Ever since I started my journey in cryptocurrencies, I have been already looking on this great project, and back then I still don't really understand how things work on them and what really it is.
This project is hot and trendy this year that its community is getting wider and the network is getting popular. So I spent lots of time having research on this one and I realized that it has huge potential and can be profitable in the long run. The project is called the Pi Network.
I joined this project on August 2020, and still I have seen lots of people and the members of it asking about what it is and how can it have a good use for everyone.
So I will share everything I learned based on my research about it and everything I know in the crypto space.
What is Pi Network?
Pi Network is a project being developed by the professors in Standford University last year of 2019. The network has its own cryptocurrency called Pi.
Pi coin is visioned to be the game changer in the way of how crypto currency is used and how it used.
Although Pi is considered already as a crypto currency, it is not really a fully cryptocurrency because it is not yet tradable and doesn't have a value yet. It is still on its mining stage or in Phase 2 and would be needing to reach Phase 3 for it to be tradable in any exchanges.
Currently, the Pi Network has over 9.5 million users of its application and mining the coin through the application.
Mining Pi coin
When we say 'mining', we usually think of it as in need of a powerful technology for it to mine a certain cryptocurrency. But Pi Network distinguished that fact by letting its users to mine their coin without the needs of a mining software. Users only need at least 2 seconds everyday to start the mining button then you can freely close the app while you are already mining without have a cost of your battery.
The value of Pi coin
Because the project is still on its development and still in Phase 2, the Pi coin still doesn't have any value yet. But one thing is for sure about it just like any other cryptocurrencies is that when the project are still open for users to mine the coin freely, then it has a high probability that the coin's value will not be that much, but if the network reaches 100 million users or decided to stop the free mining then it will probably have a good value when it will be launched or traded in an exchange.
Withdrawing Pi coin
Just like I mentioned earlier above, the Pi Network would still need to reach 100 million users or decides to step on Phase 3 to be able to withdraw the Pi coin and trade it. So currently, withdrawals of Pi coin is not yet possible and all you have still to do is mine it freely.
Is Pi Network legit or scam?
Since the project doesn't require anyone to send them any amount of money and doesn't take too much of our time, then I think it would be safe to try it out. And one thing is the concept of their project is really great which I that it will be worth it of using 2 seconds everyday to them just to start mining.
Get started mining Pi coin
Mining Pi is very easy. All you have to do is;
Download the app : https://play.google.com/store/apps/details?id=com.blockchainvault
Provide details (doesn't take much)
Enter a code for starting bonus : Valryan14
Log in
Then you will see a thunder (⚡) button on your right side, click it and mine.
You can now close the app and come back every 24 hours to click it and mine again.
Summarization of Pi Network
Let's summarize what I have researched about Pi for easier understanding:
Pi Network developers are the professors of Standford University.
Pi coin is a new cryptocurrency but still not a full cryptocurrency.
Mining Pi doesn't need any technology and doesn't take much of your battery.
It doesn't have any value yet and still not withdrawable and need to reach Phase 3 for it to be possible.
It is not a scam because we don't need to send any amount to the network for us to mine their coin.
Conclusion
The network is doing great for the development of their project and the concept looks promising. I can see that this project will be worth it so don't miss the chance to be a part of it.
Image from : newshuoxing24.com
I think there's actually going to be a community vote / discussion by the Pi Developers when userbase reaches 10M.