What is the Pi Network — the FAQ and how to earn pi

to get a free pi, use this code when you register randomblueshark0

Frequently asked questions and quick answers

Welcome to the big version of the official Pi video with frequently asked questions!

Disclaimer: Pi is NOT free money.

Pi is NOT free money. This is a long-term project, the success of which depends on the collective contribution of its members. Pi is dedicated to helping ordinary people capture more of the economic value that goes to banks, technology giants (eg Facebook, Amazon) and other intermediaries today. Pi depends on the collective contribution of its members. If you are looking for quick money, look elsewhere.

What is Pi?

Pi 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.

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 Stanford doctors and an Stanford MBA, 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 this app work? How to win more Pi?

This app allows you to earn Pi by making simple contributions to the Pi community. The more you contribute, the more Pi you earn. To start earning Pi, check every 24 hours and press the flash button to start digging. After digging, you can increase your hourly rate by inviting trusted friends and family to join the community. After 3 days of extraction, you can increase your profits more by building your security circle, which contributes to the overall security of the network. Keep in mind that earlier network members earn higher than those who come after them.

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

You do not need to leave the application open for mine. Pi does not affect the performance of your phone, drains your battery or uses 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 battery depletion and a light footprint on the planet. Read the technical section in our White Paper for a more precise and detailed explanation.

Why do earlier members get higher?

Earlier members gain at a higher rate to reward network contributions when they are most needed. Pi aims to be the most widely used and distributed cryptocurrency in the world. To achieve this goal, Pi encourages its earliest members to make contributions that will ensure its success (eg providing and expanding the network). To reflect the importance of early contributions, the rate of yield decreases as more people join the network. At this time, the basic extraction rate is halved each time the number of active users increases by a factor of 10 (see chart below). This percentage will eventually drop to 0 when the network reaches a certain number of users (for example, 10 million or 100 million). At this point, just like Bitcoin, miners will continue to be rewarded by transaction fees, not by minting a new currency.

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 team to win the invitees, as each member only joins Pi once, using the code randomblueshark0

What is the role of Contributor? How to become an associate?

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.