Pi Network, a new cryptocurrency project that aims to democratize the mining and usage of digital money ( digital assets), has announced a breakthrough feature that will enable its users to link their Pi transactions to their Visa and Mastercard purchases.
The Pi Network has taken a significant leap forward by integrating with global payment giants Visa and Mastercard. This ground-breaking development promises to reshape the way we engage in transactions, offering a seamless experience through metadata integration.
This will allow Pi users to enjoy the benefits of both the traditional and the decentralized financial systems, such as convenience, security, privacy, and transparency.
In this comprehensive guide, we’ll walk you through the step-by-step process of this revolutionary connection.
Before we continue we assume you already heard about Pi Network and you have joined if not check this guide for instructions: What Is Pi Network, Is Pi Crypto Coin Scam or Legit? Get Started Step-by-Step
Understanding Pi Network’s Integration:
Pi Network, now a decentralized blockchain platform, has gained popularity for its unique approach to cryptocurrency mining through mobile devices. The recent integration with Visa and Mastercard marks a milestone, opening doors to mainstream adoption and enabling users to make transactions with the ease of traditional payment methods.
How does it work?
Pi Network uses a novel consensus algorithm called Stellar Consensus Protocol (SCP), which allows the network to reach agreement on the validity of transactions without relying on a central authority or consuming massive amounts of energy.
SCP also enables Pi Network to support smart contracts, which are self-executing agreements that can encode various rules and conditions for transactions.
One of the smart contracts that Pi Network has developed is the Metadata Integration Contract (MIC),which allows Pi users to attach metadata to their Pi transactions.
Metadata is any additional information that can describe or enrich a transaction, such as the date, time, location, purpose, or recipient of the payment.
The MIC also allows Pi users to link their Pi transactions to their Visa and Mastercard purchases, by using a third-party service called PiPay.
PiPay is a payment gateway that connects Pi Network to the traditional payment networks, such as Visa and Mastercard.
PiPay acts as a bridge between the two systems, by converting Pi to fiat currency and vice versa, and by facilitating the transfer of funds between the users’ Pi wallets and their bank accounts or cards.
When a Pi user makes a purchase with their Visa or Mastercard, PiPay will automatically generate a corresponding Pi transaction and attach the metadata of the purchase to it.
This way, the Pi user can have a record of their purchase on the Pi blockchain, which is immutable, transparent, and verifiable.
The Pi user can also choose to share their purchase metadata with other Pi users, such as merchants, friends, or family, to prove that they have made a payment or to receive rewards or discounts.
How to get started?
To start using the metadata integration feature, Pi users need to follow these simple steps:
- Download the Pi Network app and join the Pi community, by using an invitation code from an existing Pi user.
- Create a Pi wallet and start earning Pi by contributing to the network’s security and growth, by running the app and validating transactions.
- Register with PiPay and link their Pi wallet to their bank account or card, by providing their personal and financial information and verifying their identity.
- Make a purchase with their Visa or Mastercard, and receive a confirmation message from PiPay with the details of their Pi transaction and metadata.
- View their Pi transaction and metadata on the Pi blockchain, by using the Pi Network app or a Pi block explorer.
- Share their Pi transaction and metadata with other Pi users, by using the Pi Network app or a Pi social network.
To Learn how to get started with Pi Network, read this guide.
Now lets explore these procedures step by Step.
How to convert Pi coin to Fiat Currency and withdraw with Visa and Mastercard.
1. How Pi Network Metadata Integration Contract (MIC) works.
The Pi Network Metadata Integration Contract (MIC) is a smart contract that allows Pi users to attach metadata to their Pi transactions. Metadata is any additional information that can describe or enrich a transaction, such as the date, time, location, purpose, or recipient of the payment. Here is how the MIC works step by step:
- The Pi user initiates a Pi transaction, either by sending Pi to another user or by making a purchase with PiPay, a payment gateway that connects Pi Network to Visa and Mastercard networks.
The Pi user chooses what metadata to attach to their Pi transaction, such as the details of the purchase, the name of the recipient, or a personal note.
The Pi user can also choose to share their metadata with other Pi users, such as merchants, friends, or family, to prove that they have made a payment or to receive rewards or discounts.
- The Pi user signs the Pi transaction and the metadata with their private key, which is a unique and secret code that identifies them on the Pi Network. This ensures that the Pi transaction and the metadata are authentic and valid, and that only the Pi user can modify them.
The Pi transaction and the metadata are broadcasted to the Pi Network, which is a distributed network of nodes that validate and record transactions on the Pi blockchain. The Pi blockchain is a public and immutable ledger that stores all the Pi transactions and metadata in chronological order.
- The Pi nodes use the Stellar Consensus Protocol (SCP), which is a novel algorithm that allows the Pi Network to reach agreement on the validity of transactions and metadata without relying on a central authority or consuming massive amounts of energy.
The SCP also enables the Pi Network to support smart contracts, which are self-executing agreements that can encode various rules and conditions for transactions and metadata.
- The Pi nodes execute the MIC, which is a smart contract that verifies and processes the Pi transaction and the metadata according to the predefined logic and parameters.
The MIC also allows the Pi user to link their Pi transaction to their Visa or Mastercard purchase, by using PiPay as a bridge between the two systems.
The MIC also ensures that the Pi user’s personal and financial information is protected and compliant with the relevant regulations and standards.
- The Pi nodes confirm the Pi transaction and the metadata, and append them to the Pi blockchain. The Pi user can view their Pi transaction and metadata on the Pi blockchain, by using the Pi Network app or a Pi block explorer.
The Pi user can also verify the authenticity and validity of their Pi transaction and metadata, by using Pi’s cryptographic proofs and consensus mechanism. The Pi user can also share their Pi transaction and metadata with other Pi users, by using the Pi Network app or a Pi social network.
Related Article: How to convert pi cryptocurrency into cash? (2024)
How to Connect PiPay, Visa/Mastercard and Pi browser Wallet.
PiPay is a payment gateway that connects Pi Network to the traditional payment networks, such as Visa and Mastercard. PiPay allows Pi users to make purchases with their existing cards and link them to their Pi transactions. PiPay also facilitates the conversion and transfer of Pi and fiat currency between the users’ Pi wallets and their bank accounts or cards.
You can learn more about PiPay by visiting their website
Here are the steps to use Pi and Pi Network to convert and transfer Pi and fiat currency between the users’ Pi wallets and their bank accounts or cards:
- Download the Pi Network app and join the Pi community, by using an invitation code from an existing Pi user.
- Create a Pi wallet and start earning Pi by contributing to the network’s security and growth, by running the app and validating transactions.
- Register with PiPay, a payment gateway that connects Pi Network to Visa and Mastercard networks, by providing your personal and financial information and verifying your identity².
- Use PiPay to make purchases with your existing cards and link them to your Pi transactions, or to convert your Pi to fiat currency and withdraw it to your bank account or card, or vice versa
- View and verify your Pi transactions and metadata on the Pi blockchain, by using the Pi Network app or a Pi block explorer.
- Share your Pi transactions and metadata with other Pi users, by using the Pi Network app or a Pi social network¹.
For more information and support, you can visit the Pi Network website or the FAQ and Support | Pi Network. https://minepi.com/support/.
Convert Pi Network to US Dollar (PI to USD)
The price of converting 1 Pi Network (PI) to USD is $28.90 as at 16th December 2023 02:18AM.
How to Buy PI with USD Step By Step.
1. Identify where to trade PI
Pi Network (PI) is available for purchase and sale on six cryptocurrency exchanges, with BitMart identified as the most active platform for Pi Network trading, determined by trading volume and Trust Score.
2. Choose a suitable exchange
Opting for the convenience of purchasing PI with USD is facilitated through a centralized exchange (CEX) that accommodates USD deposits.
A centralized cryptocurrency exchange (CEX) operates as a comprehensive business entity, offering a range of services. These include access to a crypto trading platform for buying and selling transactions, account services encompassing funding and withdrawals, and dedicated customer support services.
A centralized exchange (CEX) allows any person with an internet connection to discover and transact with crypto assets.
Examples where you can create account include: Example of such exchange includes
During the selection process, it’s crucial to compare the exchange’s fee structure, security measures, and the range of available assets. Keep in mind that most CEXes impose maker/taker fees and might incorporate additional withdrawal and deposit fees. It’s advisable to allocate sufficient funds to cover these fees when acquiring PI.
3. Register an account
Create an account with your preferred crypto exchange and complete the KYC process. Once your account is verified, choose your preferred payment method and deposit USD into your account. Most exchanges offer options for bank transfers and credit/debit card payments.
4. You’re now ready to buy PI with USD!
Select Pi Network (PI) and enter the amount of USD you’d like to trade. Verify the details before confirming your transaction. Once you’ve received PI, you may want to store it on a crypto wallet to retain
Please note that the mainnet has not yet been launched, and the prices shown on certain exchanges are for IOUs that may not be transferable across exchanges. Please DYOR and proceed with caution.
In conclusion,
Pi Network is a revolutionary project that aims to make cryptocurrency accessible and useful for everyone. By integrating Pi transactions with Visa and Mastercard purchases, Pi Network is bridging the gap between the traditional and the decentralized financial systems, and creating new opportunities and value for Pi users and the world. To learn more about Pi Network and join the movement, visit https://minepi.com/ .
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