What is Pi Network? Guide to dig the latest Pi Coin

By Hiếu Nguyễn | hieunguyenquy | 29 Apr 2020

Surely when you read this article, you've heard people talk about virtual currencies, right? Are you looking to mine Bitcoin for free? There are many websites or mobile apps that allow you to mine cryptocurrencies, but the number of scams or viruses installed on your computer is very large, so choosing a reputable website is very important. In this article, I will introduce you to an application on your phone called Pi Network, which allows you to mine virtual money for free, safely and quite prestigious. Join me to find out what is Pi Network and how to make money with this application.


What is Pi Network?

Pi Network is a virtual currency that can only be mined or mined on a phone, but does not consume device resources like other free mining applications. Previously Pi Network could include mining applications such as Electroneum (ETN), but this application consumes your device resources to decode the algorithm (Electroneum uses cryptonight algorithm). With Pi Network, when you dig coins will feel the device does not heat up. You can also turn off the application or turn off the network and still be able to mine coins every 24 hours.


      •Pi Network is still in BETA. The project is still in progress which means that there will still be errors and some details of the project are still changing. While many cryptocurrency projects start from pure theory, Pi Network seeks to balance theory with design and people-centered (or experiment with real people to best meet their needs). ). The project values ​​your patience and welcomes your input as we work together to develop products that best meet community needs.
       •Pi does NOT give you free money. This is a long-term project whose success depends on the common contribution of its members. Pi helps people capture the economic value that is held by banks, technology giants (e.g. Facebook, Amazon) and other intermediaries. Pi depends on the contribution of the members. Therefore Pi NetWork is not suitable for those who want to make money quickly.

Pi Network's goal is to create a blockchain with Stellar Consensus Protocol (SCP) to optimize resource efficiency and be most user-friendly through the use of a security circle system. by Drake.

The Pi Network project started operations on March 14, 2019 (the official Pi day), when developers launched their mobile apps. They then market it as a free, mobile-friendly mobile mining app that you only need to access once a day to continue your self-exploitation. Mining speed starts at 3.1 Pi / h and halves every time the number of users increases above a certain number.

The Pi Network community is getting bigger and bigger, and by February 2020, the app has more than 3.5 million members participating at a rate of 0.4 Pi / h.

Can Pi connect up to 3.5 million people? Incredible!" Yes, but that is not what happened. Inside the Pi prospectus, we can see that the Pi network project has 3 phases: beta, testnet and mainnet.

Currently, it is in beta and the application is only a virtual representation. Since March 2020, the testnet phase has begun.

Is Pi Network scam?

Pi is not a hoax. This is an attempt by a group of Stanford alumni to spread the cryptocurrency to more people. Pi Network's core team is led by two Stanford PhDs and one Stanford MBA, all of which help build the blockchain community at Stanford. There is no guarantee that the project will succeed. However, Pi Network will work hard to make common dreams a reality, while upholding the highest standards of transparency. You can learn more about Pi's core team on the app, or simply by typing these people 's names into the Google search page:

-Dr. Nicolas Kokkalis: Head of Technology Department

-Dr. Chengdiao Fan: Product Manager

-Vincent McPhillip: Head of Community


After analyzing the prospectus and taking a closer look at this project, we explained why the Pi Network project is often suspected by many as a hoax, but it is not.

--The goal of the Pi Network project is for mass adoption and targeting a large community. And because most people often hear about Bitcoin, there is a comparison between Bitcoin's weakness and Pi's advantages, which inadvertently leads a part of the cryptocurrency community to consider it a hoax. bluff. Because they lost a LOT of money to cryptocurrency projects during 2017-2019, these projects were bankrupt and often compared themselves to being an improvement of Bitcoin. As we described above, it is unlikely that the Pi Network project will succeed, but even if the project fails, you will ask yourself if you have LOSE money for this project?
--Mass adoption must go hand in hand with widespread distribution. Through the application, Pi Network is distributing prefabricated tokens to its users. The term is roughly called Pi digging to make it easier for people to understand.
--Building a blockchain from an early stage is not an easy task and most projects end up being hacked because of weak network security. Through SCP (in other words, the consensus mechanism of security that Pi community is connecting to), network security is greatly improved. However, because the Stellar Consensus Protocol is difficult to understand, Pi emphasizes the incentive to build a security circle system among users.
--Pi also claims to be the first cryptocurrency you can mine on your phone. But actually, Monero is the first currency to have the Minergate application.

How to make money with Pi Network?

Describe how to exploit Pi

Pi Network does not call you to invest or do anything. Your job is very simple, you just need to have a phone, download the Pi Network app and create an account, press the Start button daily and the PI digging will take place even if your computer is not connected to the internet .

You also do not need to open the active application. Pi does not affect your phone performance, does not drain your battery or use your network data.

To start earning Pi, check the app every 24 hours and press the lightning button to start mining. You can increase your hourly Pi rate by inviting friends and family to join the community. After 3 days of exploitation, you can increase your income more by building your security circle, which contributes to the overall security of the network. And remember, veteran members of the network have a higher rate of extraction than the members who come after them.

Why are veteran members exploiting more?

Pi's goal is to become a widely distributed and widely used electronic currency in the world. To achieve that goal, Pi encourages members to contribute early to ensure the success of the project (eg network protection and development). To reflect the importance of early contributions, the rate of extraction decreases as more people join the network. At this point, the base mining rate will be halved every time the number of active users increases by 10 times. This ratio will be reduced to zero when the network reaches a certain number of users (for example, 10 million or 100 million). At the time, like Bitcoin, miners would continue to receive rewards with transaction fees, rather than being rewarded with new coins.

What is the Pi Network security circle?

The security circle is a group of 3-5 trusted people built by each Pi member, to prevent fraudulent transactions.

While cryptocurrencies like Bitcoin secure their ledgers by forcing mining companies to burn energy (proof of work), Pi still guarantees its ledger when members of the network prove trust with each other. Pi contributors guarantee each other by building security groups of 3-5 members whom they deem reliable. The security circle should include people you trust not to make fraudulent transactions. The cyber security circles form a global trust chart to determine who can trust to conduct transactions on the Pi ledger.

How much is Pi?

Pi is worth approximately 0 dollars / euro. Yes! If the price is $ 0, then we dig PI do? Also you will wonder when will PI be valuable?

While everyone thinks PIs are not valuable and not involved, just like when BITCOIN 2008 was not valid. If you are the PI holder

PI holders have two options for converting PIs into cash:

--Buy goods and services directly with your Pi. Pi Network is building a peer-to-peer market where members can directly spend Pi to buy goods and services. Pi Network aims to start a bank transfer test in its application immediately after Q42019.
--Exchange Pi for cash on cryptocurrency exchanges. Pi will be able to be traded during Phase 3 of the project (such as when launching the Mainnet). At that time, exchanges may choose to list Pi. At this point, Pi's core team focuses on following the technical roadmap to reach phase 3.

     "I still remember the years of 2015, in MMO communities, competing to receive free coins called Raiblocks (XRB) by typing captcha, each type of such a lot of XRB, it can be said that the day that XRB has no value , almost 0 dong. Later in early 2018 when Raiblocks changed the name to a NANO project, the peak of a NANO coin was up to 34 USD, sweeping away the dream of millionaire MMO millionaires, because when mining XRB, they sold with very cheap price for each other."

Hope the article will help you readers, thank you. 

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