Understanding Pi Network: A Revolutionary Approach to Digital Currency
PI Network
Pi is a novel digital currency being developed by a group of Stanford PHDs. Mining on the Pi network app helps to secure and grow the network. There are over 40 million users of the Pi app according to Pi network sources. Based on Stellar consensus protocol, Pi protocol is said to be a lighter version. This project is presently centralized with the promise of a complete decentralization when it launches. It is currently in ‘a closed main net phase’ and undertaking a massive KYC for its users. Pi teeming users are expectant about a possible public main net launch this year. Pi white paper can be accessed via: https://minepi.com/white-paper/
Hackathons
Pi network has conducted monthly hackathons in the two years or so. This is to harness brilliant Dapps projects that would be built on its chain to improve utility and usability in the Pi ecosystem.
Pi Browser
Pi Browser was developed to enable complete decentralization. It is integrated with few more functions such as Chat, Wallet, Brainstorm, Miner, Blockchain explorer, Developers arena, KYC and Fireside. These functions are all available for the Pi community members.
Mining Pi
The only way to get some Pi coins is to mine Pi on your smart phone. In a real sense, it is a form of distributive mining because users only log in and click the mining icon once a day to ascertain your community engagement. Users are encouraged to build security circles by inviting others to join. Mining is done on phone and not with ASIC and other heavy or expensive mining equipment. Mining does not drain your data or battery and takes less than two minutes to complete the process. Once you tap the mining icon, you are at liberty to close your Pi app till the next day.
Pi network revolutionary approach.
Unlike the known methods used by most crypto projects, Pi network device an entirely different approach. It did not launched an ICO, there was no pre-sale and most notably it focused on building a large user base of over 40million users before it could launch an open main net and this has been on going for over 4 years now. While building its user base, Pi network is also building products and services. Critics have labeled the Pi network as sluggish, unsustainable and unreality. However, with over 40 million users in the Pi network dedicating their skills and expertise to make Pi one of the best projects out there, Pi network support believe in the project and are confident that Pi would be one of the best community-based crypto projects in the world. Opinions are opinions and it is only practical reality that can resolve them.
Classes of Pi App users.
1. Pioneer: Newly signed up User.
2. Contributor: You enlisted trusted users into your team.
3. Ambassador: You have referred several users to the network.
4. Node: You run stellar consensus protocol Algorithms.
How to mine Pi.
1. Visit: https://minepi.com/Goldify
2. Click on Google play or Apple store icon on the displayed page
3. Download Pi network App from Google play store or Apple store.
4. Open App and sign up
5. Use 'Goldify' as your Invite code if you are still being asked for an invite code.
6. After signing up, click on a small icon that looks like electric wave to start mining.
7. Re-login and tap on the electric wave after every 24 hours to keep claiming Pi.
8. Complete your know-your-customer (KYC) process. It takes few minutes.
9. You can invite others to use your own link to join you in mining Pi.
Conclusion
Pi network is a popular cryptocurrency project with emphasis on a sustainable user-base as it believes this approach would enhance utility and usability in its ecosystem. The only to get Pi coin is through ASIC-resistance mining which is done solely on a smart phone with android or IOS functionality. Security circles of at least 5 members are encouraged to keep the Pi network secure and thus members invite friends, family members and colleagues to join the network through invite codes. Despite lethal criticisms from several angles, the Pi network community is up and doing to see a successful launch of Pi network open main net.
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You may also be interested in this piece: https://www.bulbapp.io/p/feb1692d-deff-4612-9390-c9dcd8997916/the-decentralized-storage-revolution-exploring-sias-cutting-edge-technology
For airdrop lovers: https://www.bulbapp.io/p/0cc59b95-ddbc-4f06-8df5-73682601d54d/airdrops-and-swifts-building-a-decentralized-user-base
