As the world becomes more and more digital, cryptocurrency is the next natural step in the evolution of money. Pi is the first digital currency for ordinary people, representing an important step forward in the adoption of cryptocurrencies around the world.
Invitation Code: PSKCHIKKA (case sensitive)
Pi Network (PI) is one of the first cryptocurrencies that users can mine on their mobile devices. Launched in 2019 by three Stanford graduates, PI cryptocurrency quickly gained popularity among users. What is Pi Network (PI) cryptocurrency? How to mine PI? Find out all about it in our new article.
Pi Network (PI) Main Principles
Pi Network beta version was launched on 3/14/19 by three Stanford PhDs and graduates:
- Dr Nicolas Kokkalis, Head of Technologies;
- Dr Chengdiao Fan, Head of Product;
- Vincent McPhillip, Head of Community.
Pi Network allows users to earn PI cryptocurrency from any mobile device. This is the result of cryptocurrency evolution in general. Bitcoin is starting to become old-fashioned as it requires a lot of electricity, while PI coins are completely eco-friendly. Pi Network uses Proof-of-Work algorithm without the high electricity costs.
There are three steps of Pi Network development:
Phase 1. Design and Token Distribution
Invitation Code: PSKCHIKKA (case sensitive)
The Pi server acts as a crane emulating the behavior of a decentralized system as it will function after its operation. During this phase, improvements in user experience and behavior are possible and relatively easy to make compared to the stable phase of the main network. All coin minting for users will be transferred to the live network after its launch.
In other words, the live net will pre-mount in its genesis to block all account holders balances created during phase 1, and continue to work in the same way as the completely decentralized system. Pi is not displayed on exchanges during this stage, and it is impossible to buy Pi with any other currency.
Phase 2. Test Network
Invitation Code: PSKCHIKKA (case sensitive)
Before starting the main network, the host software will be deployed to the test network. The test network uses the exact same trust schedule as the main network. The Pi core team will host multiple nodes on the test network but will encourage more pioneers to launch their own nodes on the test network. In fact, in order for any node to join the main network, they are advised to start with the test network. The test network will be run parallel with the Pi emulator at the first stage and periodically. For example, the results of both systems will be compared daily to catch the gaps and misses of the test network. It will allow Pi developers to propose and implement corrections. After a thorough parallel launch of both systems, testnet will reach a state where its results will be consistent with the emulator. When the community will be ready, Pi will move on to the next step.
Phase 3. Main Network
When the community feels that the software is ready for production and it has been thoroughly tested on the test network, the official mainnet of the Pi network will be launched. An important detail is that during the transition to the main thing, only accounts confirmed to be belonging to real people will not be restricted.
After that, the crane and the Pi phase 1 network emulator will be closed, and the system will continue to work independently forever. Future protocol updates will be presented by the Pi community and the core Pi team and will be proposed by the committee. Their implementation and deployment will depend on the nodes updating the mining software, like other blockchains.
No central authority will control the currency, and it will be completely decentralized. The remains of fake users or duplicate users will be discarded. This is the phase during which Pi can be connected to exchanges.
How to Mine PI Cryptocurrency?
To connect to the network, it is enough to have a mobile device based on iOS or Android. Then, follow these simple instructions:
- Go to the App Store or Google Play, depending on the type of your operating system.
- Type Pi Network into the search gap.
- Download the application on your smartphone and open it.
- Specify the registration method: Facebook or phone number. We recommend the second option since it is much safer.
- Fill in the country of residence and phone number.
- Fill in first name, last name and nickname.
After registration, each user receives 1 Pi per account. The system provides the following ranks:
Pioneer is the entry-level rank for all users. The production size is 0.39 π/h. You can increase it to 0.49 π/h if you participated in the referral program during registration;
Contributor. To receive this rank, mine cryptocurrency for three days;
Ambassador. A rank for users who invite other members to connect to the Pi Network.
Node. Members who have connected additional equipment to the network. This level is still under development and will be available later.
When you open the app you need to hit the ‘mine’ button. You do not need to keep the app open, just activate the button once in 24 hours and you’ll get the coins.
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.
Where to Trade PI Cryptocurrency
According to Coingecko, PI cryptocurrency can be traded on some exchanges. You can see the availability of the most popular pairs in the table below.
So far Pi Network is just an experiment in the field of mobile mining. If the team will continue to develop the project, the app will become a real phenomenon in the crypto sphere. Stay tuned!
This is a scam review of Pi Network (minepi.com), a social cryptocurrency mobile mining App with proof of authenticity and what it really does. Below is how it looks on the official Pi Network website. Is this just another Cryptocurrency Scam that rip your hard earned money out of you? The Chinese characters certainly raise some brows for it’s authenticity as this whole thing claimed to be started by Stanford graduates. A pleasant surprise is on it’s way. Let’s dig further…
Activities pertaining to any transaction of Pi is currently unauthorised. Do not engage in any offer provided by 3rd party or you may suffer financial lost.me trying to translate the chinese characters displayed on the official website
And so it seems that the chinese characters are present to warn people from getting scammed by third parties. Not much can be concluded yet. We are only at the beginning to uncovering the truth about Pi Network. To help everyone get a full picture, this Pi Network scam review of minepi.com is structured as follow:
- What is Pi Network (minepi.com)
- What does this Pi Network work
- Who are the people behind Pi Network
- What does the Pi Network App do
- Conclusion of Pi Network Scam Review
- Is the Pi Network suitable for me?
What is Pi Network? – Pi Network Scam Review
Pi Network is a network of users mining Pi, a social Cryptocurrency in it’s beta phrase. Pi Network users or members “mine” Pi using a mobile App called the Pi Network App. This Pi Network App is available to download on Apple App and Google Play Store. An APK file for Android devices without Google support is also available for download.
Cryptocurrencies are digital money. One example of cryptocurrencies is Bitcoin. Bitcoins are accepted by Microsoft as payment for software subscriptions. Cryptocurrencies are also tradeable on exchange (like Binance & Coinbase) for other cryptocurrencies. It can also be converted to fiat currencies. SGD, USD, RMB and MYR are some examples of fiat currencies (Government-backed money/ Legal tender).me trying to explain what cryptocurries are in my own words.
How does this Pi Network works? – Pi Network Scam Review
Pi Network refers to the network in which the value of Pi can and may be determined by the level of activities and engagement. Users who have downloaded the App may also be referred to as a member of the network.
The purpose of this network is to give value to this cryptocurrency by distributing Pi. The network is structured in such a way that users who have more invites gets a higher mining rate. This is to reward users for their contribution and commitment to the network. However, it is not compulsory for users to invite others to mine the cryptocurrency. Casual members who have no intention of inviting others to the network mine at a base rate. There are no other disadvantages or whatsoever besides having a base mining rate for casual users.
Halving is a mathematical concept in cryptocurrency to safeguard its value by means of scarcity. In any currencies be it fiat or digital, the true value is determined by the level of engagement and scarcity. Halving of mining rate occurs whenever the total number of users reaches a certain milestone.
Who are the people behind Pi Network?
We have briefly touched about Pi Network. In this section of this Pi Network Scam Review, I refer the Pi Network as a term to describe Pi. Now, we are talking about the product, which is Pi. The cryptocurrency in question.
Pi was co-developed by Vincent McPhillip, MBA and Ph.D Stanford graduates Dr. Nicolas Kokkalis and Dr. Chengdiao Fan. The pictures below taken from minepi.com
The profiles of members of the core team is verifiable one way or another. Dr. Nicolas’s profile is publicly available at https://hci.stanford.edu/nicolas
It’s a match. The developers are who they claim they are. So far so good
What does the Pi Network App do?
The Pi Network App can be downloaded when you visit the Official Website of Pi Network. Once downloaded and installed, the Pi Network App requires you to fill in some details to create an account. You’ll see a message that says an invitation code is required. Remember we talked about the Pi Network? One will have to join a network to be in a network. Ok, sounds legit… The invitation code is case sensitive. Use mine if you ever need one:
- Pi Network Scam Review 01
- Pi Network Scam Review 02
The image with the nice purple background is how it looks like after successful sign-up. The counter at the top displaying 13.1175 π is how much you earned or “mined” based on the level of your commitment. The lightning button on the right with a 0.25 π/h is the rate you are getting.
You will immediately notice that the numbers on the counter increases every second. Yes, you guess it right. The moment you start the mining by activating the lightning button, your Pi starts growing little by little every second.
Throughout the entire process of downloading, installation, account creation and actual usage, you will not be asked to enter any financial information. No credit-card details, no Paypal account, no iBanking username & password. The only thing that you have been asked to enter are details required by any website for account creation. Sounds good so far!
CONCLUSION OF PI NETWORK SCAM REVIEW
Here comes to the conclusion of this article Pi Network Scam Review. First, i’d like to thank you for your precious time and i really do hope I’ve help clear some of your doubts. In my opinion, Pi Network is not a scam and far from it. The developers are who they claim they are, the App does what it says it does, the idea of how it might work coincides with mathematical and currency concepts. On top of that, Pi Network App seems harmless to me.
IS THE PI NETWORK SUITABLE FOR ME? – PI NETWORK SCAM REVIEW
Is Pi for You? Now is the distribution phrase of the Pi Network and any interested parties are free to join. Pi Network is free and in a sense it’s as good as free money. There is no free lunch of-course. Pi Network App requires users to “re-activate” mining after every mining session. Each mining session is 24 hrs. This system ensure a certain level of commitment to the network (just a few seconds to open the app and tap the button to be exact). If you are a believer of block-chain technology or simply just interested in the potential value of Pi, earning some Pi just seems like a logical step to take.
This Pi Network Scam Review is dedicated to individuals like you and I. We should always be vigilant and do our due diligence before engaging into what seems like too good to be true offers.
Click on the download button to get started. The button is encoded with my invitation code. The invitation code you use also affect the rate of your mining. I will not delved into it as it’s beyond the scope of this article. At least you can be very sure I’m committed enough to put off this article for you.
Invitation code (case sensitive):
PSKCHIKKA or https://minepi.com/PSKCHIKKA