Pi Network | The New Cryptocurrency Developed By Stanford Scientists
Pi is the first cryptocurrency (operated by ordinary people) that allows you to mine through an APP for free (Android and iOS). It was developed by three PhD’s from Stanford University
Yes yes, you already have the definition that you can find anywhere. You may have even read the first paragraph of this post on any other site that combines definitions with financial technology. But… here I will take care of answering the questions that anyone with common sense and criticism (like you) would ask themselves when hearing this new promise. Hold on.
You can only access the platform through an invitation code (use “alaxos”). Within it you can view the balance, the mining rate and your role.
All you have to do to start mining is press a button every 24 hours. This does not affect the battery of your smartphone and you can even close the application and the mining function will continue to run.
Pi plans to make apps and stores available with MainNet as avenues for people to use pi and jump-start an economy.
MainNet? mining? role? balance? press a button every 24 hours?
We have just seen the cryptocurrency from above, as if we were seeing it from an airplane at a great height. Now let’s do the same route but from the ground.
“There are already many cryptocurrencies in the market, what is different about this?”
The Pi Network cryptocurrency solves a problem; The low accessibility of users towards cryptocurrencies. Since this cryptocurrency you can mine (earn) from any Android or iOS phone.
“Surely this application drains me of energy or mobile data.”
Not at all. It is not necessary to leave the application open when mining. Pi does not affect the performance of your phone, it does not drain your battery or use your network data. Once you hit the lightning bolt button, you can even close the app and it will continue to mine Pi.
“It is too good to be true. Is this easy money? “
Pi is NOT free or easy money. It is a long-term project whose success depends on the collective contributions of its members.
Pi is dedicated to helping ordinary people capture more economic value that today goes to banks, tech giants (eg, Facebook, Amazon), and other intermediaries. Pi depends on the collective contributions of its members. If you are looking for quick money, look elsewhere.
“So if it is a cryptocurrency, it must have a value. What is that value?”
Today, Pi is worth about $ 0 / euro, etc., similar to Bitcoin in 2008. The value of Pi will be backed by the time, attention, goods and services offered by other members of the network.
“When will I be able to convert my Pi coins into real money?”
Holders of Pi will be able to convert Pi into “real” money when they buy goods and services on the Pi market or exchange Pi for fiat currency.
Cryptocurrency holders have two options to convert their holdings into “real” money (or to “withdraw” them):
- Buy goods and services directly with your crypto or
- Exchange your crypto for fiat currency (for example, dollars, euros, etc.) on cryptocurrency exchanges (a & b);
a. Direct purchase of goods and services with your Pi. Pi Network is building a P2P marketplace where our members will be able to spend Pi directly to buy goods and services. Our goal is to start experimenting with in-app Pi transfers as early as Q4 2021.
b. Exchange of Pi for fiat currency in cryptocurrency exchanges. The Pi core team does not control when crypto exchanges (such as Binance, Coinbase, Kraken, etc.) decide to list Pi. However, Pi may be traded in Phase 3 of the project (ie MainNet). At that time, exchanges can choose to list Pi.
“Can I mine from more than one device? How does the network prevent fake accounts, bots, etc. win Pi?“
No, you cannot mine from more than one device. The network has a strict rule of one account per person. Pi uses a multi-pronged strategy to ensure Pi is not mined by fake accounts.
First, the network uses Google’s ReCaptcha Version 3 to find out whether a device is operated by a human or a machine. (This technology is completely invisible to most users as they are real humans, but bots can start seeing captchas if Google’s algorithm detects them.) Over time, we are also developing a machine learning algorithm based on the mining behavior of real users to predict bots.
Second, the requirement of the Pi consensus algorithm (security circles) makes it easier to detect fake accounts. Fake accounts won’t have enough real people pointing them through security circles. At best, the fake accounts would point to each other with very few incoming pointers from the rest of the network. This anomaly is easy to detect with computer algorithms.
Finally, when Pi enters its third and final phase, Mainnet, only accounts validated as belonging to distinct real individuals will be honored. In other words, even if all other methods were lost on some “bot” accounts, this user validation process will remove them even more because bot owners will not be able to prove that bots are real people with real names. We are currently exploring decentralized KYC processes that would be minimally intrusive.
“Understand. I won’t lose anything by pressing a button every 24 hours. What do I have to do to start? “
First you have to download the application from the App Store or Play Store.
Once inside the application it will ask you for two ways to register. We recommend you use the mobile option.
You will need to enter your full name and choose a username.
Then it will ask you for an invitation code. Enter “alaxos.” It is important to note that you can NOT join to Pi Network without an invitation code.
That’s it, you have your account!
“How do I start mining?”
You must click on the green ray located to the right of the interface.
Do you have any questions? Ask me directly on instagram @zaraterdz
Have a good day.