One of the most common ways to make money with cryptocurrency is through mining crypto mining, and one such coin is Bitcoin, which happens to be the most popular of all cryptocurrencies. However, before a user can mine this coin, they will have to solve some complex mathematical equations. This is where the issue of mining Bitcoin starts, and since the mathematical aspects get even tougher as the day goes by, they require more computational and analytical skills, which means as things progress, they move out of reach and probably cause some damage to the environment.
Pi network, on the other hand, tends to make this approach simpler and simple. So, instead of going through the stress of solving and analyzing with computer skills, an individual just needs to tap a mine button every 24hr to mine. This coin is now referred to as Pi.
Pi network uses the proof of stake (PoS) algorithm mechanism to make sure users create a Pi network account easily and mine the coin without draining their batteries as it only requires 10 seconds to complete a mining session, which also depends on the user's internet connectivity.
Pi Network Launch date
The project was launched on March 14, 2019, a day that is called Pi2Day in the Pi network ecosystem and it is expected to be launched on that same day, but nobody seems to know when. Founded by Stanford University Professors, but the most commonly known founders are Nicolas Kokkalis and Chengdiao Fan.
Apart from these two known academicians, the project is overseen by other technocrats and innovators who have somehow and somewhere made their presence known through the Pi network community.
In Pi network, the algorithm is categorized into four terminologies, a pioneer, a contributor, an ambassador, and nodes. Each of these scopes has their different roles being played in the project and they decide which mechanism is best suited for the entire community to move the project forward.
As a miner, you can learn more about these terminologies, and how they work in the Pi app through the security circle, and use them to your advantage.
Pi Coin Total Circulating Supply
Pi network was launched with a "halving" initiative or system, making the system reduce the number of coins mined by users every month. To date, the halving is still being implemented to reduce the circulating supply. The halving started from 1.6 π to 0.8 π per hour when the project was newly launched. It was reduced to 0.4 π and later 0.2 π per hour when the number of pioneers reaches 10 million.
Currently, with over 40 million users, the mining rate is now at its all-time lowest and expected to reduce to zero when the network reaches the 1 billion users and 100 billion Pi coin milestone. Since the circulation of supply is very important, the rate at which a user can reach 100 Pi is pegged to about one year, and that is if they are consistent and concurrent.
Pi Network Products and Features
Recently, the network announced the launch of Fireside Forum and Pi browser for PC users, including the ongoing Hackathon that allows developers to create apps to reach millions of people and subsequently improve the effectiveness of the network while promoting inclusiveness.
With the Hackathon, which is expected to be held regularly, developers and even pioneers can build platforms to rival existing apps on the network. According to the CT, the Pi network Hackathon is enriched with a robust setting that makes it easy for anyone, irrespective of background, skills, and knowledge to build apps that will help the project stand the test of time.
The team sees utility buildings as the only way to rival other cryptocurrencies like Bitcoin. So, they launched the Pi network Open Source that tends to complement the process and helps developers take advantage of the network's growth and potential in scaling and solving problems that are within the community and ecosystem.
The Pi browser, on the other hand, comes with robustness and helps users navigate through every aspect of sustainability and advanced technology. With the ongoing KYC verification, the Pi network browser adds another layer of protection for pioneers to carry out their KYC solution to further move the network towards an open mainnet.
However, it is not a possibility to use the Pi browser for PC in piloting KYC. Verification can still be done using the mobile browser until the fully functional capabilities the PC version requires are achieved. Above all, the Pi browser is a safe, secure, and utility-intense feature that makes Pi network a fully decentralized network.
How to Create a Pi Network Account
Interested individuals can still create an account and mine the coin as the network is still in the enclosed mainnet. To create an account, here's what to do:
1: Download the Pi network app from the Google play store or Apple App Store or download it directly from the official website of the Pi network. Or, just head over to the Play Store now and search for "Pi network" developed by SocialChain.
2: Launch the app after downloading, and click the sign-up button. Choose between the Phone number, Email address, and Facebook, or choose any other method that best suits your style. Regardless of the method you use to open the account, I will recommend you verify other details to make it easy in case you forget your credentials and want to recover your account in the process.
3: Set up a powerful password that can only be guessable by you. Choosing a strong password in combination with letters, numbers, and symbols will be an added advantage.
4: Next, input your real name and username. Ensure you use the real name according to how it appears in your official documents in case of KYC.
5: Next, input the referral code of the person that refers you. It is not required but it is beneficial in increasing your mining rate as a new pioneer. Remember, don't make the mistake of using a random referral code from the internet as it may have a negative impact on your unverified and transferable balance when migrating to Mainnet.
6: That's all. You have just created a Pi network account and are ready to mine cryptocurrency with your phone. If you want to increase your mining, I recommend you add people who have already passed through KYC as that also tends to work.
7: Mine every day by tapping the mining button that only takes 10 seconds of your time. Also, remember don't miss any day as that will help you mine more coins before Mainnet.
Once you have reached a certain amount of Pi coins, you can now create a Pi wallet and complete the Mainnet checklists to be fully ready for Migration.
Note: These images were collected from BSC.news website and they are for educational purposes only.
Pi Network Enclosed Mainnet
Pi network is still in the enclosed period, which means the coins you mined cannot be exchanged for fiat or traded in external exchanges. Taking precautions is very important at this stage as the projects strictly frowned upon such practices. In the enclosed mainnet, a Pi coin can only be used for the exchange of goods and services within the network.
Also, pioneers to pioneers, and participating in Testnet are allowed. What is not allowed is selling, and trading with other cryptocurrencies. Listing of Pi coins on exchanges is also prohibited as the CT warns pioneers to stay safe from any listing that was not authorized by the team.
The listing of Pi coin by Forbes in their Digital Assets List is real and it is just a way to demonstrate the usefulness and uniqueness of the network to the general public. Moreover, Forbes is a trusted source of news in the United States that mainly focuses on finance and business so pioneers should be able to accept the news in good faith. Any other token that is listed by an exchange is a Pi network DeFi token, which is not the real Pi.
Is Pi Network a Good Investment?
Pi network is not an investment security. You can only mine it for now, beware of anyone trying to sell it to you. You cannot invest in Pi network. But, if you want to monitor the coin, a lot might happen in the near future when it finally goes live. This is why it is recommended to mine now just to avoid people who try to sell to you.
Pi Network Price Predictions
A lot has been happening with Pi network as many people await its groundbreaking mainnet launch, and as such, different views and perspectives have taken place to cool the pressure and question in the mind of people. As the network is still in the enclosed period, there have been opinions on what price the coin will launch at the first interval.
Some argue that it will launch at a relatively low price while others contradict the gesture by giving their predictions. As it stands, the price of Pi will be determined by the market and nobody can predict the right price. The market can have both positive and negative impacts on the coin when it goes live, so keep your fingers crossed.
Stay Tuned and Ahead of the News
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