Pi Coin - The Pi Network
As
the world becomes increasingly digital, cryptocurrency is a next
natural step in the evolution of money. Pi is the first digital currency
for everyday people, representing a major step forward in the adoption
of cryptocurrency worldwide. - Pi Network
Founded by Stanford Ph.D., Dr. Nicolas Kokkalis, Dr. Chengdiao Fan, Vincent McPhillip.
Pi Network now let's users mine pi coins on their phone without the
battery being drained. What actually is happening is, your mining is
being simulated for now on their servers, so you need not have your
phones opened or even have the app run in the background. All you need
to do is to open the Pi Network application once everyday, and hit the
mine button.
How to install Pi Network and be a part of it?
Step 1: https://minepi.com/nepalipride Go to this link and click on Download, to download the Pi Network App.
Step 2: Register using Facebook or Mobile number and set your password.
Step 3: It is an invite only join to the network. So use the invite code: nepalipride
Step 4: Click on the mine icon on the right everyday, to continue mining. Invite more people to increase your mining rate.
What is Blockchain?
A
blockchain is a decentralized storage of any form of data, that is
immutable. New data is added to the chain frequently by the users of
this network. The data is stored in the form of blocks, where each block
is linked to a previous block through a cryptographic hash, timestamp
and the data.
How is it immutable?
Can't
someone just delete a block in the blockchain, and poof! remove it or
modify it? Yes they can. But wait, listen to the complete story.
The
Blockchain is distributed, in the sense, the same copy of the
blockchain is copied to each and every user of the network. So, if a
person has to delete a record in the entire blockchain, they he/she has
to attack more than 50% of the users who are a part of the blockchain,
all at the same time! Getting it?
Ex: If
there are 10 users. If I want to hack and remove a block or modify it in
the blockchain, I will have to hack any 6 users at the same time,
delete the block, so that the remaining network will think that it has
faulty blocks, and will copy itself from the other 6 users.
But
this is not computationally easy. So, the security of any blockchain
network increases with an increase in the number of users.
This is one of the reasons why we can find many networks initially trying to gather users and having Test phases.
What is the use of it?
What is the use of being a part of the blockchain?
Every
network has it's own purpose out there. These networks reward their
users with their own Coins. You would have heard about BitCoins,
Ethereum, XRP and a lot others.
These
coins are used to purchase services in the marketplace, for
transactions between two entities and also can be traded for currency.
Once
a data is stored in the blockchain, it can never be erased, so this can
be used to store transactional data, important documents and more.
The 3 phases of the Pi Network
Phase 1: Design, Distribution, Trust Graph Bootstrap.
Pi Server will emulate the behaviour of the decentralized system
Pi will not be listed on exchanges during this phase and it is not able to buy or sell Pi.
All the coins of the users will be migrated to the live net once it launches.
Phase 2: Testnet
The Node software will be deployed on the test net.
Users will be able to download their own Nodes.
The network is getting ready towards the Mainnet
Phase 3: Mainnet
When
the community feels the software is ready for the production, and it
has been tested on the Test Net, the official mainnet of the Pi Network
will be launched.
The Phase 1 emulator will be shut down, and the system will run on its own.
The coins will be transferred to the manner, and duplicate/fake accounts will be removed.
As of June 14, 2020 the Pi Network is in Phase 2.
4 facts about the Pi Network
1.) It uses an incredibly complicated consensus algorithm known as Stellar Consensus Algorithm
2.) It is created by members of the "Stanford Blockchain collective"
3.)
The main creator teaches a class called "Blockchain App Design" and was
likely a student of Stanford Professor David
Mazieres, the creator of the Stellar Consensus Protocol.
4.) You can disable ads on the app by going to your Profile.
There’s a chat link where you can chat with your followers too.
You’ll probably not get rich but you’ll have had at least fun trying.
The
app doesn’t drain your battery power… it mines when it’s OFF too. You
just need to press the green button at the end of each 24 hour session.
It’s FREE!
PROS of Mine Pi
- It’s free!
- No upfront costs.
- Very little risk, if at all.
- It’s the possibility of being a pioneer in something potentially much bigger.
- It’s fun!
CONS of Mine Pi
- New, uncertainty if it’ll ever really take off.
- You’ll get a lot of halfhearted miners who will stay for only a few days or forget to refresh.
-
Frustrating not getting something that you can sell immediately on an
exchange. Exchanges will come eventually. Patience needed.
- Be careful with your data.
- Roadmap is unclear.
Also Read:
Is Minepi a scam?
Scam?
A scam is where someone takes money off you and you get nothing in
return. Mine Pi isn’t taking anything from you except your Facebook
login and doesn’t qualify to be a scam.
There’s no LIMIT to how many people you can invite. In fact the more the merrier!
Here are some answers to questions you might be asking yourself.
It’s
currently worth nothing but when the network goes live you will be
rewarded the Pi you have been mining in BETA which is where we are at
now. Exchanges will come later!
Early
members mine more as they are the people who helped it hopefully get
off the ground in the first place. Yes! You and Me at http://minepi.com/nepalipride
The
mining rate halves at different stages. The first being 1M users (just
happened!) the next being 10M, 100M last two to be confirmed.
You
can read the Whitepaper and find out much more about WHAT Pi is WHY
it’s being introduced and WHO is behind it, namely three Standford
University phd graduates.
How does it work?
Well you download the app and login using your Facebook login
or a phone number. Normally both are connected anyway. From there on
you’ll have to press the little green lightning button every 24 hours to
prove you’re a real person.
The
App doesn’t even need to be on and running, you just need to press that
little green lightning button at the end of every 24 hour mining
session.
Looking for some opportunities to Make some money Online??
Watch, How to Mine Pi Cryptocurrency??
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