Today’s modern world is becoming as digital as possible, and cryptocurrency is becoming a new level of monetary development. Cryptocurrency Pi has become the first digital currency for people, which represents a significant breakthrough for the universal acceptance of cryptocurrencies worldwide.

It has specific features that appeal to many crypto supporters. First of all, it is an opportunity to install the application on your mobile gadget and thus earn money.

It should be noted quite an important point – Pi does not consume the resource of the phone in the process of mining, which means that the user will not feel absolutely any changes in the performance capabilities in the process of mining. This also applies to the battery – it does not discharge faster. And this is a huge advantage, because many people know that mining in other cryptocurrencies requires a lot of energy capacity.

Pi network – What it Is and What Are its Features

The digital monetary unit Pi has already gained huge popularity, although the main project for general use has not been launched yet, and the coin is not traded on cryptocurrency exchanges. The developers of Pi Network are graduates of Stanford University. Their state-of-the-art new project includes three anticipated phases: beta testing, test and main network. The project launched in 2019 on March 14. This day is also called Pi day. The essence of the project is that there is an opportunity for everyone to earn on their smartphones, mining social coins Pi.

The main feature of this cryptocurrency is that, when mining, the user does not spend a lot of energy from his device thanks to the blockchain created by the developers. It consists of Stellar Consensus Protocol (SCP). This is what affects the basic most efficient use of resources. This algorithm helps to form “safe circles” in the network, which in turn form a worldwide network of trust, where suspicious transactions are prevented because the approval of trusted nodes is required.

Safe circles typically consist of three to five trusted individuals who are created by Pi members. Each circle controls that members do not make fraudulent transactions, and all existing circles form a global trust graph, which is the main protector of cryptocurrency.

The Principle of Pi Mining and the Value of its Number

In order to engage in Pi crypto mining, you need to install an app on your cell phone and log in, where you should register a personal account using your cell phone number or Facebook account. To simplify the authentication procedure, it’s recommended to use your mobile number.  Next, select a location and set a password with its re-confirmation. The next step is to enter personal information – last name and first name, and select a nickname for the user. The fully completed form is sent and in return, you should receive a referral code and enter it to complete the registration process. The code can be obtained from a Pi Network member or from Google. Only after completing the registration process and pressing the light button, the user is able to mine Pi cryptocurrency.

It is also important to be aware of some important points and keep them in mind during the mining process. It is necessary to enter the downloaded application daily to confirm that it is a real person and not a bot. In the general section, you can keep track of the number of Pi earned per hour. The starting project offers a mining rate of 3.1Pi per hour, but the rate can decrease by half if there are 10 times as many active participants. This can lead to situations where it becomes impossible to earn Pi. But the good news is that miners continue to receive commissions for their transactions.

At the initial stage of development of the project it is impossible to exchange Pi, but when you reach the basic level, the developers provide two types of cashing out:

·  Trading platform, where for cryptocurrency (Pi) you can buy various goods, as well as services;

The PiNetwork project has successfully passed registration on crypto exchanges, and this expands the possibilities for Pi owners. They will be able to easily convert social coins into dollars, euros and other currencies, as well as other types of cryptocurrencies. In this case, the choice is always left to the owner.

The positive point remains that mining in this project does not require financial investments, as well as the expenditure of resources. Users who learn to mine Pi on their gadgets have absolutely nothing to lose. Therefore, everyone decides individually whether it is worth it or not.

The Value and Profitability of Pi

It is worth noting that at the moment Pi has absolutely no value, and the smartphone is an ordinary wallet where virtual coins are collected. But the team of project creators is actively working to ensure that the social virtual coin has real value. They have developed a technical document where all the steps of what they see in perspective and what they want to actually get are clearly worked out. They certainly cannot guarantee the success of the project, but they are working hard for its future success.

Pi Network is divided into four levels in terms of profitability, and the higher is the rank of the miner, the greater is the opportunity to earn coins:

·  Pioneer. The basic stage a user receives when registering. The mining speed at this stage is 0.39Pi per hour. The main requirement of the level is a daily attendance with the confirmation of a real user.

·  Contributor. This level is assigned to miners who have entered the application for three days.

·  Ambassador. Level and earnings are increased by inviting friends who will actively mine

·  Node. It is provided for those users who can connect additional equipment to the network. At the moment, this level is at the stage of development.

It is important to remember that currently all Pi Network members have an opportunity only to earn Pi virtual coins, but not to withdraw or exchange them for other types of cryptocurrency.

Conclusion

The completely new Pi Network project is considered to be quite an interesting and bright project in the field of cryptocurrencies today. Its main task is to create a social and inclusive cryptocurrency, so that everyone can participate in the project. Protection of the network is envisaged in the form of trust between ordinary users, and mining can be available to anyone who has a regular smartphone at his disposal.

The idea itself deserves a lot of trust, but whether the developers will be able to achieve all the goals is still unknown. But in any case, anyone who starts mining today thanks to this project has nothing to lose, because the project does not require any investments of your own money.

Questions that are asked more often

Is it worth mining Pi?

Today the virtual social coin has no value. Only virtual coins are earned, which are accumulated, but there is no way to withdraw and exchange them. If the developers manage to create a completely real working project, then there will be an opportunity to exchange and cash out. It’s up to everyone to decide if it’s worth it and to spend his time mining Pi.

Is Pi a real cryptocurrency?

If we compare Pi with other cryptocurrencies, which have their own value and the possibility to exchange into any real currency or other cryptocurrency, Pi is not a real cryptocurrency.

How much can I earn in a day?

The base stage for a user is a rate of 0.39 Pi per hour. A maximum of 24 hours can be used per day, so the amount can be easily calculated from the actual time given to mining. But if you want, you can increase your levels, which increases your earnings.

This information is provided for one purpose – introductory. It should not in any way be taken as financial advice or an official prediction. The field of cryptocurrencies is quite volatile, so each investment in it has a certain risk.

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