The First Digital Currency You Can Mine On Your Phone. Comprehensive guide - "How to Mine Pi"

The First Digital Currency You Can Mine On Your Phone. Comprehensive guide - "How to Mine Pi"

By Crypto_MD | Crypto _MD | 10 Jun 2020


Already listed on Coingecko Exchange (my ref. link, thank you!)

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What is Pi?

- Pi is a new digital currency developed by Stanford PhDs, with over 3.5 million members worldwide.

- Pi is a new cryptocurrency for and by everyday people that you can “mine” (or earn) from your phone.

Pi is not Free Money!

- It is a long-term project whose success depends on the collective contributions of its members.

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.

Do I need to leave the app open to mine? Does the app drain my battery or data?

- You do not need to leave the app open to mine.

- Pi does not affect your phone’s performance, drain your battery, or use your network data. 

- Once you hit the lightning button, you can even close the app and you will continue to mine Pi.

Can I withdraw my Pi? What is the timeline for withdrawals?

- No, you cannot withdraw Pi yet! You will be able to withdraw Pi or exchange Pi for other currencies in Phase 3 of the project (now is going phase 2) when Pi transitions to a fully decentralized blockchain.

Is this app a wallet? Will we hold our own private / public keys? And can we use an external wallet to hold our Pi in the future?

- Yes, your phones will serve as a cryptocurrency wallet that will be linked to your current accounts (number / Facebook)

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TEAM

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Read more about:

- Dr. Nicolas Kokkalis

- Dr. Chengdiao Fan

- Vincent McPhillip

JOIN THE TEAM - "We are currently looking for talented students to help us in the areas of Distributed Systems, Back and Front End Development, Social Scientists and Businesspeople."

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Socail Media:

- Twitter

- Facebook

- linkedin.com

- instagram.com

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Reward: 0,25 Pi per hour=6 Pi per day~$2

For a limited time, you can join the beta to earn Pi and help grow the network.

Pi Network Mining Step by Step Guide:

1. Download Pi Network app here.

2. Sign up with Facebook or phone number.

3. Set up your password.

4. Fill in your profile details. Make sure you provide your real name. Then continue with the country and phone number.

5. Enter the invitation code. Use (CryptoMadness) as your invitation code!

6. Congratulations, you have just signed up. Then tap the lightning icon on the right.

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7. Make a small tour with the Pi mining app. Now you are ready to mine PI. After signing up, every user receives 1 PI.

!DONE!

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NOTES:

1.  To prove that you are a real person, not a bot, you need to go to the application every day. The cryptocurrency will be credited within 24 hours, after which you need to activate Pi Network mining again. If it is very hard to keep everything in your mind, turn the notifications on.

2. You must to verify the phone number (if you used it for registration!) Follow below steps:

Go to Profile >> Phone Verification >> Manual

Copy your verification code and send it to provided phone number, making sure you are sending with registered phone number.

Else you can't withdraw when withdrawal will available!

3. The system provides the following ranks:

  • Pioneer. This is the initial level for all users. The mining volume is 0.25 π/h.
  • Contributor. To unlock this level, it is enough to mine cryptocurrency for three days.
  • Ambassador. This rank is for users who invite other participants to join the Pi Network.
  • Node*. Those participants who have connected additional hardware to the network. Access the Pi App from your computer and apply to join the Pi Testnet.  Learn More

Download Node (available for Windows OS & Mac OS)

* If your PC/Laptop have a virtualization function - You should turn on it in the BIOS. In other case - don't try to install Node!!!

For example:

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PS: I can't write more info about Node & how to use Node because I didn't install it!

4. Why do earlier members mine at a higher rate?

Earlier members mine at a higher rate to reward contributions to the network when they are most needed. 

"Pi aims to be the world’s most widely used and distributed cryptocurrency. To achieve that goal, Pi incentivizes its earliest members to make contributions that will ensure its success (e.g., securing and growing the network). To reflect the importance of early contributions, the rate of mining decreases as more people join the network. At this time, the base rate of mining halves every time the number of active users increases by a factor of 10 (see graph below). This rate will eventually fall to 0 when the network reaches a certain number of users (e.g. 10 million or 100 million). At that point, just like Bitcoin, miners will continue to be rewarded through transaction fees and not through the minting of new currency."  

5. What is the Ambassador role? How does the earning team work?

As an Ambassador, you earn up to a 25% bonus on your base mining rate for each person you invite to the network.

6. What is the Contributor role? How do I become a contributor?

Becoming a Contributor allows you to earn more Pi by building a security circle of 3-5 trusted members.

7. What are security circles?

Security circles are groups of 3-5 trusted people built by each of Pi’s members. Security circles secure the currency by building a global trust graph that prevents bad actors from executing fraudulent transactions (fell free to add me to your security circle!)

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Question:

Tell me, if this company is aimed at monetizing and working with people, why Google ADVERTISEMENT appeared in the application ...

Do they make money on advertising?

Answer:

The cost of supporting the entire network for developers is about $ 30,000 per month. So think for yourself.)

Thanks for reading & Good Luck!


Crypto_MD
Crypto_MD

Everything is OK!


Crypto _MD
Crypto _MD

Hi to all there! I'm in crypto (airdrops, bounties, cryptocurrency related contests & projects) since january 2019 and now I have decided to create my own blog (with disscussing) about some interesting and perspective projects! I'm an owner Crypto related google group https://groups.google.com/forum/#!forum/crypto_madness and I have Crypto related Facebook funpage https://www.facebook.com/Crypto.MD2020 You can join to our communities to receive more updates!

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