Pi: A Cryptocurrency for the People

What is Pi?

Pi (website) is a cryptocurrency that can be earned or “mined” from your phone. Cryptocurrencies are a form of digital money maintained and secured by a community rather than by governments or banks. While Bitcoin and other cryptocurrencies have been challenging for everyday people to use and access, Pi puts the power of cryptocurrency in the palm of your hand.

It appears that there is a maximum cap of 100 billion tokens for a Pi. This means that there will not be any more tokens created beyond this number. The current market price for the tokens gives a fully diluted valuation of 1.1 trillion, taking into account all the tokens that have been issued, including those that are not currently in circulation. This fully diluted valuation is calculated by multiplying the current market price by the total number of tokens, including those not being traded. It is important to note that the fully diluted valuation only estimates the potential market value of the tokens and does not necessarily reflect their actual value.

Is Pi a Scam?

It does not seem to be. Instead, it is a genuine effort by a team of Stanford graduates to give everyday people more access to cryptocurrency. The team is led by two Stanford PhDs and one Stanford MBA, who have been involved in building the blockchain community at Stanford.
Negative statements about the value of Pi coins and questions about the project's legitimacy are likely to deter anyone who is even mildly interested in Pi Network. This is mainly because of the holdup in the mainnet and the exchange listing of the Pi cryptocurrency.

Pi Network has been labeled as a “high-level” marketing scheme. It is widely expected to collapse as a scam because users cannot withdraw their mined Pi coins and the public has a negative view of mobile mining. These claims have been amplified by the exponential development of the Pi Network community and the prolonged wait for listing the mined cryptocurrencies on exchanges.

With their latest innovations, the Pi crypto team hopes to disprove this notion. It is now possible for users to spend their Pi cryptocurrency thanks to the launch of the mainnet, and several marketplaces are rumored to accept payments in Pi coins. In addition, reports indicate that plans are afoot to launch a PiChain International platform that will enable businesses to open online shops and accept Pi coins as payment.

How Do I Earn Pi?

The Pi app allows you to earn Pi coins by contributing to the Pi community. To start earning, you can check in every 24 hours and hit the “lightning” button to begin mining. After three days, you can boost your earnings by building a “security circle” of 3-5 trusted individuals, which helps to secure the network. The more you contribute, the more Pi you can earn. It is important to note that earlier members of the network mine at a higher rate than those who join later.

Do I Need to Keep the App Open to Mine Pi?

No, you won’t need to keep the app open to mine Pi. The app does not affect your phone’s performance, drain your battery, or use your network data. Once you hit the “lightning” button, you can close the app and continue to mine Pi. This is possible because Pi uses a network of “security circles” to secure its ledger, rather than the energy-intensive proof of work method used by cryptocurrencies such as Bitcoin. This allows cryptocurrency mining on your phone by leveraging existing social connections with no financial cost, battery drain, and a small environmental footprint.

What are Security Circles?

Security circles are groups of 3-5 trusted individuals that each member of the Pi community builds. These circles help to secure the currency by creating a global trust graph that prevents terrible actors from executing fraudulent transactions. While Bitcoin and other cryptocurrencies secure their ledgers through proof of work, Pi utilizes its members to vouch for one another as trustworthy to secure its ledger. The network’s security circles form a global trust graph that determines who can be trusted to execute transactions on the Pi ledger.

What is the Value of Pi?

Currently, the value of Pi is approximately zero. However, the value of a cryptocurrency is not determined by its intrinsic value but rather by the demand for it in the market. As the demand for Pi grows and more people join the network, the value of Pi may increase. It is important to remember that the value of any cryptocurrency is highly volatile and can fluctuate significantly over time. Pi is a new cryptocurrency dedicated to helping everyday people capture more economic value and access the cryptocurrency world. It is not a way to make quick money but rather a long-term project that depends on the contributions of its members.

While the project’s success is not guaranteed, the team behind Pi is committed to working hard and maintaining high standards of integrity. The app allows users to earn Pi by contributing to the community and building their security circles. The value of Pi is currently zero, but the demand for it in the market may increase and lead to an increase in value. It is essential to keep in mind that the value of any cryptocurrency is highly volatile and can fluctuate significantly.