Pi Network Cryptocurrency is a new Token that you can mine or earn from your phone, it is a project built by a team of Stanford graduates with smart contracts platform secured and operated by everyday people.
Pi network project is led by two Stanford PhDs Dr Nicolas Kokkalis and Dr Chengdiao Fan who helped to build Stanford's blockchain community, their vision is to build the world's most inclusive peer-to-peer marketplace, fueled by Pi, the world's most widely used cryptocurrency.
How does Pi network Mining work?
To mine Pi coins, you need to
download the mining App and need
Pi coin Invitation Code "Enat1", which will allow you to earn Pi coins by making simple contributions to Pi's cryptocurrency community. The more you contribute the more you earn.
To start earning Pi, check in every 24 hours and hit the lightning button to start mining, once you are mining, you can boost your hourly rate by inviting trusted friends and family to join the community.
There are four roles Pi network users can play, as Pi miners namely:
- Pioneer: A user of the pi coin mobile app who is simply confirming that they are not a "robot" daily. The user validates their presence every time they sign in to request transactions (e.g make payment in pi coin to another Pioneer)
- Contributor: A user of the Pi network mobile app who is contributing by providing a list of pioneers he or she knows and trusts. In aggregate, Pi contributors will build a global trust graph. Becoming a contributor allows you to earn more Pi coins by building a security circle of 3-5 trusted members. This role becomes unlocked for users after you've finished 3 mining sessions as a Pioneer. After 3 days of mining, you will see a new icon of the security circle on the home screen of the app which you can click to start. To become a contributor, you need to add 3-5 people who you trust to your security circle.
- Ambassador: A user of the pi network mobile app who is introducing other users into the pi coin network. As an Ambassador, you earn up to a 25% bonus on your base mining rate for each person you invite to the network. You become an Ambassador when new members join your earning team by using your invitation code when they sign up for Pi Network. Each member of your earning team provides a 25% boost to your earnings when they are actively mining.
- Node: A user who is a pioneer, a contributor using the Pi coin mobile app and is also running the Pi node software on their desktop or laptop computer. The Pi node software is the software that runs the core SCP algorithm, taking into account the trust graph information provided by the Contributors.
However, a user can play more than one of the above roles because roles are necessary, thus all roles are rewarded with newly minted Pi daily as long as they participated and contributed during that given day. In Pi cryptocurrency Network, all users in any of the four roles are considered to be Pi miners.
How to create a Pi network wallet?
To have access to your Pi network Wallet, you must download the new "Pi Browser" app from the iOS App Store or Android Play Store. You can follow these steps to download the Pi Browser:
- Open the Pi Network mining app you are using to mine Pi
- Go to the side menu bar in the upper left-hand corner, and select "Pi Browser."
- Read the instruction there and tap the button "Sign in to pi Browser". It will open either the ii Browser and automatically sign you in if you have downloaded it before or to the app store where you can install the Pi Browser and then open it.
- After signing into the Pi Browser, you will see a welcome page with the "wallet. pi" icon.
- Click on the "wallet. pi" icon.
- Click on "GENERATE WALLET".
Note: During the generating wallet process, make sure you copy the passphrase shown to you and save it somewhere you will never forget because if you lose it, you will lose access to the wallet and cannot recover the wallet due to the non-custodial nature of the pi network Wallet
Can I withdraw the Pi coin to a private wallet like Trust Wallet?
Yes but not available presently, Pi's blockchain will allow in-app/external wallets to hold Pi and transact with it, according to the project this function is scheduled to be provided in Phase 3 of the project.
Phase 1- Distribution of the currency
Phase 2- Launching of Testnet
Phase 3- Mainnet goes live
During phase 3 of the project, you will also have the option to take full ownership of your private/public keys.
Keep mining the pi network Cryptocurrency to accumulate enough before then.
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