Do you know? 1 Bitcoin = 24+ lakh INR which was zero a few years back. Here I am presenting PI network a digital currency that is zero and is free right now.
Yes, I repeat it is FREE.
Are you going to make the same mistake again just like bitcoin which was zero a few years back? Definitely not.
Before getting into PI Network let us understand what exactly is a digital currency. How bitcoin works?
Digital currency is a form of currency that is available only in digital or electronic form. So this currency is not available in any physical form.
It is also known by different terms like digital money, electronic money, electronic currency, or cybercash.
There are 3 types of digital currency :
1) Central bank digital currency (CDBC)
2) Virtual currency
We are interested in Cryptocurrency.
What is Cryptocurrency?
A virtual currency that uses cryptography to secure and verify transactions as well as to manage and control the creation of new currency units.
The word virtual currency means an unregulated digital currency that is controlled by its developer(s), the founding organization, or the defined network protocol.
Well known example of cryptocurrency is Bitcoin.
Bitcoin is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto.
It was started in 2009 when its implementation was released as open-source software.
How Bitcoin works?
- Each Bitcoin is basically a computer file that is stored in a ‘digital wallet‘ app on a smartphone or computer.
- People can send Bitcoins (or part of one) to your digital wallet, and you can send Bitcoins to other people.
- Every single transaction is recorded in a public list called the blockchain.
- This makes it possible to trace the history of Bitcoins to stop people from spending coins they do not own, making copies, or undo-ing transactions.
Growth of Bitcoin
In 2009, Bitcoin didn’t have any value. Some cryptographic fans were sending bitcoins for hobby purposes.
Even people used to give bitcoins as cashback in dominos and all.
Now (in 2021) 1 Bitcoin equals 24,33,100.90 Indian Rupee which is almost 2.5 Million. It’s very difficult to believe but it is the sheer truth!
What is PI digital currency?
It is a cryptocurrency or digital currency developed by a group of Standford PhDs.
It is the first digital currency that you can mine using your mobile phone. Once it reaches its beta stage you will be able to buy or sell PI currency.
It is somewhat similar to bitcoin.
Pi network was started in March 2019. Users have to download the app ‘Pi Network’ from the Play store.
This app allows you to access and grow your Pi holdings and serves as a wallet to host your digital assets.
Pi is fairly distributed, eco-friendly, and consumes minimal battery power.
What does anyone have to lose other than 30 seconds, literally less than 30 seconds.
Just open the app and click on the mining button. That’s it !!
The PI app even doesn’t ruin your battery, it also doesn’t consume any data or affects your mobile RAM.
People laughed at the early adopters of Bitcoin and other cryptos.
As of now i.e.January 2021, 10 Million+ have registered and been mining. 10M+ is not a small number. All have good hope for this.
Those who missed bitcoin and other famous cryptos may utilize this chance of Pi mining and other similar mining which is currently doing well.
These Networks are aggressively growing like anything.
Till now Pi network is in its testing phase. And once it reaches its Phase 3 and is launched as a digital currency then its legitimacy will be apparent.
Everyone had the same apprehensions in the initial stages of bitcoin too.
Also, other players are entering this mobile mining arena such as Bee network and TimeStope.
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.
PI launched Phase 1 of the project on 3/14/2019 (Pi Day). During Phase 1, your balances are being recorded with a guarantee of being honored when Pi transitions to mainnet (Phase 3).
Transfers of PI are restricted until we reach the mainnet to prevent bad actors from accumulating Pi from fake accounts.
For example, a bad actor could mine from fake accounts, transfer the Pi to a legitimate account, and then pass through Pi’s account verification process despite their illicit gains.
We are still refining the exact development timeline for the project.
How to mine Pi?
Initially, you need to join the network by a referral code which is mandatory for all new users.
You can enter the referral code as “ akshayh45 ” or “iamprashant4545” and enjoy FREE mining of PI.
You can definitely increase your mining rate by inviting people. There’s no limitation on how many people you can invite.
The more you people you’ll invite the faster you’ll mine !!
Once you will build your network and if any of your members are not actively mining you can ping inactive users so that they will start mining.
That’s it, guys. We clearly don’t have anything to lose.
In today’s modern world and the fast-growing environment we need to play smartly.
We always keep on reminding ourselves that we need an investment. Here’s the chance, an opportunity which is absolutely FREE.
Just don’t miss it and don’t regret it later on.
Roles of Pi users?
There are four roles Pi users can play, as Pi miners, namely:
- Pioneer: A user of the Pi mobile app who is simply confirming that they are not a “robot” on a daily basis. This user validates their presence every time they sign in to the app. They can also open the app to request transactions (e.g. make payment in Pi to another Pioneer)
- Contributor: A user of the Pi mobile app who is contributing by providing a list of pioneers he or she knows and trusts. In aggregate, Pi contributors will build a global trust graph.
- Ambassador: A user of the Pi mobile app who is introducing other users into the Pi network.
- Node: A user who is a pioneer, a contributor using the Pi mobile app, and is also running the Pi node software on their desktop or laptop computer. The Pi node software is the software that runs the core SCP algorithm, taking into account the trust graph information provided by the Contributors.
A user can play more than one of the above roles.
All roles are necessary, thus all roles are rewarded with newly minted Pi on a daily basis as long as they participated and contributed during that given day.
Happy mining !!