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Are you familiar in Pi Network? If you've already installed this app, do you believe that this app will be future cryptocurrency? What is Pi network? Pi Network is a cryptocurrency that allows you to mine new coin called Pie nodes on your phone by simply pressing a button every 24 hours.
There are users who's asking, if Pi Network is a real cryptocurrency. The answer for that question is Not yet, Pi Network is a project that aims to create and launch a new cryptocurrency called Pi in Three phases and currently the project is in Phase 2.
According to core team we will see phase 3 when it becomes real cryptocurrency within next 12 months so maybe we can see it at the end of 2021 or in early 2022.
Another question from other people is,do you actually mine pie coins on your phone? the answer is No because your not actually mining the coin on your phone unlike Bitcoin which used proof of works in which it involves calculations, for an instance in a computer and dedicated ASIC miners. Pi coins use the stellar consensus protocol and that basically means, Pi coins supply can be pre-created by the Pi Core team so all coins are pre-exist, your not mining them but receive rewards everytime you push the buttons in Pi Network Application.
I've encircled that part because it is the button need to press every 24 hours. I've joined Pi Network last 2 weeks but now I've gained already 48.5 Pi coins. Once you push the button you received coins which credited to your accunt for completing the 24 hours mining session and after 24 hours you need to push the button again.
The beauty of Pi Network is even if your offline,it automatically earn coins within 24 hours session. Maybe your asking, why do you need to push it everyday? The answer is in order to pie network succeed in end of 2020 or early 2021 they need an active community. They need to test if the users are active because if they don't do this their project would fail and be dead in water.
They want to make sure that million users are up to date and involved in that project. Also, updates can be seen on screens once the application opened everyday, it is good so that users can became updated if they will launch the phase 3 of project.
Some people says that Pi Network is a Pyramid scheme or a multi level marketing scheme because new users receive bonus when somebody signs up with your referral code but you'll realize that high networks need huge amount of active users once they achieve Phase 3.
Once they have millions of active users they have a chance that Pi Coin actually establishes itself as a currency like planned in White papers of Pi Network, you must read the white papers of Pi network because it can make you understand about plan of core team.
Thats why they are giving users an incentives for inviting new users, and inviting more users can increase also your incentives. It also helps the Pi Ecosystem since once Pi network have many active users, there's high possibility that it establish itself as a currency in the market.
KYC stands for know your customer and it pretty much means you have to prove that you have one verified Pi account, then if you have multiple accounts they will be detected and their coins get burned not just on fake accounts but those bonus you've got from fake accounts will get burn. It is to ensure that Pi coins is mined by verified users. That's why Pi Network needs KYC process, it is better since many people are making multiple accounts just to earn faster and they gain huge unfair advantage to Pi Network and it will affect the whole Pi economy.
KYC is success for core team and everyone must give them credits for that. Also, users don't need ID, driver license or any ID's just to verify their identity. Instead core team involves Third party company which is Yoti, many people believes that its not legit because of its bad reviews but if you read the certification of Yoti you'll really found that they are legit. Yoti was chosen by core team since when the personal information in Passport and Id's will verified by Yoti, no one can see it except you because Yoti had strong security.
To be precise, once Pi network asked you to complete your KYC process and link it with your Yoti account, Pi Network will receive basic informations such as Name, Date of Birth, Mobile phone number, email address, gender, etc.
Another indication that Pi Network is not a scam is, Yoti actually charges Pi Network for each verification. So far Pi Network provides 100,000 verification slots, even though they will get discount they will pay between 50,000 to 100,000 pounds just to provide those KYC slots.
I believe that in the future Pi Network will become successful and will establish as a new currency, it will have a value that will surpass all the existing cryptocurrency today. To those who don't believe in Pi network, I want to tell you that Pi Network is not a scam, try to look at the white papers of this project then search everything about Pi Network and you'll discover that this is Legit, its an opportunity to save a cryptocurrency that will boom in the future. For those who believe that its a scam, you must provide an evidence that will prove your accusations. You must show strong evidence that will make people believe that this project is a scam or else just support this project and join in Pi Network.