The Journey of Pi

Pi Network is the first cryptocurrency network ever to allow users to mine on their smartphones. Recently, Pi Node development was completed (allowing miners to harvest Pi cryptocurrency from their PC) and it can now be downloaded on the Pi Network website. Updates on Pi Node being fully opened will come soon. To start mining Pi on your smartphone you can click here: Mine Pi!

The Controversy

There has been much controversy over the Pi Network project. Founded in 2019, Pi is not to be mistaken for PiCoin. The two are completely different projects. The Pi Network project is currently in development by the same team of Standford graduates who brought us the popular cryptocurrency, XLM (STELLAR.)

Pi Network has approached the mining of its currency from a very unique angle. It is built on a federated-Byzantine agreement model under Stellar Consensus Protocol parameters. The model functions differently than Bitcoin's network - enabling the currency to be mined with extremely low-energy requirements.

SCP is so efficient, it has enabled Pi to be the first cryptocurrency that one can mine on a smartphone. In April 2020, the Pi Node (computer interface for mining Pi) is downloadable on the website and should be up and running soon.

Another Point of Argument

In the last few months, the number of active Pi users has grown from 1.5 million to over 3.5 million users. You can see here (according to Google trends) that the search volume of both terms ('pi network' and 'mine pi') has made a steady increase with a sharp curve upwards recently (see pictures below.)

With so many new Pi users, there are a lot of questions being asked. One of those questions is, "what is the current value of Pi?"

The Current Value of Pi

These new users and potential users have frequently debated the price of Pi. The truth is, as of today (4/17/20) the value of Pi is ZERO. Pi can not have real monetary value until it hits Phase 3 of the project. This is not because Pi will never have value, but is simply because Pi is still in the developmental stages.

Similarly to Bitcoin in 2008, Pi is not yet being exchanged by anyone except for a small pilot of test miners. For those miners, Pi does have value. For those not in the test pilot, there is still good news. Before we get into that, let's explore the three phases of Pi and get an idea of where the project currently stands - and where you stand if you were to start mining today (4/17/202.)

The Three Phases of Pi

• In Phase One of Pi, miners were able to mine on their smartphones. There was not yet a test pilot or any authorized (or even possible) exchanging of Pi. Pi Node was still in development and the currency could only be mined on a smartphone. During this period, the mining rate of each miner will be decided by the number of 'trusted nodes' active and mining in the miner's security circle (people the miner directly onboarded into Pi.)

• In Phase Two of Pi, KYC (Know Your Customer) verification was opened to a small Testnet pilot of dedicated Pi miners who would be able to exchange Pi for goods and services that held real value. This pilot test is intended to keep Pi a healthy ecosystem, work out any bugs, apply any fixes, and ensure a smooth transition onto Mainnet in Phase 3. The mining rate remains the same in Phase Two.

• In Phase Three of Pi, the currency will be released onto Mainnet and Pi will have a real monetary value. What that value is cannot be determined until the actual time of release, but the developers are working hard through the Testnet phase to ensure the health of the cryptocurrency.

Pi's Scarcity - What's It Mean for Future Value

It will not be possible to mine Pi forever. After the network reaches 10 million users, the ability to mine Pi will cease or be reduced to insignificant quantities. As previously stated, Pi has grown to around 3.5 million users. It has grown two million users in just a few short months and when it hits Mainnet that number will likely increase exponentially as a result of exposure and attention from cryptocurrency investors and traders.

It may not be a far cry to say these are the last few months when mining Pi will be possible. After Pi can no longer be mined, the coin should become increasingly scarce with the introduction of new users - much as what happened during Bitcoin's journey.

As the number of new users increases, so should the overall demand for the currency to be used for goods and services. In turn, the value of Pi should mechanically rise (inflation.) The value found in decentralized transaction processing (extremely cheap transaction fees, no central bank, and more control over user's money), adds value to Pi as well and should help with price appreciation as it moves towards mass-adoption.

"Should I Mine Pi?" - Pros and Cons

The question for many remains, "is it worth my time to mine Pi?" Let's address the question by looking at the pros and cons of mining Pi and then you can make the choice for yourself.

Pros

• Pi Network holds the promise of brilliant minds. The developers of Pi are a group of Stanford graduates who have already successfully achieved worldwide success in their creation of Stellar Consensus Protocol and the transition of XLM (Stellar Lumens) to Mainnet - becoming one of the world's most adopted cryptocurrencies.

• Pi is the first EVER cryptocurrency to be mineable on a smartphone. The build of the fledgling cryptocurrency's ecosystem is unique, allowing for minimal power-consumption (it doesn't even kill your phone battery.) This is a vast improvement in efficiency from Bitcoins 'proof of work' model, which requires large plants and massive energy consumption to process blocks.

• Mining Pi takes virtually no effort. With just two taps on your phone screen, you can start mining Pi every day. It costs you nothing, it doesn't have any ads, and it even has chat features where you can connect with other crypto-enthusiasts.

• You CAN mine Pi now, but NOT forever. The number of Pi Network users is increasing. When Pi hits Phase 3 it will likely reach it's 10 million miner mark quickly - rendering Pi 'unmineable' forever. This is the only opportunity anyone will ever have to mine Pi.

• If Pi succeeds you could be considered a Pioneer of a great project - and maybe make a pretty penny.

Cons

• The possibility that Pi never grows in value, the brilliant minds who have already proven success fail miserably after many months (or years) of hard work and a $35K dollar monthly budget going into the project. After at least $350k of money spent by investors and highly intelligent people who see great value in the project - it fails - caput - useless Pi.

• You wasted 3-5 seconds of your day for a few months. If you wasted that time daily for an entire year, you would have wasted 1,095 - 1,825 seconds (approx. 18 - 30 minutes) of your life.

The Choice is Yours

To each his own. I know I personally will continue mining Pi until I no longer can. The reality is, it hasn't hurt me at all and has taken me very little effort. It has taken far more time to write this article than I have ever spent actually mining Pi. So, why put so much effort into an article about something that has no value?

Because I want to share with you the Journey of Pi. It is the journey of all Pioneers of the Pi Network. If you believe in this project or want to join me and the other 3.5 million miners before it's too late, you can join here: Mine Pi!

I hope to see you in my security circle!

Cheers,

Jonathan Caleb Williams.