What is Pi Network, Pi coin cryptocurrency ?

Need to facilitate exchange of goods led to evolution of money. In details, evolution of money was mainly through commodity money, metallic money, paper money, bank money and now cryptocurrency. Money is the most important invention of modern times. It has undergone a long process of historical evolution. Human beings passed through a stage when money was not in use and goods were exchanged directly for one another.

         

Cryptocurrencies are new form of digital money that are maintained and secured by a community, instead of by governments or banks.These Currencies are all digital and have no physical presence. Today, you can easily mine (or earn) Pi by helping to secure the currency and by growing Pi’s trusted network. While most cryptocurrencies (like Bitcoin) have been very hard for everyday people to use and access, Pi puts the power of cryptocurrency into the palm of your hand.

What is Pi ?  

Pi is a new cryptocurrency for and by everyday people that you can “mine” (or earn) from your mobile device. Pi is a first Cryptocurrencies which is easyly mine through mobile device. Pi is the

Breakthrough technology developed by Stanford PhDs and grads powers new social cryptocurrency that is easy, fun and eco-friendly to mine. Beta version of the app was launched in Pi Day (3/14/2019), Pi has rapidly grown to more than 5 Millions, with active members spanning 180 countries. Conceived by Stanford grads, Dr. Nicolas Kokkalis, Dr. Chengdiao Fan, Vincent McPhillip, and Aurelien Schiltz the breakneck speed of Pi's adoption across a diverse, global user-base reveals the expanding interest in cryptocurrency and public desire to participate in a more inclusive digital economy. Pi's breakthrough technology harnesses the power of members' social networks to allow everyday people to contribute to the security of the currency. This allows members to earn Pi from their mobile phones with low financial cost, limited battery drain, and a light footprint on the planet.Pi's social cryptocurrency is laying the foundation for an inclusive, online ecosystem where everyday people can capture their fair share of the digital pie.

Download Pi Network App: Android | iOS

How to mine Pi Coin?

There are simple steps to connect to a Pi network and start mining the cryptocurrency – Pi Coin. First of all you need to download their app through play store for android and App store for iphone user. Then you need to register through Facebook or phone number at the time of registration you will also be required to fill in an invitation code (you can use rcpoudelg as invitation code ) to join the network as it relies on secure circles. Each user receives one “Pi” per account upon registration. To mine, you just have to open the app and click on the ‘mine’ button every 24-hours to prove that you are a credible contributor to the network. The app doesn’t need to run in the background, so you can close it and open it after 24-hours and click on the button to mine. There is currently no way to invest in shares but more options will hopefully become available as the app gains more popularity.
Remember : You cannot mine from more than one device. The network has a strict rule of one account per person.
Is this real? Is Pi a scam?
Pi is not a scam. It is a genuine effort by a team of Stanford graduates to give everyday people greater access to cryptocurrency. Pi’s core team are helped build Stanford’s blockchain community. They can not guarantee that the project will succeed. However, They do promise to work  hardest to make shared dreams a reality, while maintaining the highest standards of integrity.

This app allows you to earn Pi by making simple contributions to Pi’s community. The more you contribute, the more Pi you earn. To start earning Pi coins, check in every 24 hours and hit the lightning button at right site to start mining. Once you are mining, you can boost your hourly rate by inviting trusted friends and family to join the community. After 3 days of mining, you can boost your earnings more by building your security circle, which contributes to the overall security of the network. Keep in mind, earlier members of the network mine at a higher rate than those that come after them.

What is the Ambassador role? How does the earning team work?

As an Ambassador, you earn up to a 25% bonus on your base mining rate for each person you invite to the network. 

You as 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. A new member can only be added to their inviter’s earning team, because each member only joins Pi once using one inviter’s invitation code. In other words, unlike the security circles where people can be added into multiple member’ circles based on trust, earning teams are fixed based on who invited whom. Each invitee in the world can only be claimed by one inviter.

What is the Contributor role? How do I become a contributor?
Becoming a Contributor allows you to earn more Pi coins by building a security circle of 3 to 5 trusted members. Pi’s Contributor 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.

What are security circles?
Security circles are groups of 3 to 5 trusted people built by each of Pi’s members. Security circles secure the currency by building a global trust graph that prevents bad actors from executing fraudulent transactions.
While cryptocurrencies like Bitcoin secure their ledgers by forcing miners to burn energy (proof of work), Pi secures its ledger when its members vouch for each other as trustworthy. Pi’s Contributors vouch for each other by building security circles comprised of 3-5 members they deem as trustworthy. Security circles should be comprised of people you trust not to execute fraudulent transactions. The network’s security circles form a global trust graph that determines who can be trusted to execute transactions on Pi’s ledger.

What is the value of Pi?
Today Pi is worth approximately 0 dollars. similar to Bitcoin in 2008. Pi’s value will be backed by the time, attention, goods, and services offered by other members of the network. By pooling our attention, goods, and services around a common currency, Pi’s members seek to capture more of the value that typically goes to banks, technology giants (e.g., Facebook), and other intermediaries.Today, we are laying the infrastructure for this digital currency and marketplace by distributing the currency, building the community, and developing the technology to ensure its security.

Can I withdraw my Pi? 
No, you cannot withdraw Pi yet. You will be able to withdraw Pi or exchange Pi for other currencies in Phase 3 of the project when Pi transitions to a fully decentralized blockchain.
Pi launched Phase 1 of the project on 3/14/2019 (Pi Day). During Phase 1, your balances are being recorded with a guarantee of being honored when Pi transitions to mainnet (Phase 3). Transfers of Pi are restricted until we reach mainnet to prevent bad actors from accumulating Pi from fake accounts. For example, a bad actor could mine from fake accounts, transfer the Pi to a legitimate account, and then pass through Pi’s account verification process despite their illicit gains. We are still refining the exact development timeline for the project. For more details, please refer to the Roadmap section of our white paper.