PI (π): An Emerging Cryptocurrency

Cryptocurrency is a digital currency. Cryptocurrency is a medium of exchange where individual coin ownership records are logged in a computerized ledger secured by a cryptography process. Bitcoin and Ethernet are the leading cryptocurrencies now. There is an emerging cryptocurrency that is slowly securing its foothold in the cryptocurrency arena — Pi.


What is Pi?

Pi is a new cryptocurrency that started on March 14, 2019. Dr. Nicolas Kokkalis, Dr. Chengdiao Fan, and Vincent McPhillip, three Stanford Ph.D. graduates, created the Pi Network. It is a cryptocurrency that can be mine (or earn) easily using a phone by everyday people.

How Pi Works?

To start mining (or earning) with Pi, download the app in Google Play (for Android users) or Apple App Store (for iPhone users). Once the app is installed and registration is complete, you can start earning by tapping the lightning button. It will start the mining process, and you need to check in every 24 hours.

Why check-in every 24 hours? The system requires the check-in to keep the app from mining (or earning) and a security feature to ensure that you are not a bot. You only need to do it every 24 hours, so it is not a bother. 

Your hourly rate depends on when you joined the community. Earlier members mine at a higher rate than those that came after them. To increase your hourly rate, you can invite trusted friends and family members to join. And after three days of mining, you can further improve your hourly rate by building your security circle. The security circle contributes to the overall security of the network. 

If you ask if you need to keep the app open to mine, then the answer is NO. The app will continue to mine even if it is closed. Furthermore, it does not affect your phone’s performance, drains your battery, or use your network data. You can tap the lightning button and close the app then, check-in again after 24 hours.

How does Pi secure its ledger? Unlike Bitcoin that burns energy as proof of work, Pi uses its members to ensure its records. Securing these records is done when members vouch for each other as trustworthy and form security circles. These security circles will interlock and create a network that will determine who can execute transactions. These security circles are groups of 3-5 trusted people built by each Pi member. And the global trust graph that these security circles create prevents harmful elements from executing fraudulent transactions, thus, securing the currency.

Roles in Pi Mining

Roles in Pi Mining

There are three levels or roles in Pi mining — Pioneer, Ambassador, and Contributor

Pioneer
Pioneer is the initial role of every member who joins the Pi network. The hourly rate of Pioneers depends on when you joined the system. Those who have joined early have a higher hourly rate compared to those who have joined after them.

Ambassador
The Ambassador role means that you have invited new members who have registered to the network and are earning. These new members must use your invitation code to register and be a part of your earning team. Multiple accounts are not allowed as you can only join once using the invitation code of the one who invited you. You will earn a 25% bonus on your base mining rate for each person you invited to join the network and is actively mining.

Contributor
After three days of mining sessions as a pioneer member, a new icon will be added by the app on its main screen. This new icon is the security circle icon. Tap the icon, and you will find a list of the people you have invited and who have registered to the app. Just add the people who you genuinely trust in your security circle. You can add 3-5 people or more if you want.

Node
A member who runs Pi mining software on their computer helps secure the blockchain-based on the security connections from Contributors. This role is not currently available to all. You will have to send an application for this role.

Please note that the withdrawal or exchange of earned Pi is not yet available. This option will be available when the project reaches Phase 3, transitioning to the mainnet (fully decentralized blockchain). Currently, the project is in Phase 2. Pi admins are planning of releasing the Pi wallet by 31 March 2021.

Takeaway

At the moment, Pi’s approximate value is 0.00 dollars/euros, which is similar to when Bitcoin started. Its value will increase as time progresses, just like any other cryptocurrency. As more people join the Pi community, more services and goods that are payable using Pi will be offered, thus increasing its value.

Right now, you might find yourself wondering whether this is worth your time. Well, I can say, Yes!. You will not be spending on anything, unlike those that took the risk with Bitcoin. The app is free, and you install it. And, whether this would break the #1 spot of Bitcoin or be equal in value, that is what we need to see. It is best to try than regret later. Also, there is no money involved. You will not be spending anything like purchasing mining equipment or online mining slots since the app is free. All you need to do is install the app, sign up, and start mining, then you can invite family and friends to join your earning/security circle. 

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