PI COIN

What is Pi?

Pi Coin was founded by 3 Stanford students named Vince McPhilip, Chengdiao Fan, and Nicolas Kokkalis. The Pi network is a cryptocurrency and developer platform that allows mobile users to mine Pi coins. Pi network operates using an algorithm based on Stellar Consensus Protocol. This basically allows people to form groups of trusted individuals with the aim of improving their transactions.

The Pi Blockchain secures economic transactions through mobile money monetary system and a complete Web3 experience where community developers can build decentralized applications commonly known as dApps for its users.

Pi network officially launched on 14 March 2019 where it began allowing people to mine pi coins.

Since then, pi has brought to the attention the eyes of many investors across the world. Among companies that have contributed to the success of the Pi network include: Amazon, Unilive, Alibaba, and other banks. 

At the same time, the Pi network received new investors which include:

  • 137 VENTURES
  • DESIGNER FUND
  • ULU VENTURES

In 2020, advertisements began to finance the projects.

In 2021, Pi Network hosted its first hackathon.

On 28 December 2021, the Pi mainnet blockchain was launched.

On 14 March 2022, the Pi network announced that it has more than 33 million active users.

In September 2022, the Pi network announced Pi Bridge, which seeks to provide a bridge between the Pi Network and other blockchains, beginning with the Binance Smart Chain (BSC).

What is the price of Pi?

  • At the moment, Pi has no value since the coin cannot be traded. There are also no future predictions since in order to determine predictions, one has to observe the existing trend which Pi currently does not have hence its value still remains at $0.However, if Pi is traded, its value will rise above $0.
  • Susannah Streeter, a senior investing and markets analyst, said that the app is based on “very nascent and experimental technology”. 
  • As we wait for the latest update from the Pi community we are advised to continue mining the Pi coins as you may never know maybe its price may go up.

How do I begin mining?

  • Download the Pi Network app from Android Play Store or iOS App Store. The app looks like the screenshot below.

  • Create an account and fill in the right information. Use “Guerchom” as your invitation code and then proceed.
  • You will click on the button shown below to begin mining. It’s that easy.

How to create a wallet 

  1. Download the Pi Browser app
  • Before accessing the Pi wallet you will be required to download the Pi browser from Android Play Store or from iOS App Store.

  • Open the Pi network mining app. This is basically the app that you use for mining Pi 
  • Go to the main side menu then click on the icon shown below which is on the top left-hand corner
  • It will reflect a list of items and select Pi Browser.
  • Read the instructions provided and tap the button “SIGN IN TO PI BROWSER”  
  • This will automatically detect the Pi browser app you have downloaded. If you have not yet downloaded Pi Browser, it will again automatically send you to install the Pi browser on the app store.
  • For some Android users, the sign-in button may open in a different browser, and therefore in this instance, you will be required to set the Pi browser as your default browser or alternatively open the Pi Browser app.
  • After signing into the Pi browser, you will see a welcome page
  • Click on the wallet “Pi icon” as shown below on the welcome page.
  • Click on Generate wallet
  • You will be given a passphrase that allows you to access your new wallet. Make sure your paraphrase is stored safely either directly on your phone only accessible to you through fingerprint (Android) or Touch ID/Face ID (iOS)or by copying and pasting it in a safe place. It is like a private key for your crypto wallet. If you lose your key, you will lose access to your wallet due to the non-custodial nature of the Pi wallet. It is therefore advisable to have the passphrase stored somewhere secure.

How do I complete the Pi Know Your Customer?

  • In order to undergo the Pi KYC, you will require an invitation from the Pi community. I know you might be asking yourself many questions like how do I get invited but ill answer you right now.
  • To know if you have been invited, upon opening your app, you will see a pop-up indicating that the Pi community has invited you to undertake the KYC.
  • It is now that you will accept the offer and do the KYC which takes some time in order to verify.

What is mainnet in Pi?

  • Mainnet is used to describe the official version of the project’s blockchain that is publicly available for use.
  • In this case, Pi is still in the “Testnet” phase which is an initial pre-release version that allows developers to test the blockchain and software with a smaller group of users.
  • While Pi Network is still working on its Mainnet release, the Testnet phase is designed to give users an opportunity to test and interact with the network’s features. The Testnet version of Pi Network is where users can mine and earn Pi, test transactions and check peer-to-peer validations within a smaller network. However, transactions on Testnet do not involve any actual cryptocurrency because Pi Network is yet to launch its Mainnet.
  • Once Pi Network has completed the testing phase and deployed the Mainnet, users will be able to trade Pi with other cryptocurrencies or fiat currencies on crypto exchanges or through the app’s integrated wallet system. At this point, validated users and the applications operating on Pi’s mainnet will have the capability to access and interact with peer nodes on a standardized public blockchain network that includes transaction functional capabilities.
  • The launch of Pi Network’s Mainnet is eagerly awaited by cryptocurrency enthusiasts. Despite the development still being under wraps, the Pi Network community is excited about the potential that the Mainnet launch could have, especially on how user access, storage, and usage of Pi cryptocurrency will evolve.

 

What else do I need to know about Pi?

  1. Community-driven: Pi Network is a community-driven project that aims to support and reward active users. The project values user input and feedback, with users able to vote on proposals and have a say in the direction of the project.

  2. Focus on accessibility: Pi Network aims to make cryptocurrency mining accessible to as many people as possible. It is designed to be user-friendly and requires minimal resources to mine Pi.

  3. Mobile-centric: Pi Network is designed for mobile devices, with mining requiring only a minimal amount of network data. The app is currently available for Android and iOS devices.

  4. Low-value cryptocurrency: Pi is still a relatively new cryptocurrency, and its value has yet to be determined. It’s still early days for this project, and its long-term potential remains unknown.

  5. Security: Pi Network uses tested and trusted security measures to protect user data. The project is committed to ensuring that user information is kept secure at all times and has implemented various security measures to support this.

  6. Future plans: The Pi Network team is continually expanding the project and its ecosystem. The team is working to establish partnerships with various payment and financial institutions, integrate Pi with other projects’ payment systems, and create more significant networking opportunities for the Pi community.