Will Pi be the next cryptocurrency that makes you a billionaire?

What is Pi cryptocurrency and How to mine Pi?

Pi is a new cryptocurrency for and by everyday people that you can “mine” (or earn) from your phone. Pi is developed by Stanford PhDs, with over 10 million members worldwide. I am sending you 1π! To claim your Pi, follow this link https://minepi.com/EvilBatman and use my username (EvilBatman) as your invitation code.

Cryptocurrencies are a new form of digital money that is 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 his hand.

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 network's overall security. Keep in mind that earlier members of the network mine at a higher rate than those who come after them.

The Pi coin

When will Pi be worth something? When can I turn Pi into “real” money?

Pi’s holders will be able to turn Pi into “real” money when they either purchase goods and services on Pi’s marketplace or exchange Pi for fiat currency.

Cryptocurrency holders have two options for turning their holdings into “real” money (or to “cash-out”)

1) Directly purchasing goods and services with their crypto or

2) exchanging their crypto for fiat currency (e.g., dollars, euro, etc.) on cryptocurrency exchanges.

Directly purchasing goods and services with your Pi.

Pi Network is building a peer-to-peer marketplace where our members will be able to directly spend Pi to buy goods and services. They aim to start experimenting with in-app transfers of Pi as soon as Q4 2019.

Exchanging Pi for fiat currency on cryptocurrency exchanges.

Pi’s Core Team does not control when cryptocurrency exchanges (like Binance, Coinbase, Kraken, etc.) decide to list Pi. However, Pi will be able to be traded in Phase 3 of the project (i.e., Mainnet). At that point, exchanges can choose to list Pi. In the meanwhile, Pi’s core team is focused on implementing their technical roadmap to reach phase 3.

The Pi Core Team set out to find a way that would allow everyday people to mine (or earn cryptocurrency rewards for validating transactions on a distributed record of transactions). As a refresher, one of the major challenges that arise with maintaining a distributed record of transactions is ensuring that updates to this open record are not fraudulent. While Bitcoin’s process for updating its record is proven (burning energy/money to prove trustworthiness), it is not very user (or planet!) friendly. For Pi, the creators introduced the additional design requirement of employing a consensus algorithm that would also be extremely user-friendly and ideally enable mining on personal computers and mobile phones.

In comparing existing consensus algorithms (the process that records transactions into a distributed ledger), the Stellar Consensus Protocol emerges as the leading candidate to enable user-friendly, mobile-first mining. Stellar Consensus Protocol (SCP) was architected by David Mazières a professor of Computer Science at Stanford who also serves as Chief Scientist at the Stellar Development Foundation. SCP uses a novel mechanism called Federated Byzantine Agreements to ensure that updates to a distributed ledger are accurate and trustworthy. SCP is also deployed in practice through the Stellar blockchain that has been operating since 2015.

For more info please visit minepi.com

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Anubhav Pratap Singh

Indian Blogger. Blogging about topics I like or research on, if you want something particular do let me know in comment🤘