Have you heard about the Coins that really caught the attention of traders and investors in cryptocurrency? Well, in this new article of our Cryptocurrency series, we will digging another infomation about the newly born crypto. That is Pi Coin or Pi Network! Just continue reading and fill your mind with this another information about Pi Network.
Pi Network
Is a mining mobile app that allows users to mine Pi Coins cryptocurrency from in mobile devices. That app was launched in 2019 by the three Standford graduates Nikolas Kokkalis(The head of Technology), Vincent McPhilipil(Head of Community) and Dr. Chengdia Fan (Head of Product).
Pi network can change the old-fashioned mining in cryptocurrencies. It easily introduced itself to crypto lovers and miners.Pi Coins is 100% friendly that uses proof-of-work algorithm that reduce consuming of high electricity.
Before their official release, Pi Network goes through process of three(3) phases.
Phase 1
During this phase, developments, improvents are hardly working by its developers and community for the better experince of its users. All coins that are mine by users will be transffered in its livenetwork. During this phase, Pi coins are not yet listed and displayed in exchanges
Phase 2
During this phase, they uses testnet(test nerwork) the same functions as the Main Networ. A multiple nodes in the test network was hoated by Pi Core Team. This will emcourage pioneers to launch their own nodes in test network.
In order to join the Main Network, nodes are advised to join the Test Network first.The test Network and Pi Emulator will run periodically. This process will compare and test both system to catch misses and gaps. This will help the developers to do changes and corrections. If the Pi Emulator and Test Network has the same and consistent results and community is ready, the Pi will move to the next step.
Phase 3
In this phase, if the community feels the production is ready and been hroughly tested from testnet, the main network of Pi will be launched. Durng the transition(main process), all confirmed accounts owned by real people will not be restricted. Same as the other cryptocurrencies, Pi is also decentralized. Meaning, no central authority can control the cryptocurrency. The inactive users and duplicate accounts will be disgarded. This phase is the begining to connect Pi in exchanges.
How to Use and Mine Pi Network?
Pi Network is mobile-based mining cryptocurrency. Users can mine Pi in downloading the app in Google Play Store and App Store.
There are ranks of miners in Pi network such as;
Pioneer
Entry-level type of user. It has only production size of 0.39π/h. Users can increase it to 0.49 if they participated in refferal programs.
Contributor
User can achieve this rank they mine 3 days consicutively.
Ambassador
A users rank for those who invited other people to Join other people to connect to Pi network
Nodes
Users who connect additional equipment to the Network
How to Trade?
Users can trade Pi in some exchanges like Coingecko.
Pi Network is just a genisis of mining in mobile.If this experiments will be successful and its developers will continously work for it to make it better, this will cause phenomenom in mining and the world of cryptocurrency!.
Thank you for reading💜
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