Pi Network


What is PI Network?

Pi network at the moment is nothing more than a social network with a plan to grow into a cryptocurrency in the future. It is a project started by three Stanford PhDs with an idea to build a mass adopted cryptocurrency. In order to make it mass adoptable, they had to make it easy to use. Everybody has a smartphone nowadays, so what is a better way to bring people on board than to make a coin that is minable by a phone? No need for buying expensive rigs and no need for the techie knowledge in order to set everything up, just a regular smartphone. And they are doing pretty well so far, a month ago they reached a milestone of 10 million active users! So how mining actually works? Didn't I write that PI Network isn't cryptocurrency yet? So what is being mined? And how a smartphone can replace expensive rigs with tons of processing power? The answer is simple, you are not mining anything. Most minable cryptocurrencies use miners to validate transactions, PI on the other hand will use Stellar's Consensus Protocol for reaching consensus and validating transactions. So there won't be a need for expensive gear and wasting electricity. For now, they just need more people to stick with the Pi Network, so that they have masses for that mass adopted cryptocurrency, and they are awarding you for sticking around. So you just have to open the app once a day and click on the lightning icon to let them know: Hey I am still here! They will record the amount of your earned PI Coins on their servers and once mainnet is built (Pi Coin becomes cryptocurrency) they will generate your earnings on the mainnet and you will have real coins in your wallet.

Is Pi Network Scam?

Pi Network is a real thing. People behind it exist and have a real roadmap ahead. Will it ever become a cryptocurrency? I don't know. Like any project out there, it can succeed or fail. Time will tell. In my opinion, if you are not scared by logging in with Facebook or via the phone number, you have nothing to lose. It doesn't take your time and it doesn't drain your phone battery, it's just a simple click every day. I have a fear of missing out and don't want to bang my head against a wall one day if this ends up being a big thing, so I am in!

Pros and Cons

Pros:
  • It's free
  • Large user base
  • Big hype
Cons:
  • Might end up as a fail project
  • False advertising as cryptocurrency (not a cryptocurrency yet)
  • It's frustrating that you are not getting something that you can sell immediately

How to join Pi Network?

Pi network has both android and iOS apps available in the respective stores. Download the app and create an account. In order to complete account creation, you have to enter an invitation code. If you want you can use mine: Chombe022, or you can use some other invitation code. 

GooglePlay - Download here
App Store - Download here

More info about Pi Network can be found on their website.


Comments

Post a Comment

Popular posts from this blog

How to get some nice free crypto

Image
In the crazy times we are living in, almost nothing comes free. But in the crypto boom that is happening right now, everyone wants a piece of cake. A LOT of companies are going into the crypto world, and they have a problem to stand out and get the attention they need. Giving some free cash is always a good way to get some attention. We can and should take advantage of it. Here are some ways to get some nice free crypto.  Celsius [Requires 200$, Reward 30-70$] You can think of  Celsius  as a crypto bank. You can open an account there and store your crypto assets to receive a weekly interest. You can buy crypto through Celsius app and you also can ask for a loan. If you need cash, and you don't want to sell your crypto, you should look into celsius loans. Anyways, this article is not about Celsius itself, it is about free crypto, so I won't get into the weeds o it. In order to get more users, Celsius is offering both you and a referrer 30$ worth of Bitcoin if you join via ...
Read more

Idena

Image
  What is Idena? Idena is a proof-of-person blockchain, where each node represents one person with equal voting power. Is this a tool for a perfect democracy? Sounds like they are trying to achieve that. Nowadays, we hear stories about rigged elections all around the globe. And who knows what is true and what is not with all the media manipulations and all those centralized systems being in control. Things that are controlled by one entity are easier to manipulate. The guys behind Idena are building a truly decentralized anonymous worldwide democratic community. How does it work? To achieve that ambitious plan, they have to meet some standards. So the question that first comes to mind is how they can make anonymous democracy? You need to prove that you are a real human being. Is it possible to do it anonymously? They have to have proof that behind each vote there is one and only one person. They do that by doing monthly ceremonies where each identity has to prove that he or she is ...
Read more

How to setup Idena mining Node in local network [Windows 10]

Image
  If you have an old computer or a server in your house, you can use it as a host for all the family idena nodes. At least that is what I do. This article is a step-by-step guide on how to set things up. Things to do on the computer where nodes will be hosted Download idena client with built-in node and install it Open Client, from the left pane, choose Settings , select Node tab, and then turn off Run built-in-node Open command prompt by entering cmd in the search box Enter command ipconfig to list IP configuration of the computer and write down the private IP address of your computer. It will be labeled as IPv4 Address Depending on the connection type, title of the section will be Wireless LAN adapter Wi-Fi if your computer is using WiFi connection, or Ethernet adapter Ethernet if it is using a LAN cable connection. Open folder where your node is installed. It is located in C:\Users\[USER]\AppData\Roaming\Idena\Node (Just replace [USER] with a username of logged in Windows...
Read more