Listen To This Article:
If you are interested in cryptocurrency then you must have heard about the Pi Network. The project has become quite famous even before its release.
PI Network allows you to mine its cryptocurrency with the phone. Pi Network has not released its cryptocurrency yet, that’s why there are a lot of questions in everyone’s mind regarding this network. What is Pi Network? Is the Pi network a scam? After reading this article you will know everything about Pi Network.
What is Pi Network?
Pi Network has not yet launched its cryptocurrency, which means, you can’t buy Pi coins, but you can collect them by mining. The network is famous because its cryptocurrency “Pi Coin” can be mined with a mobile phone.
People are collecting Pi coin considering it like bitcoin, as at the beginning of bitcoin, people had collected bitcoin by mining. Today, those people have become rich. People are collecting Pi coins thinking that maybe this coin also has a future like Bitcoin.
Pi Network wants to change the way of mining, Where people use expansive hardware for cryptocurrency mining, Pi Network allows mining from Mobile Phones. It claims to be the first cryptocurrency that can be mined with a phone.
The Network aims to create a blockchain with Stellar Consensus Protocol (SCP) to optimize resource efficiency and be most user-friendly through the use of Drake’s Security Circle system.
The first phase of this network was introduced on 14 March 2019 i.e on Pi Day with its free mining app. In only a few days after the launch of the first phase, the app gained 100,000 active users.
So far, two phases of the project have been introduced. In the 2nd phase, Pi Network is testing everything before the final launch, that’s why Phase 2 is named Testnet by Pi Network.
When Phase 3 of Pi Network will be launched, then the holders of Pi Coin will be able to use this cryptocurrency.
Who is Behind Pi Network?
Behind Pi Network there are Stanford University graduates. This Cryptocurrency is being developed by Nicolas Kokkalis, Chengdiao Fan, Vincent McPhillip, and Ausélieb Schilz.
How Can I Mine Pi Cryptocurrency?
The process of mining Pi Coin is very easy.
Follow these steps to mine Pi Coin:
Step 1: Download Pi Network App from Google Play Store or Apple App Store. Make Sure App is from Socialchain.
Step 2: Create an account on Pi Network App. You can use your Facebook account or phone number to create an account.
Step 3: Create a strong password.
Step 4: Fill Profile Details, Make sure you fill in your correct information then Choose a unique username.
Step 5: Enter Invitation Code. You can get the invitation code from your friend who has joined Pi Network already or you will get the invitation code by searching on google.
Done you have created an account on the Pi Network app.
Step 6: Click on Lightning Icon. You have to click on this lightning icon once every 24 hours, if you don’t do this then your Pi coin mining will stop.
Is Pi Network Legitimate Or A Scam?
This is the most asked question about Pi Network. Pi Network has also answered this question, they say, we are not a scam, we are developing a cryptocurrency for the general public so that they can use cryptocurrency better.
But is the answer given by Pi Network is true? Is this cryptocurrency network legit or not? See, this question is very difficult to answer, you will find many websites that say Pi is a scam and many who say that Pi is a very good crypto network.
Many experts say that Pi Network can be a scam, its user will not have any financial loss, but experts say that Pi Network App is collecting data of users.
Many people believe that Pi Network is not a cryptocurrency network, it has been created just to collect your data.
Until the pi network is launched, we will not know what is the reality of the Pi network.
So is it not safe to install the Pi network app on your phone? You will not lose money in the app, but as we mentioned above, the expert believes that your personal data is collected by the app, if you are not so worried about your data then you can install it.
What is the Price of Pi Coin?
Pi Coin has not been launched yet which means it does not worth anything. If you are wondering what will be the price of this crypto after launch? even this cannot be said too.
What is the Pi coin Launch Date?
The Pi Network has not yet revealed anything about the launch date of the Pi Coin. So far two phases of the Pi network have been launched, when the third phase will launch, Pi Coin will be available on crypto exchanges.