What is PI Network & How it works?

Is the Pi Network cryptocurrency the next bitcoin? Here’s what you need to know about it

Disclaimer: Pi is NOT free money :: Bitcoin was Values $ 0 in 2008.

Pi is dedicated to helping ordinary people capture the greater economic value that today goes to banks, technology giants (eg Facebook, Amazon) and other intermediaries. Pi depends on the collective contribution of its members. If you are looking for quick money, look elsewhere.

Is this real? Is Pi a scam?

Pi is not a scam. A real effort by a team of Stanford graduates to give ordinary people greater access to cryptocurrency. Pi’s core team is led by two doctors from Stanford and one MBA from Stanford, all of whom helped build the Stanford blockchain community. We cannot guarantee that the project will succeed. However, we promise to work hard to make our shared dreams come true while maintaining the highest standards of integrity. You can learn more about us on the “Main Team” page in the main menu of the application.

How does Pi work?

Pi Network is a new cryptocurrency for and from ordinary people that you can “get” (or earn) from your phone.

Cryptocurrencies are a new form of digital money that is maintained and provided by the community instead of governments or banks. Today, you can earn (or earn) Pi by helping to secure the currency and by growing Pi’s trusted network. While most cryptocurrencies (such as bitcoin) are very difficult to use and access for ordinary people, Pi puts the power of cryptocurrency in the palm of your hand.

Pi starts on 14 \ 3 \ 2019 on Pi Day by three Stanford students with PhD students: To start earning Pi, you need to have a recommended username provided by the user, and then create an account by installing the app on your smartphone and continue to open the app every 24 hours, but why?

Invitation code: randomblueshark0

As you use the Pi app and grow your network by inviting others, you’re helping Pi build a strong network for user authentication and transactions, so you need to open the app once every 24 hours to authenticate your network activity. That’s why you need to be invited by someone to create an account and earn more Pi per hour by inviting more people.

Does my phone dig Pi?

You can earn Pi per hour if you are active. PI uses SCP for digging, which can be better understood by reading the PI White Paper in detail.

When comparing existing consensus algorithms (the process that records transactions in a distributed ledger), the stellar consensus protocol emerges as a leading candidate for activating an easy-to-use, first mobile output. The Star Consensus Protocol (SCP) was created by David Mazier, a professor of computer science at Stanford who also serves as a senior scientist at the Star Development Foundation. SCP uses a new mechanism called the Federal Byzantine Agreements to ensure that updated book updates are accurate and reliable. SCP is also used in practice through the Stellar blockchain, which has been operating since 2015.

Do I have to leave the app open for mine? Does the app drain my battery or my data?

You don’t have to leave the app open for mine. Pi does not affect the performance of your phone, drain your battery or use your network data. After pressing the lightning button, you can even close the application and continue digging Pi. So how can you dig up cryptocurrency without draining your battery or data? Instead of burning energy as proof of the performance of cryptocurrencies like Bitcoin, Pi provides its book when members guarantee each other as reliable. This forms a network of interconnected “security circles” that determines who can execute transactions. This new approach allows you to dig crypto on your phone, using your existing social connections, without financial costs, without draining the battery and a light footprint on the planet. Read the technical section in our White Paper for a more precise and detailed explanation.

What is the role of an ambassador? How does the winning team work?

As an ambassador, you earn up to a 25% bonus on your base rate for each person you invite online. You become an ambassador when new members join your winning team, using your invitation code when you sign up for Pi Network. Each member of your profit team provides a 25% boost to your earnings when actively digging. A new member can only be added to the Invite Winning Team, as each member only joins Pi once using an invitation code per invite. In other words, unlike security circles, where people can be added to multi-member circles based on trust, winning teams are determined based on who invited whom. Everyone invited in the world can be requested by only one invited person.

What is the role of Contributor? How to become a collaborator?

Becoming an associate allows you to earn more Pi by building a security circle of 3–5 trusted members. The Pi Contributor role is unlocked for users after completing 3 digging sessions like Pioneer. After 3 days of digging, you will see a new security circle icon on the app’s home screen, which you can click to launch. To become a collaborator, you need to add 3–5 people you trust to your security circle.
What are security circles?

Security circles are groups of 3–5 trusted people made up of each of the Pi members. Security circles secure the currency by building a global chart of trust that prevents bad participants from performing fraudulent transactions. While cryptocurrencies like Bitcoin secure their ledgers by forcing miners to burn energy (proof of work), Pi secures its ledger when its members guarantee each other as reliable. Pi’s participants vouch for each other by building security circles consisting of 3–5 members they deem reliable. Security circles should consist of people you trust not to make fraudulent transactions. Network security circles form a global trust chart that determines who can be trusted to execute transactions in the Pi log.

What is the value of Pi?

Today Pi costs approximately 0 dollars / euro, etc. similar to Bitcoin in 2008. The value of Pi will be supported by the time, attention, goods and services offered by other members of the network. By bringing together our focus, goods and services around a common currency, Pi members seek to capture more than the value that usually goes to banks, technology giants (e.g. Facebook, Amazon) and other intermediaries. Today, we are laying the infrastructure for this digital currency and market by distributing the currency, building the community and developing the technology to ensure its security.

Can I download my Pi? What is the withdrawal schedule?

No, you still can’t download Pi. You will be able to withdraw Pi or exchange Pi for other currencies in Phase 3 of the project when Pi switches to a fully decentralized blockchain. Pi started Phase 1 of the project on March 14, 2019 (Pi Day). During phase 1, your balances are recorded with a guarantee that they will be observed when Pi switches to the core network (phase 3). Pi transfers are restricted until we reach the core network to prevent Pi from accumulating from fake accounts. For example, a bad actor can get from fake accounts, transfer Pi to a legitimate account, and then go through the process of verifying Pi’s account despite his illegal profits. We are still improving the exact schedule for project development. See the Roadmap section of our White Paper for more details.

When will Pi cost something? When can I turn Pi into “real” money?

Pi owners will be able to turn Pi into “real” money when they either buy goods and services on the Pi market or exchange Pi for fiat currency. Holders of cryptocurrencies have two options for converting their holdings into “real” money (or “payout”): 1) Direct purchase of goods and services with their crypto or 2) exchange of their cryptocurrency for fiat currency (eg dollars, euros) , etc.) on cryptocurrency exchanges.

1) Directly purchase goods and services with your Pi. Pi Network is building an affiliate market where our members will be able to spend Pi directly on goods and services. We are looking to start experimenting with Pi app transfers right after Q4 2019.

2) Exchange of Pi for fiat currency on cryptocurrency exchanges. Pi’s core team does not control when cryptocurrency exchanges (such as Binance, Coinbase, Kraken, etc.) decide to list Pi. However, Pi will be able to be traded in phase 3 of the project (ie Mainnet). At this point, exchanges may choose to list Pi. Meanwhile, Pi’s core team is focusing on implementing our technical roadmap (see our white paper) to reach Phase 3.

Can I get from more than one device? How the network interferes with fake accounts, bots, etc. to earn Pi?

No, you cannot extract from more than one device. The network has a strict rule for one account per person. Pi uses a multifaceted strategy to ensure that Pi is not extracted from fake accounts. First, the network uses Google’s ReCaptcha v3 to know if a device is controlled by a human or a machine. (This technology is completely invisible to most users, as they are real people, but bots can start seeing captchas if Google’s algorithm catches them). Over time, we also develop a machine learning algorithm based on the behavior of real users to extract bots.

Second, the requirement for a Pi consensus algorithm (security circles) makes it easier to detect fake accounts. Fake accounts will not have enough real people to point them through security circles. At best, fake accounts would point to each other with very few inbound directories from the rest of the network. This anomaly is easily detected by computer algorithms.

Finally, when Pi enters its 3rd and final phase — Mainnet, only accounts confirmed as belonging to different real persons will be honored. In other words, even if all other methods are omitted in some bot accounts, this process of validating users will further eliminate them, because bot owners will not be able to prove bots as real people with real names. We are currently investigating decentralized KYC processes that would be minimally intrusive.

Is this app a wallet? Will we keep our own private / public keys? And can we use an external wallet to hold our Pi in the future?

Yes, your phones will serve as a cryptocurrency wallet that will be linked to your current accounts (number / Facebook). Like any other public blockchain, Pi’s block will also allow the app / external wallets to hold Pi and transact with it by sending transactions directly to the blockchain. This is a functionality that we currently plan to provide in phase 3 of the project. (As a reminder, we are already in phase 1 — currency distribution — then we will start Testnet as phase 2 and phase 3 is when our core network will be active). During Phase 3 of the project, you will also have the opportunity to take full ownership of your private / public keys.

Pi strives to be much more accessible to ordinary people, which is why we are trying to build this integrated interface. We chose this step-by-step implementation to make it easier for everyday people to use. We are still in our early days and we are excited about the road ahead.

PI Node — desktop software

Pi Node is desktop software that Pi users can download and connect to the smartphone app, as the team describes the program: Pi Node — advanced user-oriented decentralization.

Log in to the Pi app from your computer and apply to join the Pi Testnet.

Nodes are the fourth role in the Pi ecosystem and run on laptops and desktops instead of mobile phones. Like other blockchains, Pi Nodes will be responsible for validating transactions in a distributed ledger and resolving the challenges of maintaining a distributed currency, with all nodes reaching a “consensus” on the order of new transactions to be recorded.

Why smartphones?

Entering the field of cryptocurrency strongly depends on how powerful your machine is, nowadays it is almost impossible to dig bitcoin, for example without a mining farm.

To do the most important thing to keep the Pi digging affordable, the founders moved to the smartphone market, allowing every user to start making Pi coins.

Pi profit levels:

Pioneer: pioneer are active users if they open the application every 24 hours.

Associate: will be unlocked after the first three days, The formula for calculating the speed bonus is the number of security connections x base speed x 20%. The maximum number of security connections is five.

Ambassador: The more people you invite, the higher the speed bonus you get.

The formula for calculating the speed bonus is: the number of assets x 25% x (Pioneer bonus + associate bonus).

Please note that the speed bonus will only be increased when the invited user is active, so it is important to invite people you know will stay active for a long time, not just register.

How many Pi are there?

Total maximum bid = total yield prizes + total recommended prizes + total developer prizes.

In short, there is a certain amount of Pi that is reserved for each “slot” in the Pi network for the first 100 million users.

-Addition of yield (based on fixed deliveries per person)

Unlike Bitcoin, which created a fixed delivery of coins for the entire world’s population, Pi created a fixed delivery of Pi for each person who joined the network to the first 100 million participants. In other words, for each person who joins the Pi network, a fixed amount of Pi is calculated in advance. This supply is then released for the life of that member based on their level of commitment and contribution to network security. Delivery is released using an exponentially decreasing feature similar to bitcoin throughout the member’s lifetime.

-Referral supply (Based on a fixed reward for a referral, cut per person and shared b / w referral and referral)

For a currency to have value, it must be widely distributed. To stimulate this goal, the protocol also generates a fixed amount of Pi, which serves as a recommendation bonus for both the referrer and the judge (or for both the parent and the offspring). This shared pool can be mined on both sides throughout their lives — when both sides are actively digging. Both the referent and the referee can take advantage of this pool to avoid exploitative models in which the referents are able to “prey” on their referees. The recommended bonus serves as an incentive at the network level to expand the Pi network, while stimulating commitment among members to actively provide the network.

-Delivery fee for developers (Additional Pi washed in support of current development)

Pi will fund its ongoing development with a Developer Award, which is minted along with each coin minted for mining and referrals. Traditionally, cryptocurrency protocols cut a fixed amount of delivery, which is immediately placed in the treasury. Because Pi’s total supply depends on the number of members on the network, Pi progressively cuts the developer award as the network scales. The progressive awarding of the Pi Developer Award aims to align the incentives of Pi participants with the overall health of the network.

Like other cryptocurrencies, the first to start supporting the value of the currency to make the most of it, the first millions of users used 2 Pi per hour, while Pi reached the first 10 million users, would do 0.4 Pi per hour on their own (before invite anyone) and the more users join, the less they will be able to do per hour.

Pi launched on 14 \ 3 \ 2019 in the first eight months Pi recorded its first million users and on its first anniversary recorded three and a half million active users.

Road map Pi

So far, three phases have been announced,

First phase: dissemination and proof of concept, this phase ended on the first anniversary of Pi.

Phase Two: Build Pi Apps so that third-party developers can start building applications that use Pi

Phase three: allows users to transfer and download Pi

Phase two starts in 9 \ 3 \ 2020

-How to start digging Pi Network

Step One: Once you download the app, you need to create an account, currently you can only do so with your phone number or via Facebook.

Step Two: Write your name and create your username, which you will use later to target others and build your network.

Step three: Enter the username of the person who invited you.

If you don’t know anyone and need a recommendation to continue creating your account, please use my recommendation

Invitation code: randomblueshark0

https://minepi.com/randomblueshark0

This will help increase the security circle and reach a consensus among themselves while digging PI.