Pi Network is a project that claims to be the world’s first mobile cryptocurrency that can be mined on your smartphone without draining your battery or harming the environment.

It also offers a developer platform where users can build decentralized apps and exchange Pi coins for real life utilities. But is Pi Network a scam or a legitimate crypto project? How can you join and start mining Pi coins? What are the features and benefits of Pi Network? In this article, we will try to answer these questions and give you a step-by-step guide on how to get started with Pi Network.

What Is Pi Network?

Pi Network was founded in 2019 by Stanford University students Nicolas Kokkalis and Chengdiao Fan, along with their professor Vincent McPhillip. The team wanted to create a cryptocurrency that is more accessible and user-friendly than the existing ones, such as Bitcoin and Ethereum.

They also wanted to address the environmental and social issues that come with traditional crypto mining, which requires expensive specialized equipment that consumes a lot of energy and generates a lot of waste.

To achieve this, Pi Network uses a novel consensus algorithm called Stellar Consensus Protocol (SCP), which allows users to validate transactions and secure the network using their phones.

Unlike proof-of-work (PoW) or proof-of-stake (PoS) algorithms, SCP does not require users to compete for computational power or stake their coins. Instead, it relies on a network of trust, where users form groups of trusted nodes ( group of computers) that can agree on the state of the ledger.

This way, Pi Network can achieve a high level of security and scalability without compromising on decentralization or energy efficiency.

Pi Network also aims to create a vibrant ecosystem of developers and users who can use Pi coins to power various applications and services on the platform.

Pi Network provides a software development kit (SDK) and a testnet where developers can create and test their apps before launching them on the mainnet. Users can also access these apps and exchange their Pi coins for real life utilities, such as goods, services, or experiences.

How Does Pi Coin Work?

Early blockchains like Bitcoin use proof-of-work (PoW)protocols to validate transactions and add new blocks, rewarding miners with newly created coins per block. In contrast, Pi Network employs a distinct method, validating transactions through an algorithm rooted in the Stellar Consensus Protocol (SCP).

Pi initially launched a mobile mining app, enabling users to operate nodes and create security circles of three to five trusted individuals, fostering a global network while preventing fraudulent transactions. Subsequently, developers introduced desktop-based Pi Node software for collaborative usage.

Users log into the Node software using their mobile app accounts to ensure synchronization.

Each user is limited to one Pi account and one node. Mobile mining initiation is exclusive to the mobile app, while the desktop interface allows users to check Pi Coin balances, engage in chat, and access media content on the home screen.

The apps display ads as users mine coins, generating revenue for the creators.

In the testing phase, Testnet Nodes don’t receive mining rewards, as developers seek to determine the most suitable incentive mechanism based on collected data.

Is Pi Network a Scam or Legit?

Pi Network is a controversial project that has attracted a lot of attention and criticism from the crypto community. Some people believe that Pi Network is a scam or a pyramid scheme, while others think that it is a legitimate and innovative crypto project. Here are some of the arguments for and against Pi Network:

Pi Network is a scam or a pyramid scheme because: ( argument 1 )

• Pi coins are worthless and have no value. Pi Network has not yet launched its mainnet or enabled trading of Pi coins on any exchange. Therefore, Pi coins are just virtual credits that users accumulate in their wallets, without any way to cash out or use them. Pi Network also does not disclose the total supply or the distribution of Pi coins, which raises questions about its transparency and fairness.

• Pi Network is not a real cryptocurrency or a blockchain. Pi Network does not use a public ledger or a distributed network of nodes to validate transactions and secure the network. Instead, it uses a centralized server that controls everything and can manipulate the data. Pi Network also does not have a whitepaper or a technical documentation that explains how its system works or what its future plans are.

• Pi Network is a multi-level marketing (MLM) scheme that exploits its users. Pi Network heavily relies on referrals and invites to grow its user base and increase its mining rate. Users are incentivized to invite more people to join the network and earn more Pi coins. However, this creates a pyramid structure where only the early adopters and the top influencers can benefit, while the majority of the users are left with nothing.

Pi Network is legit and innovative because:

• Pi Network is still in its early stages and has a lot of potential. Pi Network is not a finished product, but a work in progress that is constantly evolving and improving. Pi Network has a clear roadmap and a vision for its future development, which includes launching its mainnet, enabling trading of Pi coins, and expanding its app ecosystem. Pi Network also has a strong team of developers and advisors, as well as a large and active community of supporters and testers.

• Pi Network is a user-friendly and environmentally-friendly cryptocurrency. Pi Network makes crypto mining easy and accessible for everyone, regardless of their technical skills or resources. Users can mine Pi coins on their phones without draining their battery or harming the environment. Pi Network also educates its users about the basics of cryptocurrency and blockchain, and encourages them to participate in the network governance and decision making.

• Pi Network is a platform for innovation and utility. Pi Network is not just a cryptocurrency, but a platform that enables users to create and use various applications and services that are powered by Pi coins. Pi Network provides a developer platform where users can build and test their apps before launching them on the mainnet. Users can also access these apps and exchange their Pi coins for real life utilities, such as goods, services, or experiences.

So, the decision rolls over to you. What do you think. In my opinion I think you should join Pi Network and start mining today. After all it costs nothing to join. So see the steps below on how to join.

How to Join and Start Mining Pi Coins?

If you are interested in joining Pi Network and start mining Pi coins, here are the steps you need to follow:

Step 1: Download the Pi Network app on your smartphone.

You can find the app on the Google Play Store for android users or the Apple App Store for IPhone users.

Step 2: Sign up for an account.

Using either your Facebook account or your phone number. You will also need to provide your first and last name and create a username and password for your account.

Step 3: Enter an invitation code from an existing user.

You can use any invitation code you find online or ask someone you know who is already on Pi Network. You can also use my invitation code: [ onyifeli7640 ].

Start mining Pi coins by tapping the mining button on the app every 24 hours. You will see your mining rate and your balance on the app. You can also increase your mining rate by inviting more people to join the network and adding them to your security circle.

Explore the app and learn more about Pi Network. You can read the Pi Network whitepaper, check out the FAQ section, join the chat rooms, and access the developer platform and the testnet using the app’s menu.

How to Verify Pi Account on KYC

Remember to transfer your Pi coins to be able to be traded, you need to download pi browser app, apply for KYC and verify your identity.

Upon the launch of the Enclosed Mainnet blockchain by Pi Network on December 28, 2021, pioneers initiated the migration of their Pi balances from smartphones to the blockchain, introducing the KYC verification process.

This step aims to safeguard authentic accounts, ensuring the privacy and safety of all individuals utilizing Pi cryptocurrency within the Pi ecosystem.

Now that you know the basics of Pi Network, start mining Pi coins on your mobile. Before you begin, ensure to quickly pass KYC verification by following the steps below.

1. Download Pi Browser on your phone. As you need to use it to go through the KYC verification procedure. Play Store or App store.

Step 2. Open the Pi app on your phone and tap on the menu icon on the top left corner.

Scroll down and tap on Pi Browser. This will take you to the Google Play Store or the Apple App Store, depending on your device. But since we have already downloaded it will again direct us to the pi browser opening it.

Step 3. Tap on the address bar and type kyc.pi. This will open the KYC verification form on the Pi Browser.

Allow the KYC verification form to open. If you are eligible, you will see the KYC process showing up.

Step 3: Select your region and ID type, and tick the following box to show you have agreed to allow SocialChain to collect your personal information, and that you are at least 18 years old. The KYC verification will cost you 1 Pi coin.

Step 4: Then take a photo of your ID (passport, driver’s license, or ID card) with your information visible, and type in the matched information on your ID. Then perform a liveness check to confirm your identity.

Step 5: Pay 1 Pi coin to complete the application for KYC. Once you submit the application, you will not be able to make corrections afterward. So make sure your data is accurate.

Step 6.  Now you just need to wait for the KYC application result. Most applicants get KYC passed within 15 minutes.

Step 7: wait for the verification result. You will receive a notification on the Pi app when your KYC is approved or rejected.

What Are the Features and Benefits of Pi Network?

Pi Network offers several features and benefits for its users, such as:

• A mobile cryptocurrency that can be mined on your phone without draining your battery or harming the environment.
• A novel consensus algorithm that achieves security and scalability without compromising on decentralization or energy efficiency.
• A developer platform that allows users to create and test decentralized apps before launching them on the mainnet.
• A testnet that simulates the mainnet and allows users to experiment with Pi coins and apps without risking their real coins.
• A software development kit (SDK) that provides tools and libraries for developers to build and integrate their apps with Pi Network.
• A network of trust, where users form groups of trusted nodes that can agree on the state of the ledger and validate transactions.
• A governance system, where users can vote on the network parameters and the future direction of Pi Network.
• A utility platform, where users can access various apps and services that are powered by Pi coins and exchange them for real life utilities.

Conclusion

Pi Network is a project that aims to create a mobile cryptocurrency that can be mined on your phone without draining your battery or harming the environment. It also offers a developer platform where users can build and use decentralized apps and exchange Pi coins for real life utilities. However, Pi Network is also a controversial project that has been accused of being a scam or a pyramid scheme by some critics. Therefore, users should be careful and do their own research before investing in Pi Network or any other cryptocurrency or project.

NEXT READING: Pi Network experiences a surge with the migration to Mainnet coinciding with the impending arrival of Roadmap V2