What is Pi Network?
Pi Network is one of fewest cryptocurrency which is available to mine on your smartphone without draining battery. Pi network team launched their mobile application in the beginning of the year 2019 on the occasion of “Pi Day” which comes every year on 14th March. Pi Network is launched by a team consisting of Dr. Nicolas Kokkalis who is Head of Technology, Dr. Chengdiao Fan who is Head of Product and Mr. Vincent McPhillip who is Head of Community. Dr Nicolas and Dr Chengdiao were ex-students of Stanford University and completed their PhD in Cryptocurrency and Computational Anthropology respectively. While Mr. Vincent is social activist from Stanford University itself completed BA in Political Science.
The good thing about this application is, it is available for both android and iPhone users. And you can simply start mining cryptocurrency over your smartphone which has proved that it is not a rocket science anymore. You can boost your mining rate by referring this Pi Network application in your family and friends circle. More referrals mean you have more Pi earned in less time period. The process of mining using Pi application and boosting mining speed is explained below in next section.
Is Pi Coin a legit Cryptocurrency?
Many of us have same question as is Pi Coin(network) a legit cryptocurrency? As we have witnessed many cryptocurrency scams till now. Answer of that question is mostly Yes; Pi Coin is a legit cryptocurrency. And here is the explanation which support it. There are multiple factors like origin of this cryptocurrency, white paper and official website and application.
This Pi Network is established by Stanford University’s ex-students and professors and their identity along with details is displayed on official website “minepi.com”. Second thing is White Paper it is also available on their official website which includes the problem solved by this Pi Network of accessibility of 1st generation cryptocurrency and other details like solution details and roadmap plan are also mentioned. Last but not least, people acceptance, people have accepted this technology which can be concluded from more than 1 million installs on android smartphone with average rating of more than 4.4 stars out of 5 by 48 thousand users. So, from all the above reasons we can at least conclude that this Pi Network does not looks Illegal.
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How many Phases does Pi Network has?
There are total 3 phases of this Pi Network which includes Design phase, Testnet phase and last Mainnet phase in which actual trading will start. You can refer to below table to understand Pi Network phases in detailed. Currently we are in Second phase that is of Testnet and soon in coming few months will enter in Mainnet phase.
Phases of Pi Network
|Phases of Pi Network||Name||Description|
|Phase 1||Design, Distribute and Bootstrap||In this phase you will be introduced to the technology and how it can be used. You are not allowed to buy or trade Pi Coin. Faucet and Pi emulator will run in this phase.|
|Phase 2||Testnet||Unfortunately, in this phase also price of Pi Coin is not decided. Similar to bitcoin before mainnet value of pi coin is not decided. This phase is more kind of testing before entering mainnet and everyone is advised to deploy their nodes in Testnet before directly jumping into Mainnet parallel with pi emulator of Phase 1. In simple word this is test environment where users and developers will test functionality in each and every aspect before going into production.|
|Phase 3||Mainnet||This is the production phase of Pi Coin network, in which all functionalities of Pi Network will be live and available in public domain. Once we entered in this phase Pi Network will be fully decentralized and not governed by any central authority. Faucet and stimulators will be closed once Pi Network goes in this Mainnet phase.|
How to Mine Pi Coin using Smartphone?
Everyone is curious about mining cryptocurrency but earlier this was like a black box theory which only few understands(miners). But after introduction of Pi Network everyone can start mining cryptocurrency by simply following this below mentioned steps.
- Download and install Pi Network application from Google PlayStore or Apple AppStore. (We recommend to always use official app market as there is always chance of malicious/fake software)
- Enter referral code “sinayu”. (This is my referral code; I would be grateful if you use it)
- Register yourself with mobile number or using Facebook account.
- Click on Mine and boom you started mining Pi coin using your mobile.
So, these are basic steps to follow in order to start mining. But actual process starts here you must boost your mining speed to earn more Pi in limited time. This can be by simply referring this Pi Network app using your referral code within your family, friends and social network. By default mining speed with no referral is 0.25 Pi per hour and it will be boosted by 0.055 Pi per hour per referral. In simple if you have 5 referrals which are actively mining Pi coin then your mining speed would be
0.25 Pi/hour (By default) + (5*0.055 Pi/hour) è 0.25 Pi/Hour + 0.265 Pi/hour è 0.51 Pi/hour
How Much Pi Network Worth?
Currently, network is in the infrastructure building phase, where network is launched testnet where transaction from nodes holder will be test. However Phase 3 will be finalized state, in which Pi network will actually start displaying prices on different portal. Many of you already mining Pi coin since 2019 and also Holding thousands of coins and searching for how much Pi Coin will worth? so to determine price network will dependent on different factor. the most considering factor for price will be the number of user and active masternode, as many of notice that Pi Network in some interval of time goes into halving process, where you per hour reward cut by certain value as per roadmap. So, following that there will be limit of mining or pre-launch distribution.
Once phase 3 complete, in which mainnet will launch and after that you can actually spend Pi coin to buy goods and services in different marketplace. Network will also allow you to transfer mined coin to other wallet, where you can exchange coin into other fiat currency like BTC, USD, ETH.
Many of you familiar with Bitcoin journey, where Bitcoin was entered into market in 2008 and that time only way to earn BTC coin is by mining. in the Pi network case same procedure or pattern will be followed and in 2021 we expected to get Pi network price. So according me $0.16 USD will be the expected value.