As the world becomes more and more digital, cryptocurrency is the next natural step in the evolution of money. Pi is the first digital currency for ordinary people, representing an important step forward in the adoption of cryptocurrencies around the world.
Pi Network (PI) is one of the first cryptocurrencies that users can mine on their mobile devices. Launched in 2019 by three Stanford graduates, PI cryptocurrency quickly gained popularity among users. What is Pi Network (PI) cryptocurrency? How to mine PI? Find out all about it in our new article.
Pi Network (PI) Main Principles
Pi Network beta version was launched on 3/14/19 by three Stanford PhDs and graduates:
- Dr Nicolas Kokkalis, Head of Technologies;
- Dr Chengdiao Fan, Head of Product;
- Vincent McPhillip, Head of Community.
Pi Network allows users to earn PI cryptocurrency from any mobile device. This is the result of cryptocurrency evolution in general. Bitcoin is starting to become old-fashioned as it requires a lot of electricity, while PI coins are completely eco-friendly. Pi Network uses Proof-of-Work algorithm without the high electricity costs.
There are three steps of Pi Network development:
Phase 1. Design and Token Distribution
The Pi server acts as a crane emulating the behaviour of a decentralized system as it will function after its operation. During this phase, improvements in user experience and behaviour are possible and relatively easy to make compared to the stable phase of the main network. All coin minting for users will be transferred to the live network after its launch.
In other words, the live net will pre-mount in its genesis to block all account holders balances created during phase 1, and continue to work in the same way as the completely decentralized system. Pi is not displayed on exchanges during this stage, and it is impossible to buy Pi with any other currency.
Phase 2. Test Network
Before starting the main network, the host software will be deployed to the test network. The test network uses the exact same trust schedule as the main network. The Pi core team will host multiple nodes on the test network but will encourage more pioneers to launch their own nodes on the test network. In fact, in order for any node to join the main network, they are advised to start with the test network. The test network will be run parallel with the Pi emulator at the first stage and periodically. For example, the results of both systems will be compared daily to catch the gaps and misses of the test network. It will allow Pi developers to propose and implement corrections. After a thorough parallel launch of both systems, testnet will reach a state where its results will be consistent with the emulator. When the community will be ready, Pi will move on to the next step.
Phase 3. Main Network
When the community feels that the software is ready for production and it has been thoroughly tested on the test network, the official mainnet of the Pi network will be launched. An important detail is that during the transition to the main thing, only accounts confirmed to be belonging to real people will not be restricted.
After that, the crane and the Pi phase 1 network emulator will be closed, and the system will continue to work independently forever. Future protocol updates will be presented by the Pi community and the core Pi team and will be proposed by the committee. Their implementation and deployment will depend on the nodes updating the mining software, like other blockchains.
No central authority will control the currency, and it will be completely decentralized. The remains of fake users or duplicate users will be discarded. This is the phase during which Pi can be connected to exchanges.
How to Mine PI Cryptocurrency?
To connect to the network, it is enough to have a mobile device based on iOS or Android. Then, follow these simple instructions:
- Go to the App Store or Google Play, depending on the type of your operating system.
- Type Pi Network into the search gap.
- Download the application on your smartphone and open it.
- Specify the registration method: Facebook or phone number. We recommend the second option since it is much safer.
- Fill in the country of residence and phone number.
- Fill in first name, last name and nickname.
After registration, each user receives 1 Pi per account. The system provides the following ranks:
Pioneer is the entry-level rank for all users. The production size is 0.39 π/h. You can increase it to 0.49 π/h if you participated in the referral program during registration;
Contributor. To receive this rank, mine cryptocurrency for three days;
Ambassador. A rank for users who invite other members to connect to the Pi Network.
Node. Members who have connected additional equipment to the network. This level is still under development and will be available later.
When you open the app you need to hit the ‘mine’ button. You do not need to keep the app open, just activate the button once in 24 hours and you’ll get the coins.
Where to Store PI Cryptocurrency
The wallet is the app where you mine your coins. During phase 3 of the project, you will also have the option to take full ownership of your private/public keys.
Where to Trade PI Cryptocurrency
According to Coingecko, PI cryptocurrency can be traded on some exchanges. You can see the availability of the most popular pairs in the table below.
So far Pi Network is just an experiment in the field of mobile mining. If the team will continue to develop the project, the app will become a real phenomenon in the crypto sphere. Stay tuned!