Pi is a new emerging cryptocurrency developed by students from Standford. The project is still in the development stage but it is already possible to acquire this currency for free. Here are more details on this very promising project.
Pi Network, a cryptocurrency accessible from a smartphone
The Pi is a currency in development. In order to spread this cryptocurrency to the greatest number of people, it is possible to mine this currency for free up to a certain stage in the development of the project.
The logic of distributing this currency among users is simple: the more you contribute to the project, the more Pi you earn. Naturally, users who have supported this project for a longer time will therefore have accumulated more currency than young users.
To participate and support this project, simply install the Pi Network application on Android or iOS then create an account by logging in with Facebook or using your phone number. To finalize the creation of your account, you must provide an invitation code so as to link your account to a trusted person. You can therefore use the code of a member of your entourage. If no member of your entourage is already present on the Pi Network, I suggest my invitation code: thaydan23
Note: The sole purpose of collecting your phone number or connecting to your Facebook account is to allow your wallet to be restored in the event of your smartphone being lost or reset.
Once your account is created, you can instantly start mining Pi. To do this, simply click on the small flash in the right sidebar of the application to launch a mining session. These sessions last 24 hours and you must repeat this maneuver at the end of each session. This allows Pi Network developers to know the number of users actively present on the project. This will help them to have weight when launching the currency on the financial markets, during the third phase.
The three phases of the project
The project is divided into three phases. As of this writing, we are in the second phase. Here is a summary of the different phases:
During this phase, the system was developed and distributed. The aim was to test the functioning of the system and to make improvements.
The software Pi Node, which makes it possible to decentralize the currency, was launched and distributed in beta version on a test network. The aim is to test, improve and spread the decentralization system. Pi Node is available on PC and Mac at the moment.
During this phase, users are required to validate their Pi Network account with Yoti, the KYC identity validation application on the internet. It is a good idea for the developers of Pi Network to go through Yoti to validate the accounts: it assures them that the accounts are linked to real people, without us having to give Pi Network our documents of official identities. Yoti is an intermediary. The only data that Pi Network collects through Yoti are: profile picture, full name, date of birth, mobile phone number and email address.
When the decentralization system is operational, Pi's official main network will be launched. The blockchain will then be fully decentralized. From this phase, it will be possible to start withdrawing or exchanging Pi for other currencies, such as the euro or the dollar for example.
In phase 3, Pi users will also be able to create a personal storefront that will serve as a point of sale to offer goods and services to other members of the Pi Network.
How much can we earn?
By default, each user earns 0.10 Pi / hour (current rate), or about 73 Pi / month.
If you are impatient to have more Pi, you can invite people around you to join the project. This will add approximately 0.05 Ft / hour per guest.
Finally, when you have done more than 3 mining sessions and you have sponsored 3 or more people, a function is unlocked and allows you to create a Circle of Confidence (Security Circle). The trusted people you add to this circle contribute to the security of the Pi network and the integrity of your account. These trustworthy people are all people who can “prove” that you are a real, trustworthy person on the network. And vice versa, by filling your circle of trust, you are signaling to the network that the people in your circles are trustworthy people.
To thank you for this participation in the security of the Pi network, you also earn up to 0.10 Pi / hour (current rate).
As I said before, we are currently in phase 2 of the project. At this point Pi Network is not connected to the financial markets, the Pi therefore has no value. You have to wait for phase 3 before the Pi you mined start to gain value. This phase should happen in less than a year.
Note that the distribution of Pi is limited. If you could get it indefinitely, the Pi would have no value. The distribution system works as follows: when the number of users of the Pi network is multiplied by 10, the earnings per hour are divided by 2. Thus, as the number of users increases, the number of Pi distributed per user decreases, until it is no longer possible to earn it. By then, all of the Pi will have been fully distributed and distributed.
How can the Pi gain value?
From phase 3, the Pi will go public and start to gain value. The value of a Pi will depend on the number of users on the Pi Network and more generally on the notoriety of this currency. If this currency is used by many people and attracts large investors, the value will increase. The more investors there are who want to appropriate this currency, the more the Pi will increase in value because it will become rare. It is the law of the market.
To give you an idea of the possible evolution of the value of Pi, you can compare this to the evolution of Bitcoin. Of course this is only an indication because many parameters are not the same.
As a reminder, when it was launched in 2008 Bitcoin was worth less than a euro. Today, its value varies around 8000 € (at the time of writing this article). We can retain two notable peaks in the evolution of the value of Bitcoin: a first peak in December 2017 where the price of a Bitcoin was higher than 16700 euros; and a second peak at the end of June 2019 where the price was higher than 10400 euros.
Personally, I think this currency has potential and that's why I tell you about it in this article. I note several positive points:
- the ease of use and accessibility of this currency
- the fact that it is possible to mine it directly with your smartphone
- the fairly fair and equitable distribution of Pi, whoever supports and contributes to the Pi Network is rewarded in proportion to their participation
- the Pi Network application is very light and consumes very few resources, due to the system used by Pi Network, unlike Bitcoin.
When it comes to how much value the Pi will take over time, it is not possible to reliably predict whether the Pi will ever exceed the value of Bitcoin, as too many factors are random or unknown at the moment. However, I believe that this currency has a lot of potential and in my opinion it should develop well in the years to come. For your information, the currency was launched on March 14, 2019 and already has more than 29 million users around the world (November 25, 2021).