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.


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