What is Pi Network
The Pi Network is a cryptocurrency project whose goal is to make crypto mining accessible to all users. The centralization of first-generation digital currencies such as bitcoin has made them inaccessible to everyday users. Thus, a Pi miner will benefit from improved accessibility, unlike a bitcoin miner. Graduates developed the Pi network from Stanford University. And it allows users to mine coins from its mobile app. the transactions are validated on a distributed record during mining.
Pi Network Phase two
The Pi network is by blockchain technology. Phase two of the project was launched a year later, and the pi network platform attained over 3.5 million users.
The Pi Network App
The Pi app started to run ads on the pi network in May 2020. these ads provided funds for financing the pi network project. in March 2021, the pi network had attained 14 million users, after crossing the 12 million marks in February.
The Pi Network Platform
The pi network platform provides an infrastructure on which pie coin runs. Like other cryptos such as bitcoin, there is a need to protect its scarcity. That’s why it goes through a normal having process.
The number of coins a miner gets for processing new transactions is reduced by half after reaching a milestone.
The pi blockchain attained 100 000 users. Mining pi coins was halved from 1.6 Pi per hour. It was again halved to 0.4 Pi after its user base reached 1 million. Furthermore, to 0.2 Pi after reaching 10 million. This trend is expected to reach zero after going to 1 billion users during pi cryptocurrency mining. The pi node uses a consensus algorithm based on stellar consensus protocol. SCP to validate transactions and reach a consensus with other pi nodes. Some pi users see it as a way to take part in crypto from the ground up and earn profits in the future.
How much is Pi Network worth?
The pi network cryptocurrency is currently worth nothing as it is in stage 2 development and has not yet launched on the blockchain, but a back-end marketplace already has users exchanging the currency for up to ten dollars coins.
Some users have said that when the coin launches on exchanges expected in 2021, it may reach a value close to that of Ethereum at 200 or possibly more. This would mean if you had mined over 1 000 coins on the pi network app, you would be sitting on a balance of dollar two hundred thousand dollars to state how easy it is to earn pi I have invited just seven friends so far and have a balance of close to three thousand coins in little under one year, and not all of my friends mined the coins.
Can You Buy Pi Cryptocurrency?
Suppose you were thinking of buying pi cryptocurrency and storing it in your pi wallet. It’s worth noting that it’s not possible. Developers who’ve mined pi cryptocurrency will only get an opportunity to exchange or withdraw their pi crypto during phase3 when the pi network coin has shifted to a completely decentralized blockchain. Pi coins cannot support transfer transactions during the testing phase. This will help prevent fake accounts from acquiring many pie coins. The pi network wallet balances will be honored when the pi network moves from the pi test net to the main net after fully deploying the blockchain protocol. Thus, pi coins are not available for trading on any trading platforms or cryptocurrency exchanges.
Phase three
After the launch of phase three, pi currency holders will gain complete control of their public and private wallet keys and use pi coins to purchase products and services on the pi market and exchange them for fiat currency. Without having keys, pi cryptocurrency holders cannot transfer or spend their money. The pie coin phone app is equivalent to a cryptocurrency wallet, and it is usually linked to the user’s Facebook account or phone number like other public blockchains like bitcoin. The pi network will enable external wallets to keep pie coins and carry out transactions by submitting them to the blockchain.
Source code
However, the developers have yet to release the source code. The pi brainstorming mobile app in December 2020 allows users to join projects, propose app ideas, and engage other users. Many pi users are accumulating the pi coin, anticipating that the value of the pi coin will increase after the launch of phase 3. when the pi currency value increases, it will bring good news to miners. However, the mining rate of the pi coins has been halved. Users can connect with other pi network miners. for a new user to join the pi network, he must have an invitation code from another pi network user. some cryptocurrency lovers have already started to make pie coin price predictions.
The Pi Network price prediction in 2025.
The pi price can be predicted the same way as the bitcoin price prediction. The response to the pi network crypto has not been wrong. Like other cryptocurrencies being launched. The value of the pi coin is most likely to begin at a low level against us dollar and rise as it attracts and gains more users. The supply of pie coins is 378 368.8048804, but zero coins are in circulation. If the optimistic pie coin prediction is correct, the pie coin price prediction for 2025 should be at least five dollars. However, we should remember that pie coins can stay at the test net forever because of the complex registration without an absolute value behind this project.
How to make money from Pi Network App
if you want to make money from pi, You have an only way is Pi mining. if you want to do extra mining, you can share your referral code with friends and family to generate extra mining.
How to Mine in Pi Network?
How to Install the PI Network app on your mobile to mining?
Now I’m going to tell you how to install the PI Network app on your mobile. Start mining on your phone. So first, you need to go to the weather app store or play store. Depending on what type of phone and OS you are using. So, you go into App Store on your phone.
then you go to search for a PI Network here. You will just install it. Will wait for a few seconds for the app to install.
How to Register and open the Pi network app ?
The next step is to open the app.
so, you have two ways of basically registering into the app. one is with your Facebook and the other one with a phone number. So go and use any of them. To sign up for the country you select. The country, your hand.
and the phone on the phone number. Just enter it here, and you hit go. So next step, on that phone number, you should receive a text. When you receive the text message, you enter the verification code that you received.
and you hit continue, all right.
How do you set up your Pi Network account to mining?
so, now at this stage, you have to enter your information. So, I normally tell everyone to make sure that you enter your legal information. First name and last name. Because you know later on when you know you want to pull your money out. You know you want to withdraw in case, later on, apply if the pie has a value. At that point, there might be a verification process. You have to ID and everything. So, you know what’s going to be at that point. I like to just put my legal information.
Just going to go ahead and enter a name here and then next. Here at the bottom, choose a username. So now, you just submit.
at this is a stage, PI Network works by invitation. So, if you don’t have an invitation code or username, you wouldn’t continue. So, you can use your friend, brother, or any other referral code. what that does for you is it creates a link between your account and who refers you. And basically, that’s how the PI network works right? It’s based on building connections and relationships between multiple accounts. So you submit that invitation code, and there you go now you’re in, you just hit get started.
To claim your Pi, follow this link, https://minepi.com/omarbinsofi, and use my username (omarbinsofi) as your invitation code.
How do you referee other people inside your PI Network app?
So, it becomes the same way when you reach out to other people and invite them later on during the app. you know you will provide your referral code, your username to the other people. And then they enter your username and the more network you build within your basically inside your PI Network app. you know the rate of generating Pi for your account goes higher.
How do you earn PI every 24 hours?
to earn PI every 24 hours, you need to click on the little blue icon here. So I’m just going to click on it you turn this green. Now it’s telling you that the system is generating pi. You can see at the top generating the pi that you currently have.
Is the pi network legit?
User is putting their value into this app. Hundreds of articles or blogs online say PI Network cannot be a scam because people do not put any money on it. Users are spending their valuable time and data on the app. For more, you can see their analysis of the app’s privacy policy, its data collections, permissions, and the 3rd party software included in the app.
What have some platforms said about the pi network price prediction?
Wallet investor pi network price. Wallet investor made a pi price prediction for 2025 and beyond. They predicted that the pi token price would fall from the cost of 0.007 on average against the U.S. dollar in 2022 and reach 0.0001 United States dollars in a year. However, wallet investors think that pi coins will crash in the long run. Its pi network price predictions put it out of the cryptocurrency picture. Among other forecasts, digitalcoinprice.com deleted its price prediction information from its website on March 19th for unknown reasons.
Pie coin community reputation
Even though the pie coin still exists in test mode, its community grows day by day at the end of 2019. The number of active pi coin users in 2023 counted more than 20 million.
Several reasons attract people to the pie coin.
- first, mining is simple compared to, say, bitcoin mining.
- second, the number of coins produced does not depend on the gadget capacity.
- third, the user can gain more coins contributing to the platform development.
- However, many market experts point out that these features are more relevant to the multi-level marketing network. Then, they conclude the pi cryptocurrency value prediction is just a marketing move for a cryptocurrency. That should attract new users to the network.
Pi network updates
We have some good news for people! Mining pi KYC small batches at first. Then mass KYC to upgrade the system to scale for mass KYC. Pi network has just released small batches of slots within the KYC pi app. on the pi browser for uploading KYC documents. For testing, debugging, algorithm, and performance improvements.
For example,
Pi released a new version of the KYC app containing liveness checks and document redaction previews to 50 more people per country. More batches will be published soon before the mass KYC begins. The KYC app is being developed with extra care and revisions. Because it deals with a critical network process and pioneer data, pioneers will be able to submit their KYC paperwork to the KYC pi app. once the app is upgraded and made stable. Pioneers will also be notified to do KYC.
They will be alerted via an announcement and through their referral team members. Pioneers will be able to send a notification to members of their referral team and security circle to remind them to perform KYC. the core team will also make messages reminding users to submit their KYC documentation. in general, once pioneer has submitted the KYC documentation, they will need to go through a verification procedure that includes identity verification and compliance with pi network’s terms of service.
Pioneers who pass this verification process will transfer their pi balances to their Mainnet wallets in regular batches.
How long will it take to get KYC?
Processing time can differ depending on several factors. Pioneers that participated in the pilot KYC app via. The pi browser will be the first to be processed once the human verification feature is in place, which is expected to be provided soon. The objective of the pilot KYC is not only to achieve Pioneers approval but also to develop the KYC app itself.
What is lockup?
In, lockup can alter your lockup settings as an account-wide setting in the pi app at any time. You can even choose these options before being kaiseed or ready to migrate to the mainnet. More of your mobile balance will become transferable as you and your referral team. Security circle passes KYC, and new mining occurs. These pre-selected settings of lockup duration and percentage will be applied to the amount of balance transferred at each transfer to the mainnet. Your result is in two types of credits on the mainnet: lockup balance and free balance.
What are lockup balance and free balance?
Lockup balance and free balance, both of which will be recorded on the mainnet blockchain. Reside in your non-custodial pi wallet because of the nature of blockchain. Lockups cannot be overturned once verified. Must remain locked up for the term specified. Because the lockup amount is calculated as a percentage of your transferred balance, you must lock up the same rate of your new transferred value to keep the same lockup mining boost. This is accomplished by maintaining a consistent lockup configuration option for each repeating transfer to the mainnet.
Pi network lockups
However, if you do not lock up the same amount in subsequent transfers as you did in your initial mainnet transfer. Your lockup mining boost will be reduced. If you update your account-wide lockup settings, the change will be reflected in the next transfer of your money to the mainnet. This account-wide lockup feature allows you to lock up to 100% of your transferable balance. After mainnet debuts and you may transfer your funds.
You can later lock up more pi straight on the mainnet via a somewhat different lockup UI. You can lock up to 200 of their already transferred mainnet balance obtained from previous mining at that time. The additional lockup allowed for more pi than the pioneer can come via utility-based pi app transactions, i.e., pi lockups. I.e., pi lockups help pi network lockups help to make pi by selling goods and services.
What is the mainnet?
Well, we have mentioned the “mainnet” several times. Most of you would be eager to have an update on the mainnet. So here it is. For those of you who don’t know. maynet is the term for the actual Bitcoin blockchain and network. It is used in contrast with the test net, the signet, and regtest networks. Unlike the other networks. Which are used for testing purposes. mainnet coins BTC have a monetary value. When people refer to the bitcoin network, they usually refer to the mainnet. Pi network aims to create the most inclusive peer-to-peer economy and online experience possible. They are powered by pi., the world’s most frequently used cryptocurrency.
Final thoughts on pie coin.
pie coin is a new cryptocurrency that attracted more than 10 million users to its network. The pi network is an intelligent contract network meant to offer public access to the use of cryptocurrencies. Unlike bitcoin mining. The pi network cryptocurrency project aims to keep crypto mining accessible to all users. It will solve the problem of inaccessibility introduced by the centralization of first-generation coins like the bitcoin digital coin. The pi network allows its users to mine coins from its mobile app and carry out transactions. The transactions are validated on a distributed record during mining using the pi network app.
FAQs
<strong>how to withdraw pi network</strong>?
As of now, Pi coins cannot be converted to cash or other cryptocurrencies. But when the release pi network, you convert your cash into cryptocurrencies coins.
How do you convert Pi to money?
As of now, Pi coins cannot be converted to cash or other cryptocurrencies.but when
Is Pi Network dead?
The Pi Network is still unlisted and the mainnet is not yet complete.
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