The emergence of cryptocurrencies is quite a new development to many but not all cryptocurrencies can be mined using a smartphone, especially not the popular ones. Unlike other currencies, Pi has brought about a “no deposit mining”.
Pi is an emerging new currency that is at a developing stage. It is designed to be decentralized, secure, and at a low cost. Unlike other cryptocurrencies which need specialized computer hardware for mining, Pi can easily be mined in a smartphone to earn a little token per 24 hours.
We all know that mining cryptocurrencies consume a lot of energy, particularly Bitcoin, however with Pi the case is different as minimal resources are required for mining. This procedure doesn’t consume energy from mobile phones thereby igniting curiosity.
Most people are confused about how Pi works and some are already tired of the endless mining which at some point seemed fruitless. Is Pi going to become the next Bitcoin in a few years to come? That answer is still a puzzle in the minds of many.
What the Pi network is all about, how Pi network mining works and the worth of the Pi network will all be discussed in this article. Have you ever been puzzled about Pi? This article is for you, stay glued to your screen as we explore the Pi network.
Pi network serves as a digital currency that allows users to mine using their smartphones. Unlike other cryptocurrencies in which the masses don’t have the privilege to access the mining process, the Pi network has made mining easy as it is done by the individuals themselves.
This network was founded in 2013 by three Stanford scholars namely; Vince McPhilip, Chengdiao Fan, and Nicolas Kokkalis, and in 2014, the web app was launched. On the 14th of March 2019, the mobile app was launched. This app gives users the ability to download Pi and earn by mining it.
Pi network upon launching attracted millions of people as it did not require a monetary investment. The purpose of this network was to make crypto mining accessible to people as other renowned currencies like Bitcoin, Ethereum, etc have made it impossible for a normal user to access.
Picoin mining is currently in two stages; the Pre-mainnet Phase and the Mainnet Phase. The Pre-mainnet phase is a stage where users only mine to keep without making use of the coin. This phase was the initial phase of the Pi network and at some point, people began feeling discouraged as they felt the coin was of no use.
Then the second phase was initiated which was the Mainnet phase where users can make use of the Picoin for P2P transactions with other users who have gotten to the mainnet phase. This phase helps in retaining growth and security as decentralization progresses.
Pi network has a mobile app that is very straightforward. You can mine with it every 24 hours, the longer you stay on Pi the higher your mining rate. This means that a newbie will not have the same mining rate as an early pioneer.
To earn a higher mining rate, you can refer or invite others into the app or build a security circle. A security circle is a group consisting of 3-5 people built by a Pi member. This is to checkmate the security system and ensure that there are no fraudulent transactions by members.
The developers of the Pi network are moving towards the creation of a Blockchain with Stellar Consensus Protocol (SCP) and an algorithm known as Federated Byzantine Agreement (FBA) thereby making it more efficient, more user-friendly, and less energy-consuming. Unlike other cryptocurrencies which depend on energy-consuming validation mechanisms such as Proof of Work (POW) which is used by Bitcoin, the Pi network doesn’t depend on this mechanism and it is not energy-consuming.
Through the SCP, Pi intends to enable users’ devices to contribute on the protocol level for rewards which includes mobile phones, laptops, and computers.
Here are four roles in which users can play as Pi miners with the SCP application;
- Pioneer: This is a Pi network user who simply signs in to confirm that they are not a robot. The user indicates the presence in the app and can equally open the app to make transactions.
- Contributor: A user of the Pi network who doesn’t only open the app to indicate presence but also gives a list of known and trusted pioneers. They contribute to building a global trust graph
- Ambassador: This is a user who helps in publicizing Pi by introducing it to others and also making referrals to increase the users’ list.
- Node: This is a three-in-one user who is a pioneer, a contributor, and one who runs the Pi node software on their computer. This Pi node software runs the SCP algorithm. It takes note of the trust graph information which is provided by contributors.
A user in the Pi network can play more than one role and they all earn newly minted Pi daily. This means that all four role players are Pi miners.
As earlier mentioned, Pi has an app, and to benefit from Pi mining you need to do the following;
- Get the referral link from an already existing Pi user (Pioneer)
- Go to the Play store or Apple store to download the Pi Network app
- Register for a Pi account by using your mobile phone number or Facebook account. For easy authentication, it is advisable to use a mobile phone number.
- Choose your location and input your phone number
- Set and confirm your password. This means you’ll enter the password twice
- Input your first name and surname (Your real name) and enter a username of your choice
- Enter the referral code you got from the Pioneer who referred you and submit.
- After this, you are free to mine Pi. To do this, click on the lightning bolt button on the screen to start mining
The app uses a small amount of the phone’s processing power to contribute to the security and integrity of the network. In return, users will earn a small amount of Pi that they can use to transact with other users or to save for the future.
The mining process takes place at 24 hours (one-day) intervals. You must log in to the app every day as proof that you are not a robot before mining. The amount which you’ve mined so far will be shown to you.
As the number of users increases, the speed reduces. This means that some users will not be able to do this anymore. This is known as the halving system and it will be most favorable to the early pioneers when the coin increases in users and worth.
It is still a puzzle if Pi is worth it or if it’s a scam. If it’s a scam then it must have other intentions as the users are not investing money into the app. However, the Vietnamese crypto expert Dang Minh Tuan expressed his concern as he feels users of Pi might lose their personal information at the end of the day.
He feels that it is a pyramid scheme that might lead to the loss of information, time, and phone resources. The compulsory use of referral codes for each registration also caused concern as it doesn’t feel right.
However, nothing is certain as this is a new network that has surprisingly gained popularity in Nigeria and beyond.
As of the time of this article, Pi is not worth much but according to the developers of Pi, the coin will be worth as much as Bitcoin in a few years to come. Is this certain? No one is sure of that.
The coin’s worth as of December 2022 is $0.007077 and it is yet to be enlisted for Cryptocurrency exchange. However, the volatility of the crypto market has made it difficult to ascertain a crypto’s value as it can change in a matter of hours. This has made it difficult to give a long-term estimation of how the Pi coin will turn out to be.
The Pi Network is still in the early stages of development and is not yet available for official use. However, it has already attracted a large and growing following in Nigeria and around the world. Many people are excited about the potential for the Pi Network to democratize access to financial services and to provide a more secure and transparent alternative to traditional financial systems.
Some think Pi has gained its popularity due to the free mining of coins, this might be true and most people are also eager for the outcome as humans believe in little beginnings.
Overall, the Pi Network represents an interesting and potentially disruptive development in the world of cryptocurrency. While it is still too early to know exactly how it will evolve and be used, it is worth keeping an eye on as it continues to develop.