Pi Network has been gaining traction in the stealth mode. It already has 15000 followers on Twitter, 60,000 likes on Facebook, 72,000 followers on Instagram. From the face of it they all seem to be genuine.
Started by the Stanford Alumni, Pi Network aims to bring blockchain and cryptocurrency to common public without specialized knowledge or equipment.
According to their whitepaper, anyone with a smartphone and internet connection can participate in the network.
Phases in the project
There are 3 phases of Pi Network project. Their whitepaper describes:
Phase 1 - Design, Distribution, Trust Graph Bootstrap.
The Pi server is operating as a faucet emulating the behavior of the decentralized system as it will function once its live. During this phase improvements in the user experience and behavior are possible and relatively easy to make compared to the stable phase of the main net. All minting of coins to users will be migrated to the live net once it launches. In other words, the livenet will pre-mint in its genesis block all account holder balances generated during Phase 1, and continue operating just like the current system but fully decentralized. Pi is not listed on exchanges during this phase and it is impossible to “buy” Pi with any other currency.
Phase 2 - Testnet
Before we launch the main net, the Node software will be deployed on a test net. The test net will use the same exact trust graph as the main net but on a testing Pi coin. Pi core team will host several nodes on the test net, but will encourage more Pioneers to start their own nodes on the testnet. In fact, in order for any node to join the main net, they are advised to begin on the testnet. The test net will be run in parallel to the Pi emulator in phase one, and periodically, e.g. daily, the results from both systems will be compared to catch the gaps and misses of the test net, which will allow Pi developers to propose and implement fixes. After a thorough concurrent run of both systems, testnet will reach a state where its results consistently match the emulator’s. At that time when the community feels its ready, Pi will migrate to the next phase.
Phase 3 - Mainnet
When the community feels the software is ready for production, and it has been thoroughly tested on the testnet, the official mainnet of the Pi network will be launched. An important detail is that, in the transition into the mainnet, only accounts validated to belong to distinct real individuals will be honored. After this point, the faucet and Pi network emulator of Phase 1 will be shut down and the system will continue on its own forever. Future updates to the protocol will be contributed by the Pi developer community and Pi’s core team, and will be proposed by the committee. Their implementation and deployment will depend on nodes updating the mining software just like any other blockchains. No central authority will be controlling the currency and it will be fully decentralized. Balances of fake users or duplicate users will be discarded. This is the phase when Pi can be connected to exchanges and be exchanged for other currencies."
Is it worth participating?
That is an individual decision. From our point of view, as the project has been gaining 'grass roots' traction and is free to participate - we have decided to join the network.
Comment on YouTube from Steve Pelehos summarizes the sentiment well: "I've been using the Pi Network App for a good while now and as much as I try to dig for the flaws so far, I have come up empty handed. I have researched each founder, as well as others that have been involved. I have read the reviews, which many are speculative in both directions of acceptance. ultimately, we have an App that does not ask for any personal information, no crazy permissions, does not burn battery, and is easy as Pi (pun intended) to use and build up a decent stock pile of rewarded Pi Coins."
The fact that their IOUs are trading for about 40 cents even before the main net launch gives an indication that there is some 'interest' in the community.
We could call it FOMO but since there is no underlying cost to participate in the network using your phone, we see no immediate downside. The network doesn't take up data and the app doesn't need to be switched on to participate in mining process.
Just so we are clear - the first and most popular mobile phone mined coin is Electroneum. What makes Pi Network different is the mining is rather constant and you don't need to keep the app switched on. Also, as you bring your friends and family to the network under you - your mining rate increases. While we are not a big fans of this 'multi-level' referral system - it makes sense when its free and targets at mass adoption.
If you want to mine, here is how.
You can read the detailed step-by-step guide to Pi Network Mining here.
Invitation code: rkreddy
(this will increase our mining rate while allowing you to participate in the mining with a bonus 1 Pi).
