What is pi crypto?

what is pi crypto

What is Pi crypto? Recently the search for Pi cryptocurrency has increased considerably among the crypto community.

According to the data. I have learned that Pi is a new cryptocurrency for ordinary people. Smartphone users can generate and own a cryptocurrency Pi by mining.

Users can mine or produce Pi by helping secure this cryptocurrency and by growing a trusted network of Pi. Pi crypto is on the Pi network and is currently in the Beta version.

The idea of ​​Pi cryptocurrency’s idea is that Bitcoin is very difficult to use and access to everyday people. Pi puts the power of cryptocurrency in the user’s hands.

The Pi network marketplace was developed by a Ph.D. team and Stanford graduates. The advantage of Pi compared to Bitcoin and others is that it can be easily mined on mobile phones with low financial costs.

The social cryptocurrency Pi lays the foundation for an inclusive online environment where ordinary people can capture a fair share of the digital pie.

tenkofx logo

Work from home forex trading online with TenkoFX

TenkoFX broker regulated by IFSC Belize

Open an account or try Demo account.

Pi cryptocurrency explained

The new crypto platform Pi Cryptocurrency has arrived to change the scope of crypto mining by integrating smartphone mining and earn features. The Pi Network platform that develops is a group of Stanford graduates.

The Pi Cryptocurrency platform aims to fix Bitcoin errors by offering a new platform. That allows users to collectively control the network and the ownership of coins to prevent shifts to a centralized system.

Pi Cryptocurrency gives smartphone users the opportunity to mine without having to spend your battery or cellular data.

March 14, 2019, Pi cryptocurrency was first launched in beta. But the development of Pi including very rapid with more than 2 million installations. And has active members who have reached 180 countries.

Today Pi is worth 0 dollars/euros etc. Similar to Bitcoin in 2008. The value of Pi will be determined by the time, attention, goods, and services offered by other network members.

Advantage of PI crypto

In contrast to Bitcoin, Pi crypto offers several benefits

  • Simple. Users easily mine and use PI crypto money without difficulty even though they have never heard of cryptocurrency before.
  • Fair distribution. The number of coins mined does not depend on the capacity of the device, unlike bitcoin which is the fastest device that gets the most coins.
  • Extra income. There are gifts to users who contribute to the development of the platform.

Users only need to download the free application to start generating Pi, which is available on Apple or Android: https://minepi.com/ and use the invitation code “PiCoreTeam” or “manjacha![pi-network” after installing the app.

For more information, users can read the application’s FAQ or request their invitation through the newly launched Application Production Team.

The hope with the launch of the application is that Pi Network can change global finance by creating integrated communities that focus on creating their own networks.

Founder Pi cryptocurrency

The team that created Pi Network are three graduates from Stanford Ph.D. They are Dr. Nicolas Kokkalis, Dr. Chengdiao Fan, and Vincent McPhillips.

Dr. Kokkalis is a Ph.D. He teaches the Decentralized Application of Blockchain at Stanford. Works experience with blockchains since he started his Ph.D.

He managed to design several social applications that have gathered more than 20 million active users. One of them is Gameyola, an online gaming platform. He also contributed to the founding of StartX, a startup of the Palo Alto company that helps entrepreneurs perfect their business model.

Having an extensive background in computer and software engineering, he mainly focuses on script and Pi Network code design. Pi Network made a breakthrough by harnessing the power of member social networks to enable everyday people to contribute to currency security.

When fellow Pi members trust each other, together they form an interrelated network of “security circles” and determine who can validate transactions on Pi’s ledgers.

So members get Pi from their cellphones at a low cost, without draining batteries, and traces of light on this network.

How Pi app works

This application allows you to get earn Pi all you have to do is become a Pi network contributor. By making a simple contribution to the Pi community you will get Pi. The more contributions you have, the more Pi you get.

How to get started is to check once every 24 hours and press the lightning button to start mining. You can get higher hourly rates. You can invite friends or family to join this community.

Your income will increase after 3 days of mining, by building your security circle, which contributes to the overall security of the network.

Important note that network members previously mined at a higher rate than those who came after them.

Pi network whitepaper

The crypto community when it began to recognize the new cryptocurrency, one of the concerns was about whitepapers.

The white paper is an introduction to the currency that will be proposed with a description of the technology that underlies the proposed currency. Whitepaper analysis requires several important questions and must be answered in the whitepaper, Where, When, Why, and How all in one opportunity.

The whitepaper network Pi provides information with a lengthy explanation of their future work plans. Although Pi can be mined for free Pi is not free money, for the future, it depends on the collective contributions of its members.

In the whitepaper also mentioned Pi network using the SCP consensus algorithm or Stellar Consensus Protocol. Currently, SCP is implemented on the Stellar network, and this protocol was proven officially in 2015 by Maziere.

Pi intends to allow individual devices to contribute at the protocol level and get prizes, including cellphones, laptops, and computers.

For more dept whitepaper you can find at https://minepi.com/white-paper.

Pi cryptocurrency review

Pi is for the long term, so whether this is legit or not, in the end, time will tell. But from the development side, there are three important points that can be taken from Pi cryptocurrency.

Token Design and Distribution

In this phase, the Pi server functions to mimic the behavior of decentralized systems. In this phase, the user experience might be relative to the experience in the stable phase on the main network.

Coins will be printed and launched during this phase. Or you could say the live net was first installed at the beginning to block all account holder balances created during this first phase. And that will work in the same way as a fully decentralized system.

During this phase, Pi does not appear on the Exchange and cannot buy Pi.

Test Network

In phase two a network test will be carried out before starting the main network, the host software will be used for testing this network. This uses the exact same conditions as the main network.

In this phase, the Pi core team will host many nodes on the test network. Then they will also encourage more pioneers to launch their own nodes on the test network.

This test network runs parallel to the Pi emulator in the first stage. If the results of both systems capture gaps and errors from the testing network, it means that testing at this stage cannot continue to the next stage.

Likely there are still these conditions then the Pi developer to propose and apply corrections. If the parallel launch of the two systems, the test net has reached a condition where the results will be consistent with the emulator. Pi will then proceed to the next step when the community is ready.

Main Network

When the testing network in phase two is ready where the software is ready to be produced and has been thoroughly tested the official main network of the Pi network will be launched.

During the transition to the main network, only accounts that are confirmed to belong to real people will not be restricted. Then, in this process, Pi network phase 1 will be closed and the system will continue to work independently forever.

If there is a system update it will be submitted to the committee. While the implementation and deployment will depend on the node that updates the mining software. In this final stage, the fake user or duplicate user will be removed, and at that time the crypto Pi can connect to the exchange.

Pi cryptocurrency Reddit

Reddit is a social forum site where members discuss various kinds of problems, Pi cryptocurrency is included in the discussion with the r / Cryptocurrency tag.

Someone asked about the concept of Pi whether bad or good concept. Several answers commented that Pi is a pyramid style scheme and that it is only a scam. Another member said that the ownership from India.

Regardless of whether Pi crypto scam or legit in the future is not yet certain at this time because it is still in the beta version stage. But now there are around 56,640 users who download the Pi network application on the Google Play store. Not yet on IOs more than 2.4K rating.

From the application user review, said that the concept brought by Pi Network is very good, and this gets a rating of 4.5 from the average user who gives a review.

Pi cryptocurrency future

The current price of Pi is meaningless, but the developer states that Pi is for the long term and that they are building a blockchain and infrastructure. It conducts development in three phases and as the last phase will determine Pi enters the market and become what it really is.

There is no prediction of Pi Network prices on the Net, but Pi can cost $ 0.16 in early 2020, the price remains at the same level. April 26, 2020: the value of 1 Pi is only $ 0.003111.

This application is in beta, which allows in this stage the price of Pi will not change in the coming months. The price value of Pi will also depend on the public accepting or rejecting this cryptocurrency and which exchanger registers Pi in its network.

Some experts give estimates that the future Pi price by the end of 2020 is $ 1. While even more extreme predictions in 2025 the price of future Pi can reach $ 7.

However, it is also difficult to predict the value of Pi Network in 2025 because this is too long. While the project process is still very young. This is a Cryptocurrency with unique features and values ​​and has grown rapidly after its launch.

If you invest in crypto, you must really find a user-friendly service and get value in the general public.

FAQ

What is PI?

Pi is a new cryptocurrency designed for and by ordinary people that you can “own” (or produce) through your mobile smartphone. You can mine (or earn) Pi by helping to secure currencies and by growing a trusted network of Pi. While most cryptocurrency (like Bitcoin) is very difficult to use and accessible to ordinary people, Pi puts the power of cryptocurrency into your grasp.

Is this real? Is Pi a scam?

Not a scam, the Pi network is a pure effort by the Stanford graduate team to give ordinary people greater access to digital currency. Pi Network has a core team led by a Stanford MBA. and by two Stanford PhDs.

This does not guarantee that the project will succeed. However, the team will struggle to make shared dreams come true. And also try to maintain the highest standards of integrity. You can learn more about the “Core Team” in the main menu of the application.

How does this application work? How do I get more Pi?

You must contribute to the community using this application to get Pi. To get more Pi you need to increase your contribution to the community.

You only need to check every 24 hours and press the lightning button to start mining.As part of your contribution, you can invite friends and family after you mine, to join the community.

After 3 days of mining, you can increase your income more by building your security circle, which contributes to the overall security of the network. Keep in mind, network members previously mined at a higher rate than those who came after them.

Does this application always have to be open to mine?

No, you can close an application after mine. Mining with Pi does not affect the performance of the cellphone, it will not drain your battery, and or use your network data. All you need to do is press the flash button, after which you can close the application and you will continue to mine Pi.

Why did the previous members mine at a higher rate?

They get higher rates because they value contributions to the network when they are needed most.

What is the role of the Ambassador? How does producing teamwork?

If you are an Ambassador, you will get a bonus of up to 25% of your basic mining tariff for each person you invite to the network.

What is the role of a Contributor?

You get more Pi by becoming a contributor who builds a security circle of 3-5 trusted members.

What is a security circle?

This is a group of 3-5 trusted people built by each Pi member. The security circle secures the currency by building a global trust chart that prevents evildoers from conducting fraudulent transactions.

What is the value of Pi?

Today Pi is of no value or 0 dollars/euro. The value of Pi will be supported by the time, attention, goods, and services offered by other network members.

How I withdraw my Pi?

Currently, Pi can’t be withdrawn. The withdrawal process of Pi is only in Phase 3 of the project when Pi has transitioned completely to a fully decentralized blockchain.

Final Thought

If you are interested enough in the concept offered by Pi cryptocurrency, from now on you can download and install the application and start mining Pi.

But as with the Team’s statement that this is no guarantee that it will succeed, so it is possible that what you are mining as long as it will not provide any benefits.

And must be prepared with these conditions, because it is still in beta version and all will be answered by time.

Are you ready trading crypto?

Open an account or try Demo account.

You read also

Lightning network how it works

Chinese Digital Yuan

What is NFT token?

How safe Bitcoin loophole? is bitcoin loophole scam?

Bittrex review 2020, Is it good and safe exchanges?

Leave a Reply

Your email address will not be published. Required fields are marked *