PI Network, the people's crypto!

PI Network, the people's crypto!


For the last couple of years I have been participating in PI Network, a new cryptocurrency that is designed to be mined through a mobile app. I also run a node on my home PC, which is very light on the resources. What sets PI apart from other cryptocurrencies is that it is based on proof of identity, rather than proof of work or proof of stake. The creators of PI Network believe that this approach will make it more accessible and fairer than other cryptocurrencies. PI Network was created by a team of Stanford graduates, including Dr. Nicolas Kokkalis, Dr. Chengdiao Fan, and Vincent McPhillip. The team's vision was to create a cryptocurrency that would be accessible to anyone with a smartphone, without requiring expensive hardware or technical expertise. To achieve this, they decided to create a cryptocurrency that could be mined on a mobile app.

To ensure the integrity of the network, PI Network uses a consensus algorithm called Stellar Consensus Protocol (SCP). SCP is a federated consensus algorithm that allows nodes to reach agreement on the state of the network without requiring a central authority. This makes it more resilient to attacks and more scalable than other consensus algorithms. To mine PI, users need to download the PI Network app and create an account using their phone number or Facebook account. Once their account is verified, they can start mining by pressing a button on the app. Mining on PI Network is done by verifying transactions and inviting new users to the network. The more transactions a user verifies and the more people they invite, the more PI they earn. PI Network is designed to be a long-term project, and the creators have set a maximum supply of 1 trillion PI. At the time of writing, there are over 24 million users on the network, and over 26 billion PI have been mined.

The value of PI is not yet determined by market forces, and it is not yet traded on any major exchanges. The creators of PI Network have stated that they intend to create a marketplace for goods and services that can be purchased with PI, which could give the cryptocurrency real-world value.

I love it because I find PI Network to be an interesting and innovative cryptocurrency that is trying to create a more accessible and fairer way of mining. However, as with any cryptocurrency, there are risks involved, although I would say that right NOW, there is zero risk as you cannot even buy it and it takes absolutely no resources to mine. You simply tap a button on your phone once a day and you are earning. But again, it is proof of IDENTITY. You WILL need to identify yourself and verify it. 
If you are interested in this people's crypto, here's my referral dealio:

I am sending you 1π! Pi is a new digital currency developed by Stanford PhDs, with over 35 million members worldwide. To claim your Pi, follow this link https://minepi.com/jdspencer60 and use my username (jdspencer60) as your invitation code.  



That said, stay safe, and don't just HODL, mine and run nodes!

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Justin Spencer
Justin Spencer

Just a regular Joe, trying to get ahead. I love the crypto space and I'm handy with computers, I work in a hospital and I love cheeseburgers


Experiences of a Crypto Newb
Experiences of a Crypto Newb

This blog will simply be about my experiences as an inexperienced crypto trader and how to avoid the same rookie mistakes I made. I hope to help people ease into their experience instead of running head first into a brick wall like me.

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