PI NETWORK was launched to help get more people involved and interested in cryptocurrency through simple mining, according to the founders.
But what is Pi Network and is it legitimate?
What is Pi Network?
Pi Network was launched by a group of Stanford graduates in 2019 and claims to have a way to bring cryptocurrency to the masses without being an energy-intensive blockchain that damages the environment.
The Pi Network is a ‘social cryptocurrency’ that co-founders Nicolas Kokkalis, Chengdiao Fan, and Vince McPhillip say is designed to run on mobile phones.
Co-founder Vince McPhillip said: “Bitcoin’s proof-of-work consensus protocol relies on nodes using lots of electricity in competition to be the first to solve a math equation.
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“While Pi is built on the Stellar Consensus Protocol (SCP), which depends on the involvement of several nodes to ‘vote’ on transaction validity.
“The communication entailed for nodes to come to consensus requires far less computing power.”
The Pi Network is run by validators who have been vouched for by their peers and once deemed trustworthy by other members are allowed to validate future transactions on Pi’s blockchain.
McPhillip said this is what keeps the Pi Network safe and funds on the network secure.
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Pi Network users can mine new tokens directly from their phones.
However, users technically aren’t ‘mining’ the cryptocurrency as they’re not verifying transactions.
Is Pi Network legit?
There is currently no financial risk with Pi Network because the app is free to use.
However, Pi Network users currently can’t do anything with their ‘mined’ coins – meaning they can’t sell or exchange it.
The Pi Network team said in their end-of-year update in 2022: “Pi Network is at an important point in Enclosed Mainnet development, in which Pi is able to focus on two key priorities: enabling mass KYC (know your customer) and empowering ecosystem utilities-building.
“Both are essential steps toward our objective of building a viable ecosystem to get ready for Open Mainnet.”
However, the project currently has no set timeline as to when Pi Coin will launch.
The only way users can acquire Pi is through the Pi Network app.
How to ‘mine’ Pi
1) Download Pi Network on your smartphone.
2) Set up an account.
3) Enter an invitation code.
4) Tap the lightning button to start mining Pi.
5) Check the app daily.
The only way you can join the Pi network community is by being invited, however, you can find plenty of referral codes online.
The Pi Network member who invites you then earns ‘Pi Coins’ for each referral.
The Pi Network currently has more than 25 million active users.