Are you aware of Pi cryptocurrency network designed to mine digital currency on your Smartphone?
In recent times the conventions of economy and its digital reforms have taken the world by surprise seeing exponential growth in the involvement of several entrepreneurs and visionaries to curate a recipe of optimal investments and capitalizing over crypto-currency.
Thus, crypto-currency and its foundational technology – Blockchain is taking an ever-rising stake in the economy pie.
Quoting Julian Assange, founder of WikiLeaks, ”Bitcoin actually has the balance and incentives center, and that is why it is starting to take off”.
But, do the stakes settle here? Bet not because they are meant to have risen, and I formulate that in addition to the current cryptocurrency maestros such as Bitcoin and Ethereum, here comes a game-changer in the race, the Pi Network Crypto Currency or Pi Currency!
The Inception of Pi Cryptocurrency
This cryptocurrency is framed by three scholars from esteemed Stanford University, Dr. Nicolas Kokkalis, Dr. Chengdiao Fan and Vincent McPhillip.
Pi Network Crypto Currency, launched as a beta program “PI mining app” interestingly on Pi Day (14 March 2019). It is a radical which claims that you can mine cryptocurrency from your smartphone. The official website of Pi Cryptocurrency is https://minepi.com/.
In June 2019, the count for the number of active users touched 100,000.
The Pi network currency team came with the revolutionary claim that ”It does not drain much mobile device’s battery”. This forced the world’s techies to research on this new concept.
Also Read: What is FinTech? A Modern Day Boon!
The Technology of Pi Cryptocurrency
Pi mining uses distributed ledger technology added to the stellar consensus protocol and aims to create a secure, immutable and interoperable digital form of money that cannot be counterfeited. The transaction under the concept would use blockchain.
Pi Currency uses social media’s huge power to create a powerful foundation which is a different platform for mining cryptocurrency from Bitcoin and Etherium. Bitcoin and Etherium use ASCI codes for mining, whereas Pi Cryptocurrency is comparatively more accessible.
Thus, this will not be wrong to call it, ‘World’s First Social Cryptocurrency’.
Pi Cryptocurrency – Modus Operandi
Pi Cryptocurrency platform pays out the mining rewards on a daily basis. All miners receive payment for their contributions. Free transactions are also offered at times when there is low congestion.
The Pi Network hierarchy around Pi currency involves 4 levels, notably:
- The Pioneer: who uses the app to interact with the network daily
- The Contributor: somebody who adds other people to the network which in turn assists in creating a shared trust graph.
- The Ambassador: a person who recruits other individuals in the network.
- The Node: someone who runs a node on a desktop or a computer and maintains the distributed ledger, an underlying concept of the Pi digital currency.
Conversion of Pi into Real Money
The person who holds Pi currency can use or convert his Pi’s in two ways:
- Purchase of goods and services on Pi’s marketplace
- Exchange Pi for fiat currency
As of now, no system has been designed to realize the Pi conversion or utilization in the marketplace. The Pi cryptocurrency cannot be transferred into your fiat bank account. Since the value of Pi is 0 USD as on date, it is absolutely impossible to forecast the opening value and further evolution of this cryptocurrency.
Is Pi Cryptocurrency a Scam?
Pi’s core team is led by two scholars from Stanford University along with one Stanford MBA chap. These guys helped build Stanford’s blockchain community.
At the start of any project, it is indeed difficult to guarantee success. In cryptocurrency markets, the tracing/recognition of founders of digital currency and owners of the networks is also very difficult.
But, in the case, the core team is openly introducing themselves to the stakeholders and users. However, it does not promise the truthfulness and honesty of the project.
Conclusively, I feel sure of the truth that the Pi Network Currency is more of a closed project contrary to the other cryptocurrency projects being public where the users can add improvement code to the network.
Also, it is important to understand that the Pi Network Crypto Currency will be driven by the users’ active social involvement.
It has no worth as of now, cannot be incorporated in trading and it should never be misunderstood with a “Pi Coin” project launched in time.
I believe that when launched to the realm officially, the Pi Cryptocurrency will break the internet massively owing to its eccentric economic model which states that the total supply is the collective summation of the total mining rewards, total referral rewards and total development rewards.
Of course, there is no guaranty that it will be a successful project, but what you tend to lose, is a few minutes a day of hitting a button on your mobile.
Adding your friends and family on an app at no financial cost? Who knows this could turn out to be a very valuable digital currency in the future if the project is successful?
Are you going to join the pi network? What is your perception about it? Comment and discuss…
Sarthak is a versatile IT professional, enriched with thought-provoking excerpts and a detailed writing style. He smartly articulates the knowledge accumulated through his cross-domain network. Sarthak, has been writing for a fairly long time now over numerous agendas and he tries to never fail to pique the wits of his readers by following an empathetic approach, be it topics over science and technology to the art of articulation. He loves to write about all the streams with utmost passion. He is a firm believer of the norm, “Start writing, no matter what. The water does not flow until the faucet is turned on” and loves to impart the knowledge through his writings. He looks forward to a problem-solving approach. In addition to writing, he also follows music through his guitar, has a longing passion for cricket and sports statistics.