Pi Network: Who, What, When, Where, Why, and How
In view of the swift and massive improvements in the smartphone technologies, including fast processing power, less energy dissipation, extensive channels bandwidth, as well as increasingly on-the-cloud APIs and services, our world turns into more digital. Accordingly, the cryptocurrencies and the crypto markets are the subsequent trends in the evolution of money, in the ways of trading, exchanging, and mining. The cryptocurrencies are forms of digital money that operated, grown, maintained, and secured by its community, i.e. affiliated members and companies, instead of governments, banks, or brokers. Correspondingly, Pi is the first digital currency (cryptocurrency) that can be mined (earned) on smartphones using an energy-light mobile app, namely Pi Mobile App. The mission of Pi Network, and its Core Team, is to build such cryptocurrency and smart contracts platform operated, maintained, and secured by Pi Mobile Apps operated by Pi’s community. While, the vision of Pi Network, and its Core Team, is to build the world’s most inclusive Pi peer-to-peer marketplace through Pi Nodes, i.e. user-centric decentralization entities, and Pi Platform that includes Pi SDK for building applications that operate and cohere with Pi cryptocurrency.
In this article, we will illustrate the 5 W’s and 1 H that should be asked of every project, which are Who, What, When, Where, Why, and How, when you considered Pi Network as a complete project that you want to understand it and mine its Pi cryptocurrency.
N.B. You are welcome to use our invitation code, which is albayaty, after installing Pi Mobile App.
Who?
Pi Core Team are the members that helped build Stanford’s blockchain community. Presently, this team is dispositioning the Pi Network infrastructure, as a cryptocurrency and peer-to-peer marketplace, by building the community, distributing the cryptocurrency, and developing the technology to ensure its transactions and security. And, the two Stanford PhDs and one Stanford MBA led this team are:
Dr. Nicolas Kokkalis
Head of Technology
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Dr. Chengdiao Fan
Head of Product
Read more …
Vincent McPhillip
Head of Community
Read more …
What?
Currently, Pi cryptocurrency’s value is worth approximately 0.00 U.S. Dollars as similar to Bitcoin’s value, in 2008. This value will be backed by the time, attention, as well as goods and services offered by other members of Pi’s community.
As above-mentioned, Pi is the first cryptocurrency that can be mined on smartphones using Pi Mobile App. And, Pi is a decentralized currency, which means it is secured, immutable, non-counterfeited, and interoperable. Pi Mobile App is free and you can download it from:
After installing Pi Mobile App, all you need is the invitation code from an existing trusted member on Pi’s community. And, of course, you are welcome to use our invitation code, which is albayaty, then you will be added to our trustworthy earning team. Now, you are a Pioneer (1st role), which means an individual member of Pi’s community within our earning team that composed of other trusted Pioneers.
Furthermore, you can earn up to 25% bonus, as an extra earning rate added to your current mining hourly rate, for each member you invite. And, due to your invitation(s), you will become an Ambassador (2nd role). Note that, these invited members, i.e. invitees, should be active miners in order to receive your bonus rate, and each invitee can be only added to the Pi’s community by only one inviter, i.e. using only one invitation code.
After that, you can build your security circle of 3–5 trusted invitees, active members, to earn more Pi. And, due to this building, you will become a Contributor (3rd role). Note that, the Contributor role becomes active (unlocked) after finishing the first three active mining sessions as a Pioneer, and each mining session equivalents to 24 hours. So, after three days of your active mining, there will be a new icon for your security circle appears on Pi Mobile App’s home screen, just click to start and add invitees.
In order to prevent bad actions from executing fraudulent transactions in Pi Network and Platform, the security circles secure and guard the Pi cryptocurrency by building a global trust graph. In short, this global trust graph will determine who can be trusted to execute the transactions on Pi’s ledger.
N.B. Invitees can be added into multiple security circles by multiple members when these members share the same invitees’ phone numbers or Facebook accounts, but invitees can be added into only one earning team by only one inviter.
When?
Pi Network launched on Pi Day in 2019, i.e. March 14, 2019. Pi Core Team and Pi’s community celebrate, make events, and present their ideas and announcements on Pi Day annually. Of course, other events and gatherings are posted and held on Pi Network and Core Team official social networking sites.
In general, the overall project of Pi Network divided into three phases that determined by either specific dates and/or the number of joined members, which are:
- Phase 1 (Design, Distribution, and Trust Graph Bootstrap)
The era of Pi Mobile App. - Phase 2 (Testnet)
The era of Pi Node and Pi SDK. - Phase 3 (Mainnet)
Pi Network as a fully decentralized blockchain.
For more information and details, please check Pi White Paper.
Where?
Announcements, celebrations, events, and gatherings are posted and held on Pi Network and Core Team official social networking sites, which are:
- LinkedIn: https://www.linkedin.com/company/pi-net
- Instagram: https://www.instagram.com/pi_network
- Facebook: https://www.facebook.com/PiCoreTeam
- Twitter: https://twitter.com/PiCoreTeam
Why?
Today, Bitcoin cryptocurrency (BTC) mining is hard and risky, since Bitcoin secures its ledgers by forcing miners to consume more power energy as well as utilize excessive and expensive hardware rigs for Proof-of-Work (PoW) concept. On the other hand, Pi secures its ledger from its members when they ensure and guarantee each other as trustworthy by forming security circles that build the global trust graph. So that, Pi Network makes cryptocurrency mining easy and applicable to be used on your smartphone without draining your battery as well as Pi Mobile App is user and planet-friendly.
Keep in mind, you cannot mine Pi from more than one account, since Pi Network has a strict rule of one account (smartphone) per a person (miner). Accordingly, Pi Network uses Google’s reCAPTCHA v3 API, Pi’s Consensus Algorithm for security circles that detects fake accounts, and decentralized KYC (Know-Your-Customer) processes to know if an account is operated by a human or a machine (bot).
How?
You can earn Pi from using Pi Mobile App by making active contributions to Pi’s community. So that, the more you contribute, the more Pi you can earn. Press the lightning-shape button on Pi Mobile App’s home screen to start mining and earning Pi every one active session, i.e. every 24 hours. The mining hourly rate can be boosted by inviting your trusted friends and family to join Pi’s community. After completing the first three days of active mining, you can build your security circle to boost your earning rate, and that exactly means your contributions to the overall security of Pi Network.
Note that, there is no need to leave Pi Mobile App open to mine since it works in the background. Moreover, Pi Mobile App does not affect smartphone’s performance, drain battery, charge extra financial cost, or excessively use network data and bandwidth.
Your smartphone is your crypto wallet that linked to your account (phone number or Facebook account). And, the scheduled functionality of such wallet will be available in Phase 3 (Mainnet). In this final phase, the crypto wallets will have private and public keys.
Currently, you are not able to withdraw Pi cryptocurrency using your smartphone. However, you will be able to withdraw Pi, exchange Pi to other cryptocurrencies, e.g. BTC/ETH, and fiat currencies, e.g. USD/EUR, or purchase goods and services on Pi peer-to-peer marketplace when Pi Network transitions to a fully decentralized blockchain, in Phase 3 (Mainnet).
N.B. Earlier members of Pi’s community mine at a higher rate than those join Pi Network later, in order to reflect the importance of early contributions within Pi’s community. So that, the mining hourly rate decreases as more members join Pi Network.
Disclaimers
- The success of Pi Network project cannot be guaranteed by the Core Team. However, they do promise to work hardest to make shared dreams a reality as well as maintaining the highest standards of integrity.
- Pi cryptocurrency is NOT free money. It is a long-term project, and its success depends on the active contributions of its trustworthy members.
References
- Pi Network Homepage: https://minepi.com
- Pi Network FAQ: https://minepi.com/faq
- Pi White Paper: https://minepi.com/white-paper
- Pi Node: https://node.minepi.com
- Pi Node Information: https://minepi.com/node-info
- Pi App Platform for Developers: https://developers.minepi.com
- Pi App Platform SDK and Documentation: https://developers.minepi.com/doc/javascript
