Pi Network is a cryptocurrency that can be mined by anyone via a smartphone. You can join ONLY if you are referred by someone else. To join you have to download the app and use the invitation code provided from your referral (you can use "pavlosgiorkas" without the quotes). The project is still in beta phase and it has already over 2 million users. The project is run by Stanford PH.D's. People join the project because it is free and easy to use, but mainly because they don't want to ''miss the train'' like it happened with bitcoin.
(use code ”pavlosgiorkas”)
I’ve been using Pi for about a month now after a friend introduced me to his network. After one month of using it, I decided to write my Pi Network Review with you.
With the world becoming more and more digital, cryptocurrency has been a sort of natural step in the evolution of money. Up to a couple of years ago, cryptocurrency was something everyone had heard about but only computer experts and crypto traders could actually handle and comprehend.
Pi Network is considered the first digital currency for ordinary people. Users can mine Pi coins on their mobile devices, and this has been a huge innovation in the world of crypto coins.
But let’s see in detail what is Pi Network? How does it work? And why is it so innovative?
Pi Network Review – Table of Contents
What is Pi Network?
When we speak about cryptocurrency we all think of Bitcoin. It’s true Bitcoin has been the first digital coin ever, but today, it’s not the only one out there.
New cryptocurrency have been released during the years with most of them trying to improve that first blockchain application that was Bitcoin.
One of the greatest downsides of Bitcoin is that miners, the computers that are needed to manage transactions and mine (“create”) new coins, must be very powerful, and therefore expensive.
Because of that, it’s impossible for the average user to contribute to the mining process. Also, such powerful miners consume a huge amount of energy – it is said that crypto mining is contributing to global warming!
This is where Pi Network brought its biggest innovation: users can mine Pi Network from their mobile device without using up their battery power.
This means that the mining process requires smaller resources and, therefore, it has a low environmental impact. All you should do to be part of the project and earn your Pi is to install the App on your smartphone, submit your name and phone number, and start earning Pi.
⚠️ You can join Pi Network only if you are referred by someone. When you download the app you will be asked to add your invitation code. It’s: << pavlosgiorkas >> (without quotes)
If you don’t have an invitation code, you can’t join the network.
If you can’t realize what a huge innovation this is, know that Bitcoins today are mined in the so-called Bitcoin farms: entire buildings filled up with a huge computer or computers.
With Pi Network, instead, it is as simple as that: run your app on your phone and you’ll be earning Pi.
How does Pi Network work?
The Pi Network uses the Proof-of-Work system. Proof-of-work is a consensus algorithm for Blockchain networks and it is meant to deter frivolous or malicious uses of computing power, such as spams.
Thanks to this protocol, the creators are building a secured platform for smart contracts and cryptocurrency. Their project is broken down into three phases:
1. Design and Token distribution
During this phase, the team is distributing tokens (Pi) on a centralized Pi server. The team in this phase is still testing and improving some aspects of the App and the network itself.
During this period, Pi coins won’t be listed on any exchange platform, since it still not possible to buy Pi with other currencies.
2. Test Network
The team will begin deploying Pi Network Nodes on the test network and will encourage users to launch their own nodes on the test network. This phase will allow the developers to implement corrections. When the team and the community will be ready, Pi will move to the next step.
3. Main Network
When the software is considered ready, the official Pi Network will be launched. During this transition, only confirmed accounts will not be restricted.
After the transition, the server used for phase 1 will be closed and the network will continue to work independently and forever. As for every cryptocurrency, no central authority will control the currency. At this stage, Pi will be able to be connected to exchanges.
At the moment, you can store the Pi coins you earn through the App in the App itself. During phase 3, you’ll be given the option to take full control of your private and public keys and store your Pi Coins in a digital wallet.
Is Pi Network legit?
Some people have doubts that Pi Network might be a scam. Pi Network is an absolutely legit app. It’s a new startup cryptocurrency started in March 2019 and in October 2019 the network had already reached 1 million users.
At present, Pi coins have no value because the project is still in phase 1 of 3 (with phase 2 that should begin soon this year). The White Paper of the project is also very detailed and gives lots of information about every phase of the project so we don’t see how the project’s creators should be considered somehow dishonest.
The doubt that remains is whether the Pi coins that users are collecting would worth something when the project will hit phase 3. But this doesn’t mean that Pi Network is a scam.
What is Pi cryptocurrency value?
Pi Network project is still in phase 1. This means that Pi coins aren’t listed in any exchanges and can’t be bought or sold in exchange for other currency or cryptocurrency. Pi coins have still no value, but they’ll start having one when the project hits phase 3. Their value will depend on several factors, one of them will be the success that the project will have reached.
Who made Pi Network?
Pi Network was made by a team of creators:
- Dr. Nicholas Kokkalis. He is a Stanford Ph.D. and instructor of Standford’s first decentralized applications class. His work combines distributed systems and humans computer interaction to bring cryptocurrency to ordinary people.
- Dr. Chengdiao Fan. She’s also a Stanford Ph.D. but in Computation Anthropology. Her work consists of harnessing social computing to unlock human potential.
- Vincent McPhillips. He defines himself as a social movement builder. His aim is to democratize wealth and how society defines and distributes it.
What is Pi Network’s goal?
Pi Network’s creators wanted to create a peer-to-peer cryptocurrency and smart contract platform that can be operated by ordinary people.
Their main goal is to create a peer-to-peer marketplace to which every people – no matter where they’re from and what’s their social status – can have access (“the most inclusive marketplace in the world”).
Every trades in such a marketplace would take place through Pi coins, so Pi coins would be the only currency allowed in this worldwide marketplace. This would probably be the most inclusive, decentralized, and user-friendly banking and trading system of the world and history.
What is Pi cryptocurrency’s advantages & disadvantages?
The main advantage of Pi Network is that is the most user and eco-friendly cryptocurrency of all. While other cryptocurrencies can be mined only by computer experts and with super powerful and consuming computers, Pi coins can be mined with every smartphone or mobile device, having a lower environmental impact.
At the moment Pi coins have zero value. When the project will hit phase 3 we will be able to start exchange Pi coins with other currencies but for now, users are just collecting unvalued digital coins.
⚠️ You can join Pi Network only if you are referred by someone. When you download the app you will be asked to add your invitation code. You can use my invitation code.
It’s: << pavlosgiorkas >> (without quotes)
If you don’t have an invitation code, you can’t join the network.
Pi Network Review – Epilogue
The Pi Network Review is still in the early beta phase and we don’t know how it is going to evolve. What we do know is that it is super-easy to mine (just log in once per day to your mobile app) and it is free.
We might be the first people who ”took the train” this time and didn’t leave it to pass by them.
Just remember how bitcoin started. Those who jumped in first became millionaires. Well, who says that this is not the case with Pi Crypto as well?
I hope you enjoyed my Pi Network Review. Please consider sharing it with your friends and family and why not introduce them to the network your self.
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