What is the Pi Network? Is it trustworthy?
PI Network, according to its creators, was created to help pique people’s interest in cryptocurrencies through simple mining.
However, what is the Pi system, and is it trustworthy?
Pi Network: What is it?
The Pi Network, which was established in 2019 by a team of Stanford graduates, claims that it can make cryptocurrencies accessible to the general public without using excessive energy or harming the environment.
Co-founders Chengdiao Fan, Nicolas Kokkalis, as well as Vince McPhillip, call The Pi Network a “social cryptocurrency” that is intended to function on mobile devices.
“Bitcoin’s proof-of-work consensus process depends on nodes consuming amounts of power in a contest to become the first to solve a mathematical problem,” stated co-founder Vince McPhillip.
While SCP, which relies on the participation of multiple nodes to “vote” on transaction legitimacy, is the foundation of Pi.
“Much less computer power is needed for the communication required for nodes to reach consensus.”
The Pi Network is controlled by verifiers who have been endorsed by their contemporaries and who, after being shown to be reliable, are permitted to validate upcoming transactions on Pi’s blockchain.
According to McPhillip, this maintains the security of the Pi network and the cash stored there.
Users of the Pi Network may mine fresh tokens straight from their mobile devices.
Users aren’t technically “mining” the cryptocurrency because they aren’t authenticating transactions.
The legitimacy of the Pi Network
The Pi Network is now risk-free in terms of money because it is a free program to use.
Users of the Pi Network, however, are now unable to sell or exchange the “mined” currencies they have created.
“Pi Network is at a pivotal moment in Enclosed Mainnet evolution, in which Pi can concentrate on two major priorities: allowing widespread KYC (know your customer) and supporting ecosystem utility building,” the Pi Network team stated in their end-of-year report in 2022.
Both are crucial milestones in the direction of our goal of creating a strong ecosystem in preparation for the Open Mainnet.
The initiative does not yet have a firm launch date for Pi Coin, though.
Users can only buy Pi through the Pi Network app.
How Pi may be “mined”
1) Install the Pi system on your mobile device.
2) Create a profile.
3) Type a code for an invitation.
4) To begin mining Pi, press the lightning button.
5) Regularly check the app.
You must be invited to join the Pi Channel community, although you may obtain many of the referral codes available on the internet.
For each referral, the Pi Network user who invited you receives “Pi Coins.”
And over 25 million people are now active users of the Pi Network.
