You must have heard about the Pi cryptocurrency. You might be amazed to know that amongst cryptocurrency traders, this digital currency is becoming very popular. The algorithm to mine this cryptocurrency is attracting more people. It’s as easy as switching on your TV. Yeah! that’s true. You can mine Pi Digital Currency just from your phone. Actually it’s one of it’s kind and first digital currency that can be mined from your phone. The best part is that it doesn’t drain your batter & irrespective of device type, the mining capacity remains the same for everyone.
Here in this article we will discuss what is Pi Cryptocurrency, it’s future and what would be the price of this cryptocurrency in coming days, months & year.
- What is Pi Cryptocurrency?
- Future of Pi Cryptocurrency
- FAQs from Pi Network
- What is Pi?
- Is this real? Is Pi a scam?
- How does this app work? How do I earn more Pi?
- Do I need to leave the app open to mine? Does the app drain my battery or data?
- Why do earlier members mine at a higher rate?
- What is the Ambassador role? How does the earning team work?
- What is the Contributor role? How do I become a contributor?
- What are security circles?
- What is the value of Pi?
- Can I withdraw my Pi? What is the timeline for withdrawals?
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What is Pi Cryptocurrency?
As claimed by Pi Network, Pi is NOT free money. It is a long-term project whose success depends on the collective contributions of its members.
Pi is a new cryptocurrency for and by everyday people that you can “mine” (or earn) from your phone. Cryptocurrencies are new form of digital money that are maintained and secured by a community, instead of by governments or banks. Today, you can mine (or earn) Pi by helping to secure the currency and by growing Pi’s trusted network. While most cryptocurrencies (like Bitcoin, Ethereum) have been very hard for everyday people to use and access, Pi puts the power of cryptocurrency into the palm of your hand.
Pi Cryptocurrency is an eco-friendly, mobile-first crypto that offers users a truly decentralized network where they can mine and earn coins with their smartphones.
Who Developed Pi Cryptocurrency?
Pi was and is being developed by group of Stanford graduates. As of now the team has just 3 members. But looking at it’s potential it’s likely to grow at a much faster rate.
|Dr. Nicolas Kokkalis||Head of Technology||Stanford PhD and instructor of Stanford’s|
first decentralized applications class; combining
distributed systems and human computer interaction to bring cryptocurrency to everyday people.
|Dr. Chengdiao Fan||Head of Product||Stanford PhD in Computational Anthropology harnessing social computing to unlock human potential on a global scale.|
|Vincent McPhillip||Head of Community||Yale and Stanford-trained social movement builder on a mission to democratize how society defines, creates, and distributes wealth.|
How to Mine Pi Cryptocurrency?
Mobile App Users
To mine Pi you just have to install an app on your mobile phone. The mobile app connects to one or more nodes and checks if transactions have been recorded on the ledger. It also gets the most recent block number and hash value. The app connects to multiple nodes to cross-check this information.
Pi seeks to both avoid the concentration of wealth and reward early miners with a relatively larger share of Pi. This means that people who join the network early get higher Pi mining rewards. These rewards will decrease as the number of people in the network grows.
Right now the Pi server is operating as a faucet to simulate the behavior of the decentralized network as it will function once it is live. During this testnet phase, the Pi team is focussing on improvements in the user experience. However, all the coins minted by users will migrate to the live net once it launches. In other words, the livenet will pre-mint in its genesis block all account holder balances generated during Phase 1, and continue operating.
Recently Pi Core Team released the Pi Node Beta through which you can access your Pi App from laptop/desktop. It has also asked the members to join the Pi Testnet. Once it’ll be live then you’ll be able to access and mine this cryptocurrency from laptops and desktops too. The best part will be that once released it’ll become user-centric decentralization.
Nodes are the fourth role in the Pi ecosystem, and run on laptops and desktops instead of mobile phones. Similar to other blockchains, Pi Nodes will be responsible for validating transactions on a distributed ledger, and resolving the challenges in maintaining a distributed currency by having all nodes come to a “consensus” on the order of new transactions that are being recorded.
Unlike nodes that use proof of work such as Bitcoin or Ethereum, Pi Node uses a different consensus algorithm based on the Stellar Consensus Protocol (SCP). In SCP, nodes form trusted groups (quorum slices) and only agree to transactions that those trusted nodes agree to. The security circles (See Pi FAQ: What are security circles?) from Pi mobile miners aggregate into a global trust graph that enables Pi Nodes to form quorum slices to determine who can and cannot validate transactions on the shared ledger.
Unlike most other crypto projects, the Pi Node will continue to follow the philosophy of user-centric design. Instead of requiring deep technical knowledge to set up a node, everyday people will be able to do that by installing a desktop application on their computers. Through this computer application, Pioneers can switch the node software on/off to make their devices available/unavailable for serving as a node.
By Invitation Only
Pi is not yet listed on exchanges and you can’t buy it with any currency. The only way to get Pi is to install the app and let it mine. To join the network follow this link and use “rohitbhambhu22” as your invitation code.
Steps to register to Pi Network
To make it easier and shorter, please follow the below steps to register to this app. As you know only referrals are allowed therefore while registering use “rohitbhambhu22” as the invitation code. Since our team is one of the largest & the oldest team, therefore you’ll get a lot of support from our team. Greatest part is that you’ll also get 1 Pi as well.
|Step 1||Visit the link: https://minepi.com|
Alternatively you can download the app from Play Store or App Store
App Name – Pi Network
Developer – Social Chain
|Step 2||It’ll ask to verify your identitiy.|
You can register either by using your FB Account or with mobile number
Choose one of the option to register with
|Step 3||Set up your password|
(Would recommend to set the password which is easier for you to remember
but hard for others to guess)
Note: To claim your coins in future, it’s must to verify your number.
|Step 4||Choose your username|
(It’ll be used as your referral code whenever you’ll invite others)
|Step 5||On the next page, it’ll ask for the Invitation Code.|
Use invitation code as: rohitbhambhu22
How Pi Cryptocurrency is mined & calculated?
PI coin is a cryptocurrency you can mine on your phone and it is profitable because it doesn’t use your battery or RAM. It’s very easy to mine Pi, open the app after every 24 hours and just have to click on “Start Mining” button to start mining this awesome cryptocurrency. Please note that after every 24 hours you’ve to open the app to mine Pi. This is done to make sure that all it’s members are active and how much are they contributing to the Pi Network.
Here’s the formula to calculate the hourly mining capacity of Pi.
To ensure that there is fair scarcity, distribution, and meritocratic earning of Pi, a formula for the supply has been devised. The formula is;
Total Maximum Supply = M + R + D where;
- M stands for total mining rewards
- R stands for total referral rewards
- D stands for total developer rewards.
The mining speed for active referrals is calculated according to the formula:
X * 25% * (0.39Pi / Hr + 0.39), where X is the number of referrals
Thus, for 10 active referrals you will receive:
10 * 25% * (0.39Pi / Hr + 0.39) = 1.975 Pi / Hr (1.975 Pi coins per hour)
Ranks given by Pi as per referrals and security circle:
|Pioneer||Entry level rank.|
Production size is 0.39 π/h
|Contributor||If you’ve mined continuously for 3 days, you’ll get this rank.|
|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.|
Future of Pi Cryptocurrency
Before predicting the future values, let’s check the incident history for this currency so that we can understand better that where this digital currency is leading to.
|March 14th 2019||Cryptocurrency was officially released|
|May 16th 2019||6000 users connected. 10 days ago only 1000 users were there|
|May 18th 2019||Even though the team behind Pi haven’t openly revealed themselves yet, a bit of simple internet sleuthing has revealed to me the main suspects.|
|May 21st 2019||The Pi network is a couple of days away from hitting 10k active users. This means that the mining rate will halve. That’s around a 10x increase in users in under 3 weeks. The next mining halving will happen at 100k users. This project is still in phase 1. We won’t see Pi getting on any exchanges until phase 3, when users will be able to send and receive their Pi, which they predict will occur around Q4 of this year. Once Pi can be exchanged for actual cold hard cash, I predict the user numbers is going to explode and so will the mining halving rates.|
|May 23rd 2019||10k users have been reached and the mining rate has been halved or will be halved in your next mining session. The next halving will occur at 100k users.|
|June 5th 2019||The Pi team have released their bios that can be found in the Pi app. The team consists of three people I listed back in the 18th of May update to this post, but now it is official and people no longer have to worry about an anonymous team.|
|June 28th 2019||We have now reached 75k users. Once we reach 100k users, the next halving will occur. This will likely happen in a couple of weeks.|
|July 6th 2019||100,000 active users have now been reached and the mining rate has halved. That’s a gain of 25k users in 8 days!|
|July 20th 2019||There are now 150,000 active Pi users.|
|August 2nd 2019||Another 50k users have joined in under 2 weeks. There are now 200,000 active Pi users! Pi has now surpassed the other cloud mining app, Electroneum, which at this moment has 166,798 active miners|
|August 28th 2019||Update – the white screen bug seems to have sorted itself out within a few hours. It could be a server issue.|
|August 29th 2019||Pi Network has now grown to 300,000 active users!|
|September 6th 2019||The Pi network is now at 325,000 active users. At this rate, hitting 1 million users and the next halving will be here in no time.|
|September 17th 2019||400,000 users are now mining on Pi! Almost halfway to the next halving.|
|September 18th 2019||Just saw this news article on Pi and it’s creators from the Stanford Daily. Click HERE|
|September 25th 2019||Another week and another 50k users have joined. That brings the total active users to 450k.|
|October 4th 2019||Things seem to be picking up steam and we are now at 550k users. It seems 1 million active users and the next halving is closer than I thought. The Pi developers have also mentioned that inapp transfer of Pi is coming soon. This is a major step towards Pi becoming a cryptocurrency of real value.|
|October 11th 2019||We are now seeing exponential growth and the active user count of Pi has topped 650k users. That’s 100k new users in one week!|
|October 17th 2019||Next halving at 1 million users is close with the Pi network now 800k users strong!|
|October 27th 2019||We are mere days away from hitting 1 million Pi users. The user count crossed 900k yesterday. When the 1 million mark happens, the mining rate will halve again until we hit 10 million users. After that, new users may not be able to mine any Pi.|
|October 31st 2019||The Pi network has now crossed 1 million engaged users! Only 6 months ago it seemed that reaching 10k users was a big deal!|
|November 14th 2019||The number of new Pi users keep trucking on and the count is now at 1.25 million users.|
|December 11th 2019||A major milestone is currently underway with inapp transfers between Pi users to be introduced before the end of the year. At first, only a few users will be hand picked by the community to test out and lay the foundations for the future Pi marketplace.|
|February 25th 2019||Vince has signaled we have now hit over 3.5 million active users. The 14th of March is approaching which will be one year since Pi first launched. This date (3/14) is referred to as Pi day and the developers have been asking the community for ideas to celebrate this day. So far a boost of 3.14 Pi an hour for everyone, for one day, seems to be the most requested. I’m more looking forward to the marketplace opening up for everyone. The pi.app web address apparently was bought by the Pi team for 10,000 Pi on the marketplace. Other things traded for Pi include air Jordan shoes, video editing services and truck parts. I can’t wait to be able to use Pi as an actual currency!|
|February 29th 2019||We have finally received an official update on how the pilot, in-app transfer program has been coming along. The team have released a video on the app detailing what type of things have been traded and for how much Pi|
|March 14th 2019||It’s been 1 year since the launch of Pi and the developers have celebrated this day by officially launching phase 2 of the project. Most notable of phase 2 is the introduction of Pi apps which will be ways Pi users can trade and spend Pi on goods and services. The other exciting announcement is that Pi nodes will be released on the 30th of March. This will be the first step to the decentralisation of the Pi network and will involve users installing node software on their computers to help build the blockchain that will run Pi. There is a raffle where 10 random people who are mining today can win 3141 Pi. This includes new users who will instantly gain 1 Pi upon joining.|
Looking at above events the future seems to be promising. On 26th April 2020: 1 Pi value is just $0.003111. The value seems to be very low but it’s the same value which was predicted by the experts. The reason for low value is because as of now it’s just in the initial mining phase therefore it can’t be traded for the real money. Once the currency will be released in the market, the price will increase graduually.
By the year 2025, the estimated price of this currency will be approx. $5 to $7.5 per Pi.
In 2030, the projected price is $52 to $80
You might be interested to know that Pi community is committed to increase the value to as high as $1000. It’ll be interested to see that what it’s future value will be. The value will be totally decided by the market and mining capacity once it’ll be launched officially in Crypto Coin Marketplace.
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FAQs from Pi Network
What is Pi?
Pi is a new cryptocurrency for and by everyday people that you can “mine” (or earn) from your phone. Cryptocurrencies are new form of digital money that are maintained and secured by a community, instead of by governments or banks. Today, you can mine (or earn) Pi by helping to secure the currency and by growing Pi’s trusted network. While most cryptocurrencies (like Bitcoin) have been very hard for everyday people to use and access, Pi puts the power of cryptocurrency into the palm of your hand.
Is this real? Is Pi a scam?
Pi is not a scam. It is a genuine effort by a team of Stanford graduates to give everyday people greater access to cryptocurrency. Pi’s core team is led by two Stanford PhDs and one Stanford MBA, all of whom helped build Stanford’s blockchain community. We cannot guarantee that the project will succeed. However, we do promise to work our hardest to make our shared dreams a reality, while maintaining the highest standards of integrity. You can learn more about us in “Core Team” page in the main menu of the app.
How does this app work? How do I earn more Pi?
This app allows you to earn Pi by making simple contributions to Pi’s community. The more you contribute, the more Pi you earn. To start earning Pi, check in every 24 hours and hit the lightning button to start mining. Once you are mining, you can boost your hourly rate by inviting trusted friends and family to join the community. After 3 days of mining, you can boost your earnings more by building your security circle, which contributes to the overall security of the network. Keep in mind, earlier members of the network mine at a higher rate than those that come after them.
Do I need to leave the app open to mine? Does the app drain my battery or data?
You do not need to leave the app open to mine. Pi does not affect your phone’s performance, drain your battery, or use your network data . Once you hit the lightning button, you can even close the app and you will continue to mine Pi.
Why do earlier members mine at a higher rate?
Earlier members mine at a higher rate to reward contributions to the network when they are most needed.
What is the Ambassador role? How does the earning team work?
As an Ambassador, you earn up to a 25% bonus on your base mining rate for each person you invite to the network.
What is the Contributor role? How do I become a contributor?
Becoming a Contributor allows you to earn more Pi by building a security circle of 3-5 trusted members.
What are security circles?
Security circles are groups of 3-5 trusted people built by each of Pi’s members. Security circles secure the currency by building a global trust graph that prevents bad actors from executing fraudulent transactions.
What is the value of Pi?
Today Pi is worth approximately 0 dollars / euro etc. similar to Bitcoin in 2008. Pi’s value will be backed by the time, attention, goods, and services offered by other members of the network.
Can I withdraw my Pi? What is the timeline for withdrawals?
No, you cannot withdraw Pi yet. You will be able to withdraw Pi or exchange Pi for other currencies in Phase 3 of the project when Pi transitions to a fully decentralized blockchain.