September 28, 2021

Pi Cryptocurrency – The Next Crypto King

TL;DR: 

  • The Pi cryptocurrency is a ground-breaking initiative that is meant to run on mobile phones with minimal battery consumption and virtually no internet access.  
  • The Stellar Consensus Protocol is the foundation of the Pi Network. The SCP is a system that relies on quorums to reach consensus, with validators forming overlapped quorum slices all to establish trustworthiness.
  • The project is currently in its second of three phases, with over 25 million Pioneers mining the coin on the testnet. Pi’s Testnet phase, which has been operational since March 2020, has given birth to a fully functional wallet, browser, node software, brainstorm hub, market place, and a slew of other planned Dapps.
  • At this time, the Pi coin has no value and cannot be traded on exchanges. It is still possible to mine it for free. Zappy555 is the referral code to use while registering.
  • When it launches in December 2021 or early 2022, Pi is expected to have a value of between $5 and $25, according to some analysts.

OUTLINE: 

1. Introduction
2. What is Pi cryptocurrency
3. The Pi network
4. Pi cryptocurrency value
5. How to earn Pi coin
6. When will pi coin launch?
7. Is Pi cryptocurrency safe?
8. Conclusion

1. INTRODUCTION
For over a decade, Bitcoin has reigned supreme as the crypto king of the digital currency world. However, a new kid on the block – the pi cryptocurrency – is posing a danger to Bitcoin’s throne. This relatively obscure coin has been steadily climbing the crypto ranking ladder in the most covert manner that has already gotten everyone talking for over three years. Pi cryptocurrency, which was founded by two Stanford Ph.D. students in 2018, has sparked a lot of curiosity and is presently one of the best methods to make money from the internet. But what is pi, exactly?

2. WHAT IS PI CRYPTOCURRENCY?
Pi is a ground-breaking digital currency project that allows ordinary people to earn coins using their smartphones. Pi is the first digital currency (so they claim) that can be mined directly from your phone while using very little energy and almost no internet. While most cryptocurrencies (such as Bitcoin) have been difficult to obtain for ordinary people, Pi puts the power of cryptocurrency in your hands. 

The pi coin is expected to become one of the most valuable cryptocurrencies in the world, according to various sources. Pi was named after the day of its launch: March 14, 2019 (or 3.14.2), which is the value of the mathematical pi, one of the most famous and intriguing mathematical constants in existence today.

3. THE PI NETWORK
The Pi network intends to solve a long-standing problem with financial transactions and their authentication. Modern financial transactions have issues such as the use of middlemen with their high costs, censorship for whatever reason, unfair value capture, and, of course, privacy concerns.

The creation of Bitcoin was influenced by the same problem. Because Bitcoin made enormous progress in tackling these difficulties, it was the first and currently the most valuable digital currency. This was accomplished through the use of a distributed ledger system. Unlike the current financial system, which is based on a centralized record of truth, the Bitcoin record is maintained by a distributed community of “validators” who access and update this public ledger.

The validators can always come to an agreement on true transactions thanks to the technology, ensuring that cheaters can’t record fraudulent transactions or overtake the system. The project accomplishes this by utilizing a variant of the Federated Byzantine Agreement (FBA), which was devised by the Stellar block chain’s scientists. The FBA has a different strategy than proof of work and the numerous variations on proof of stake, which rely on one miner or validator becoming the “leader” by presenting a block for consensus.

Rather than electing a leader, this consensus model relies on nodes gaining agreement on a specific block through a series of votes conducted through message exchange. Byzantine Fault Tolerance (BFT), which is implemented in several blockchains such as Ripple, Hyperledger Fabric, and Zilliqa, is a well-known form of algorithm that uses such a technique to attain a consensus. However, the technology used by bitcoin to tackle these issues was not without flaws. The system creator centrally sets the set of nodes participating in the voting quorum at genesis, which is one criticism of BFT consensus models in general. Want to read more on this? Visit the white paper of pi at minepi.com/white-paper.

Pi employs an additional layer of FBA to avoid centralization by allowing each node to establish its own “quorum slices” in a decentralized manner. Rather than relying on a central authority, this feature allows nodes to decide for themselves whether or not to trust other nodes. Pi’s consensus process uses very little energy since the communications involved in voting are relatively low, especially when compared to proof of work. These nodes are further subdivided into various roles.

Roles of Users on Pi Network
As Pi miners, users can take one of four roles. Namely:

A Pioneer. A Pioneer is a daily of the pi mobile app who is merely confirming that they are not a “robot.” Every time they login into the app, this user confirms their identity. They can also use the app to make transactions requests (e.g. make payment in Pi to another Pioneer when it launches fully)

Contributor. A contributor to the Pi mobile app who provides a list of pioneers he or she knows and trusts. Pi contributors will collectively create a global trust graph.

Ambassador. A Pi mobile app user who is introducing new members to the Pi network.

Node. A person who is a pioneer, a contributor, and also has the Pi node software installed on their desktop or laptop computer. The Pi node software is the program that runs the main SCP algorithm while taking into account the Contributors’ trust graph information.

A user can take on more than one of the responsibilities listed above. Because all responsibilities are vital, they are all rewarded with freshly minted Pi on a daily basis if they engaged and contributed that day. All four positions are considered Pi miners in the vague definition of a “miner” as a user who receives newly generated coins as a return for contributions. The term “mining” is used in a broader sense than the traditional definition, which equates it to performing a proof-of-work consensus process like Bitcoin or Ethereum.

Transactions and Confirmation of Transactions of pi coin
When a user needs to confirm that a specific transaction has been completed (for example, that they have received Pi), they launch the mobile app. The mobile app then connects to one or more Nodes to determine whether the transaction has been recorded on the ledger and to obtain the most recent block number and hash value of that block. If that Pioneer also runs a Node, the mobile app connects to that Pioneer’s node. If the Pioneer does not have a node running, the app connects to multiple nodes to cross-check this information. Pioneers will be able to choose which nodes their apps will connect to.

Transaction fees
Fees are optional in the Pi network, as they are in Bitcoin transactions. Each block has a maximum number of transactions that can be included in it. Transactions are usually free when there is no backlog of transactions. However, if there are more transactions, nodes sort them by fee, with the highest-fee transactions at the top, and only the top transactions are included in the produced blocks. As a result, it is a free market. Fees are distributed proportionally among Nodes once per day. On each block, the fee for each transaction is transferred into a temporary wallet, from which it is distributed to the day’s active miners at the end of the day. This wallet contains an unidentified private key. Transactions into and out of that wallet are compelled by the protocol itself, which is based on the consensus of all nodes, much how the consensus mints new Pi every day. Transaction fees are currently as low as 0.01pi, and transactions are completed within 3 – 8 seconds.

4. WHAT IS PI CRYPTOCURRENCY VALUE?

Pi digital currency currently has no monetary value and cannot be purchased on any cryptocurrency exchange platform. However, before dismissing it as worthless, it is worth noting that at the time of its launch in 2009, the value of one Bitcoin was effectively worth $0, and 50 coins could be mined for free every 10 minutes. It was initially given away for free to early adopters. The majority of people thought it was worthless. Today, one Bitcoin has reached a high of over $70,000 USD.

When Litecoin was first released in 2011, it was possible to mine 100 LTC for free every day. The majority of people thought it was worthless. Today, one Litecoin is worth more than $200 USD.

When Ethereum was first released in 2014, it was possible to mine 30 ETH for free every day. The majority of people thought it was worthless. One Ethereum is now worth more than $3000.

History has a tendency to repeat itself. This is your chance to be on the right side of history as you witness this revolutionary vision come to fruition in front of you.

There are valid pointers indicating what the value of the pi coin might be at launch. First, where does the value of cryptocurrencies come from?

How cryptocurrencies get their value
The following major criteria determine the value of cryptocurrencies:

  • Node Count: The number of nodes in a cryptocurrency is a good indicator of its worth. The node count is a measurement of how many active wallets are on the network and may be found on the internet or on a currency’s homepage. To determine whether a currency has a fair price, look up the node count and total market capitalization of the cryptocurrency, then compare those two numbers to those of other cryptocurrencies. This is one method of determining whether a coin has been overbought. Node Count also indicates how robust a cryptocurrency’s community is. The stronger the community, the more nodes there are. This is crucial to understand in order to calculate the currency’s prospects of overcoming crises.
  • Mass Adoption(Demand): If a currency obtains widespread acceptance, its value might skyrocket. This is due to the fact that the total quantity of cryptocurrencies is limited, and as demand rises, so does the price. But, in order for cryptocurrencies to be fully adopted by the masses, what conditions are still required? The first is the applicability of cryptocurrencies in real-world circumstances, or the number of locations that accept them as a form of payment. If a cryptocurrency, like today’s fiat currencies, has a use case in everyday life, it will be in a strong position to play a significant role in the future.
  • Utility of the Coin: To make a cryptocurrency valuable, it must be useful. Any cryptocurrency is mainly a representation of blockchain technology, which is a decentralized digital ledger. So, in order for a crypto coin to be useful, it must be usable within a specific blockchain environment. Dividend payments, method of exchange within a blockchain ecosystem, voting rights, and other uses for cryptocoins are all possible.
  • Scarcity of the Crypto/production cost: The term “scarcity” refers to the digital currency’ limited supply. To make the coins more valuable, the demand should exceed the supply in the ideal scenario. Bitcoin, for example, has a finite quantity that never exceeds 21 million coins. Bitcoin, as the most prominent cryptocurrency on the market, is in high demand and is increasing in value. Some currencies use a so-called “burning” process to drive the rise in value by destroying a portion of the coin supply.

Other elements that may influence the value of a coin include, perceived worth, regulatory concern, inflation of fiat currency, security and privacy etc.

Why pi cryptocurrency price will be high at launch

  • The pi digital currency, as seen above, checks all the conditions for a high value ranking from launch. According to cointelegraph, Pi presently has over 16,000 active nodes for transaction verification, which is much greater than bitcoin’s 13,000+ active nodes.
  • Pi coin has about 25 million active users who play various roles in the network’s growth. This represents around a quarter of the 70 million active wallets on the Bitcoin network.
  • The infrastructure of the PI network is currently being built and developed by the developers. They’ve released the Pi Browser, Pi Wallet, and Pi Brainstorming app — its utility platform – which let users to propose their own ideas and join projects established by others. Pi is actively developing a number of utilities centered on the money in order to increase its worth. They will have actual malls, supermarkets, retail chains, and car dealerships, among other things. Many of these are now being evaluated in the pi expansion plan’s phase 2 (testnet). The few pi hackathons that are held on a regular basis exhibit some of these wonderful concepts, as well as a slew of other services created around the pi coin.
  • Finally, as the project nears completion, pi coin is getting increasingly scarce. They half the mining rate at every big milestone, and they may soon halt free mining entirely.

Based on the foregoing and according to some crypto experts, with over 25 million users and rapidly increasing, 3+ years in the making and development phase, hundreds of utilities planned around its introduction, and a superb team with a commanding vision, the pi coin is expected to launch between $5 and $10 USD/pi.

What this implies is that pi cryptocurrency is one of the best ways to generate income from the internet right now without investing any money. All you have to do is mine as much pi as you can while it’s still free, and be ready for its imminent debut. If pi opens at $5/pi and you own 1000 units, you will automatically be $5,000 USD richer upon launch.

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5. HOW TO EARN PI COIN
At the moment, the only way to earn pi coin is to mine it for free using the pi coin mining app. The following step-by-step guide will walk you through the sign-up process.


Step 1 – Download the pi app
Download the pi app by searching for it in the Google Play Store or the Apple App Store.

Step 2 – Verification
Open the app and choose how you want your account verified (Facebook or Phone number). I strongly advise you to use your phone number.

Select your verification method, select your country, enter your phone number and hit ‘Go’.

Step 3 – Name and Invitation Code
In this step, you enter your name; please use your real name because you may be unable to redeem your coins if your identity cannot be verified. After that, enter the invitation code. You can use my code: Zappy555 to get 1pi coin instantly.

 
To continue to earn for free, return every 24hrs and tap the lightning icon below to continue earning.

How many pi can you mine in an hour?
The present base mining rate is 0.1 Pi/h. For the active referral, Pi mining speed is calculated according to this formula: 

X * 25% * (Y Pi/Hr + Y), where X is the number of referrals and Y is the base mining speed. Thus, for 20 active referrals and 0.1 mining speed you will receive:20 * 25% * (0.1Pi/Hr + 0.1) = 1 Pi/Hr (1 Pi coins per hour)

To increase your mining speed, do these three things

  • Enlarge your security circle. After three successful days of mining, you will be able to add people to your security circle.
  • Invite additional users. Another way to increase your Pi coin earnings per hour is to invite more people to mine on their phone.
  • The Pi Node. By downloading the pi node and using on your pc, you increase mining rate.

6. WHEN WILL PI CRYPTOCURRENCY LAUNCH?
The pi network pathway to launch has three stages:

Phase 1 – Beta (Design, Distribution, Trust Graph) – Done
In this stage, the Pi server simulates the behavior of the decentralized system once it is operational. During this phase, improvements in user experience and behavior were relatively easy to implement when compared to the main net’s stable phase.


Phase 2 – Testnet – In progress
Because nodes have a direct impact on the blockchain’s security, users’ active engagement is critical. In this phase, the Node software was installed on a testnet, the Pi core team hosted some nodes, and encouraged active participation from more Pioneers.

The Testnet stage began on March 14, 2020, on Pi Day, with the node software being deployed on March 31, 2020. Preliminary results released in April of 2021 show some amazing success. For example, after testing tens of millions of payments per second on the test wallet with test pi, the payment speed was between 1 – 8 seconds, with zero (0) errors. As soon as this information became public, the number of new users increased by nearly 1.5 times the average pace in April. Currenty the project has reached over 25 million users in September 2021. If everything goes according to plan, the Pi Network will enter Mainnet in Q4 2021. All preparations are been finalized and going successfully.

Phase 3 – Mainnet
The official mainnet of the Pi network will be launched whenever the community believes the software is ready for production and has been fully tested on the testnet. Only accounts certified to belong to different real individuals will be honored during the shift to the mainnet, which is a crucial detail. Phase 1’s simulation and Pi network emulation will be turned off at this time, and the system will run on its own indefinitely. The Mainnet launch was initially planned for the last quarter of 2021. If all goes as planned, then we expect some ground-breaking take-off in the next few months.

7. IS PI CRYPTOCURRENCY SAFE?
Pi has a KYC procedure in place to protect the network’s integrity. To be able to move Pi into the Pi Mainnet blockchain, users must provide a copy of their ID. This stops people from abusing the system by creating several accounts, running bots or farms, and so on. Pi is also on its way to becoming one of the first and largest verified networks. The KYC procedure and data are currently secured by a trusted third-party vendor. 

8. CONCLUSION
Crypto is the future of finance. Pi is leveraging blockchain technology to design and build an honest universal monetary system. Pi Coin was intended to allow regular people to mine the coin using their phones with minimal resource use. When the mainnet goes live, no one knows how valuable this coin will be. Meanwhile, millions of people have downloaded the program in the hopes of winning.

Are you one of the coin’s believers? How do you feel about the Pi Coin? Do you believe it’ll be worth the time and effort invested in its mining? Are you planning to download the app? What was your experience if you had already done so?

Kindly leave your thoughts in the comments section. I will be waiting to hear from you.


Disclaimer: Nothing in this post should be construed as trading advice. The cryptocurrency market is characterized by high volatility and erratic moves. Do your research and invest wisely.

 

Alex Porobe

Alex has been a freelancer, working for an organisation and also runs his own business part time. He discovered that his real passion is teaching wealth creation on the internet in a simple and understandable way. He currently runs the Alex Porobe Digital Wealth Academy where he produces both freemium and premium online courses to help many take advantage of the opportunities on the internet.

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