Cryptocurrency is a digital currency that works just like Cash. It can be used to transfer assets from person to person in a decentralized way. Moreover, they are not regulated by any banks, government or any other central authorities. These coins are all digital and don’t have any physical form. Cryptocurrencies work just like any currencies. They are also distributed across the whole network within.
The world has seen the rise in cryptocurrencies since a decade ago. The current leader being Bitcoin. While the most famous these days is pi Coin. So what is Pi coin actually?
Pi Coin & Pi Network
“Pi Network” is a platform that allows users to earn Pi coin from any mobile device. Interestingly, Pi coin is the only cryptocurrency that you can mine on your phone through its app. Beta version of the app was launched in March 2019. The system was created by three individuals from Stanford. Their aim is to create a secure, immutable, non-counterfeit and interoperable form of digital money.
How to “mine” Pi Coin?
It is very simple to connect into the Pi network and start mining the cryptocurrency – Pi Coin. First of all, you need to download their app and register via Facebook or phone number. Then you need to fill in an invitation code to join the network as the system relies on secure circles. The new user automatically receives one “Pi” per account after registration.
To mine, you just have to open the app and click on the ‘mine’ button after 24-hours from the last ‘mine’ time. Don’t worry they will notify you when its time to ‘mine’. There is currently no way to get Pi-coin except mining but more options will hopefully become available as the app grows.
The Pi Network ‘mine’ is in four-tier:
It is the entry-level rank for all users. In this, you sign in to verify your identity and requesting transactions that can be sent or receive Pi over the Pi network. Initially, production size is 0.20 pi/hr, but it increases as you add other users. The main goal of this role is to show the user commitment to the Pi network.
You need to mine cryptocurrency for at least three days to unlock this rank. For this, you need to add other members to your security circle within Pi. This information then goes together to create a shared trust graph and to secure transactions. By adding members enables you to mine at a higher rate.
This rank is for the users who invite new users to connect to the Pi Network. You can also earn separately after successful entry of the new user. The ambassador and the referee both will receive a 25% more of the base mining rate for signing up to the network.
Someone who is running a node on a desktop or laptop and will maintain the distributed ledger. This is for members who have connected additional equipment in their desktop. But, It is still under development and will hit the app soon.
Additionally, It is possible to be in all four of these tiers of mining and receive contributions collectively.
How is it different from other cryptocurrency?
Major differences between Pi Network and other blockchains are the fact that rewards are paid out daily. They are not paid out per block. They are also spread across the entire network so as long as you interact with the network, you will receive a payout. Moreover, you can get a coin with less effort. At present, there is no fixed supply and the total supply is still unknown. Once the project officially launches, the total supply will be worked out.
Pi network user is rapidly increasing and as of right now it has more than 10M engaged users. It could be the next big craze for sure. It is absolutely free to join so you’re not losing anything. But it is highly recommended to do your own research before you decide to join it.
Anyways, If you decide to join the Pi network then you can use my referral code: miona132050
Referral Link : minepi.com/miona132050
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