lead to a portion of the crypto community judging it as a hoax. bluff. Because they lost A LOT of CASH into crypto projects in the 2017-2019 period, which are inherently bankrupt and often compare themselves as Bitcoin innovations. As we described above, it is not certain that the Pi Network project will be successful, but even if it fails, you will wonder if you have LOST MONEY on this project?
- Mass adoption has to go hand in hand with widespread distribution. Through the app, Pi Network is distributing prefabricated tokens to its users. This term is roughly called the digging of Pi to make it easier for everyone to understand.
- Building a blockchain from its infancy is no easy task, and most projects end up being hacked because of weak network security capabilities. Through SCP (roughly understood as the secure circular consensus mechanism that the Pi community is connecting to), network security is greatly improved. However, since the Stellar Consensus Protocol is so confusing, the Pi just emphasizes promoting the building of a secure circle between users.
- Pi also claims to be the first cryptocurrency that you can mine on your phone. But actually, Monero is the first coin to have a Minergate application.
How to make money with Pi Network?
Describing how to exploit Pi Pi Network does not call you to invest or do anything. Your job is very simple, you just have a phone, download the Pi Network app and create an account, press the Start button every day and the PI mining process will take place even if your computer is not connected to the internet. .
You also don’t need to open the app to work. The Pi doesn’t affect your phone performance, doesn’t drain your battery or use your network data.
To start earning Pi, test the app every 24 hours and press the lightning button to start mining. You can increase your hourly Pi adoption rate by inviting friends and family to join the community. After 3 days of mining, you can increase your income even more by building your security circle, which contributes to the overall security of the network. And remember, veteran members of the network have a higher rate of exploitation than those who come after them.
Why do veteran members exploit more? Pi’s goal is to become a widely distributed and used cryptocurrency in the world. To that end, Pi encourages members to contribute early to ensure the success of the project (eg, protecting and developing the network). To reflect the importance of early contributions, the rate of extraction decreases as more people join the network. At this point, the base mining speed will halve each time the number of active users increases by 10 times. This rate will drop to 0 when the network reaches a certain number of users (for example, 10 million or 100 million). At that point, like Bitcoin, miners would continue to receive rewards with transaction fees, not new coins.
What is Pi Network’s security circle? The security circle is a group of 3-5 trustworthy people built by each Pi member, to prevent fraudulent transactions.
While cryptocurrencies like Bitcoin secure their ledgers by forcing miners to burn energy (proof of work), the Pi still secures its ledger when network members demonstrate trust with each other. Pi contributors secure each other by building security groups of 3-5 members they consider to be trustworthy. The security circle should include people you trust who don’t commit fraudulent transactions. The network security circles form a global trust graph that identifies who can trust the Pi ledger transactions.
What is the price of Pi? Pi is worth approximately $ 0 / euro. Yes! If the price is 0 $, then what do we dig PI to do? Also you will wonder when the PI will be valid?
While everyone thought PI was invalid and not participating, like when BITCOIN 2008 was not valid. If you are a PI holder
PI holders have two options for converting PIs into cash :
Directly buy goods and services with your Pi. Pi Network is building a peer-to-peer marketplace where members can directly spend Pi to buy goods and services. Pi Network aims to start testing Pi’s in-app transfer as soon as Q42019. Exchanging Pi for cash on crypto exchanges. Pi will be able to be traded during Phase 3 of the project (such as when Mainnet launch). At that time, exchanges can choose to list Pi. At this point, Pi’s core team is focused on doing the right technical path to reach Stage 3.
Download the Pi Network app
Pi Network currently supports two operating systems Android and iOS, you can access the Google Play app for Android or the App Store for iOS and search by keyword “Pi Network” or click directly at following link:
Download Pi Network on Android device
Download Pi Network on iOS devices
Registration instructions
Step 1: After downloading the application, you open the application to register for a Pi Network account In this step you can optionally register for an account with Facebook or your phone number depending on you. However, you should choose the phone number to make it easier to authenticate your Pi Network account later.
Select a Vietnam location, enter your phone number and press Go.
Then enter the password and confirm the password. Note that the password must have capital letters, special characters such as [email protected] # $% or a number. Finished, click Submit
Then you enter First Name and Last Name (Last Name)
Finally, the Username (this is the name for me to log into the Pi Network application, do not forget this). After filling in all the information, click Submit to move through the last step.
In this last step, enter the referral code as hotrung197 (this is my code). However, you can also enter anyone’s referral code. But enter my code, I would like to thank and if there is any problem need support, I will be very enthusiastic.
So you have completed the Pi Network registration, now you leave it there to receive coins daily, or refer to others to earn more Pi.
Click Get Started and click on the lightning bolt to start digging PI.!
Click and lightning, to activate Pi digging mode
Verify your Pi Network account
You need to verify your account so that phase 4 of the project can withdraw money. To verify Pi Network, you access the Profile section and select Verify as shown:
There are 2 options to verify your account: receive verification codes (US and Canada only) or send messages to Pi Network. You will have to use option 2 and press Start
Then click Open SMS to have Pi Network compose a message and send a 4-digit code.
press send
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