A fellow PublishOx users (jka) has posted something in regards to this "Pi" "π" Crypto. I wanted to take a stab and see what it was all about. On a shallow level I compare it to Electroneum. The way they phrase the Pi network and its purpose is almost a PayPal competitor. PayPal in the sense of sending people money instantly with a decentralized network.
Pi uses the Stellar Consensus Protocol. It is an Android/Apple app. You open the app once a day and reup your "mining". You need to log in once a day to keep it going but it literally only takes 1 click to keep your mining going. You can not download the Pi app and use it unless you are referred by someone. It is setup this way to have the miners as all trusted miners and not bots. And as such when people use your referral code you create a sort of Family of trusted miners.
There are 4 roles to the Pi mining. Any 1 person can hold multiple roles. And the more roles you hold the more Pi you mine on the mobile app. To my knowledge the Pi Node software isn't released yet.
Pioneer: Everyday user who logs into the app and continues their mining to verify they are not a bot.
Contributor: Everyday user who has a 'Family' of users they invited. So they have a group of users they trust.
Ambassador: A user who is getting others onboard of the Pi network.
Node: This is someone who is a Pioneer and Contributor on the mobile app but is also running the Pi Node software on their desktop computer.
When you log into the app and check the button to continue mining you are merely just verifying transactions. There is not great strain on your phone or data. So you don't have to worry about causing harm to your phone if you mine Pi.
This is the official Youtube video from the Pi team
Another interesting note about Pi is that instead of having a fixed amount of Pi tokens, they take a different approach. For the first 100 million miners a set amount of PI is minted for each user. And then that set amount is released to the user over time based on their mining, etc. There is also a fixed amount of PI minted for referring users.
1st step is to download the app from your appropriate app store:
Now you need to setup your account:
You can either use your phone number or Facebook. In the interest of Privacy I would suggest using your phone number.
Enter your phone number and select your Country Code from the drop down
I skipped the steps of setting up your password but you will need to setup a password.
Then it will take you to the main app home screen. On the right hand side you will see a circle with a lighting symbol in it. That is where you need to click every day to keep your mining going. It will also show you how much Pi per hour you will earn.
At the very top of the screen you will see your total amount of Pi (you can see I have 1.0003 Pi). Right now the default earning rate is 0.25 Pi per hour. I want to state very clearly that as more people join Pi mining the rate that new people earn Pi will decrease. So if you are going to mine Pi I would highly suggest you start sooner than later! Also the more roles you hold the higher the rate of Pi earning you will receive.
A little break down of the earning rate.
A Pioneer earn .20 π/hr.
A Ambassador earns at this rate 1 x 25% x .20 π/hr or basically .05 π/hr per person in your Family/Circle.
That is it everyone. It is very easy easy mining and very easy to setup. Also I feel obligated to state the first 11 digits of Pi 3.14159265359
When you download the app and it's asks for who referred you to Pi use my code: TrocProcLock. You can not mine without a referral code.
Pi is currently estimated to be worth $0.16 USD. This can and probably will greatly change before Pi goes live and is trading on exchanges.