The Pi Digital Cryptocurrency Network was introduced by a group of Stanford PhD students and looks set to be better if it is better than Bitcoin.
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What is Pi?
Mining cryptocurrency on your phone has been reducing battery and less expensive, but that has changed with the introduction of Pi Network, FREE mining software for your mobile phone!
Created by a student group of Stanford University Ph.D., this new cryptocurrency conversion is set to become one of the most popular in the world, and YES! It can make you rich!
Pi Network mines withdraw money from your phone without using battery power or data and only require internet connection for mine.
Users are encouraged to refer friends and family to the program for more time, and the program has recently hit over 8 Million registered pioneers.
How is it different from other Cryptocurrency?
According to the team behind it, “Pi is a new cryptocurrency for everyday people that you can mine (or lead) from your phone”. Sounds easy enough.
Here is their video summarizing the following:
It has two main selling points:
- It is accessible to all and is easy to dig (or gain).
- It gives everyday people the opportunity to capture a larger economic value instead of putting the pockets of banks, tech giants, and other mediators.
They are absolutely right on the first point. We found it very easy to find. Anyone with a smartphone can do so, by downloading the Pi app (available on Android or iPhone) and simply logging in once a day. There is more advice later in the article on how to join a mining network and get started.
The phone application is not interrupted. It doesn’t use battery power and overlooked data, so you don’t even know it exists.
This is in stark contrast to Bitcoin, where you need state-of-the-art equipment and mining technology. And the power used to do so is shocking (pun intended too much).
As for their second claim about being used as money by ordinary people to hold a higher value for the economy – well that’s another way to be true.
How Worth Is Pi?
Pi digital cryptocurrency is currently not profitable as it is in the 2nd phase of development and has not yet started on the blockchain, but the back market ultimately already has users exchanging up to $10 coin.
Some users say that when the coin begins to be exchanged, expected in 2021, it could reach a price close to Ethereum’s at $200 or perhaps more!
This would mean that if you invested more than 1000 coins in the Pi Network App, you would be sitting on a balance of $200,000 dollars.
To say how easy it is to find Pi, I have invited only seven friends so far, and I have a balance of about 3000 coins in a little less than a year and not all of my friends are investing!
Even if the Pi Network came in at just $25 per coin, that would leave me with a profit of $75,000!.
What can I use for Pi Digital Cryptocurrency?
For now, the straightforward answer is: not much.
The smart minds behind Pi have a long-term plan. Finally, they aim to allow you to directly purchase goods and services using Pi, by creating a peer-to-peer marketplace for goods and services.
You will also be given the opportunity to exchange Pi Digital Cryptocurrency with fiat money (such as £, €, or $). This should all happen in ‘phase 3’ of the project.
Understandably, you will wonder what exactly ‘phase 3’ really is. Phase 1 – which involved getting enough users on board – was introduced in March 2019 and was completed one year later.
So now we are in phase 2, which is a big test phase and users can volunteer to test the software ‘node’ on their computer to enable network (though you can just stick to your phone).
The date for Pi to move to phase 3 is not set, and it depends on the level of progress in phase 2.
None of us know when that will be – months, years, or even times. That lack of uncertainty is one of the main reasons for doubts about this project.
How Do I Join This Amazing Program?
The best way to join the Pi Network is to download the app and install it on your phone.
Download the app and remember that the Pi team will never ask you for details about your account or password and the app can be linked to Facebook so if you lose your phone, funds can still be accessed.
Invitation code is required to join the network and you can use my zkrhilal code and remember, the more people you invite, the more Pi you earn!
Pi in the sky? Reasons for doubt?
In Pi’s case, it was developed by only 3 people (admittedly, 3 smart-sounding people – all of who are Stamford University graduates, 2 of whom have doctoral degrees).
Indeed, if Pi becomes commonplace and supports hundreds of millions of users and billions of transactions, the group will have to grow rapidly.
The thing that made it clear very quickly is that Pi is not free money – bummer. It is described as a long-term project whose success depends on the contributions of its members.
Although white paper is long and of moderate width, the point of adherence to all of this is where, if possible, it will be a practical investment. And to be honest, no one seems to know – and from what I’ve seen, I can connect with developers on that.
At this stage, the program looks just like ‘increasing numbers, testing the system and we’ll take it there’. For those of us who want more confirmation, not much will be done.
Reasons to believe in Pi digital cryptocurrency
Okay, so the network might be powered by three people who might work in their bedrooms, but they’re smart.
In addition, they look forward to this: it is not a fast-growing program that they sell (unlike many other investments out there). Their real purpose seems to be to develop something useful. Something better.
As for the small group level right now – too many ideas have grown from the small groups working in garages and bedrooms (on Apple and Facebook).
With almost no advertising, there were more than 3.5 million people on the network when they moved to Phase 2 in March 2020, just one year after the launch. It’s just amazing with the mouth!
In many ways, I like the laid-back look of the founders, and the budget allocation – certainly more reliable than if they had continued as Fyre Festival organizers, modeling on yachts.
At the end of the day, there are no guarantees when it comes to cryptocurrencies. And their suggestion doesn’t give you that – it’s just a matter of inviting you to the board and seeing what’s going on.
If you think you don’t need to invest without the effort to download the app and open it once a day, that seems like a reasonable agreement, especially if you think this could be.
Updates: In May 2020 the Pi platform launched advertising on its platforms. The creators describe this as a necessary step to fund various costs and make it self-sufficient. Ads seem unsafe and if they help to support platform development with something that works, I’m there with them.
Will Mines End On Pi Network?
As with most new cryptocurrencies, Pi is currently in use, but there is a limited time to get into the system and mining could end up for new members if the user-base reaches 10 million pioneers.
Existing users will still be able to dig a mine, but this will be at a reduced rate, probably half of what it was when you joined.
Can Developer Get Into Action?
The Pi App has a great developer Platform including the Pi SDK that enables developers to build applications that integrate the Pi and Pi Platform funds.
Another free feature of the development suite is the Pi Apps Developer Sandbox tool that helps developers test and visualize their applications on the Pi Apps Platform using the Pi SDK.
Pi Network Key Points
Key features include –
- Works on your mobile phone and does not drain your battery
- Secure, non-fraudulent, and interactive digital currency
- Pi App, available on Google Play and App Store
- Pi Node with Pi App access from your computer
- Easy to use on safety scales, without electrical waste.