Disclaimer 1: Pi is still beta.
PI network is still beta version. The project is in progress, which means there will be vulnerabilities, and some details of the project are still changing. Although many encryption projects start from pure theory, PI network seeks to balance theory with people-oriented design (or test with real people to best meet their needs). Thank you for your patience in this project, and welcome your feedback. Let’s jointly develop products that can best meet the needs of our community.
Disclaimer 2: Pi is not a free currency.
Pi is not a free currency. This is a long-term project whose success depends on the collective contribution of its members. PI aims to help ordinary people get more economic value that can only be obtained by banks, technology giants (such as Facebook, Amazon) and other intermediaries. PI depends on the collective contribution of its members. If you are just looking for quick money, please find another place.
What is Pi?
PI is a new cryptocurrency developed for ordinary people, and you can “mine” (or earn) it through your mobile phone. Cryptocurrency is a new form of digital currency, maintained and protected by a community group, not by the government or banks. Today, you can mine (or earn) PI coins by helping maintain PI network security and increasing the trusted network of PI. Although most cryptocurrencies (such as bitcoin) are very difficult for the public to use and obtain, PI puts the power of cryptocurrencies in your hands.
But is it really the case? Is pi a hoax?
PI is not a hoax. This is a project that the Stanford graduate team has worked hard to get the public to access and use cryptocurrencies. PI’s core team is led by two Stanford Ph.D. and one Stanford MBA, both of whom have helped build the blockchain community at Stanford University. We can’t guarantee the success of the project. But we are committed to doing our best to make our common dream come true while maintaining the highest standards of integrity. You can learn more about us on the core team page of the application main menu.
How does the application work? How can I earn more Pi?
This application allows you to earn PI by making simple contributions to PI’s community. The more you contribute, the more PI you get. First of all, the way to earn Pi is: Please click the lightning button in the app every 24 hours to start mining. Once you start digging, you can increase your hourly rate by inviting trusted friends and family to the community. After 3 days of mining, you can improve your income by building a security circle, which helps to improve the overall security of the network. Keep in mind that early members of the network have a higher mining rate than later members.
Do I need to keep the app open to mine? Will the app quickly consume my battery or data traffic?
You do not need to leave the application open. PI will not affect the performance of the phone, and will not consume power or use network data quickly. Once you click the lightning button, you can even close the app and keep digging PI. So how to mine cryptocurrency without running out of batteries or data? PI is different from bitcoin’s proof of work by burning energy. The safety of PI is achieved by ensuring the reliability of members. This forms an interlocking “safe circle” network, which decides who can execute the transaction. This new algorithm allows you to mine cryptocurrencies on your mobile phone through existing social relationships, without any economic cost, without battery consumption, leaving only a slight footprint on the earth’s resources. Read the technical section of the white paper for more accurate and detailed instructions.
Why can early members mine at a higher rate?
Early members contributed to the network when PI needed it most, as a reward for being able to mine at a higher speed. PI aims to become the most widely used cryptocurrency in the world. In order to achieve this goal, PI encourages its earliest members to contribute to ensure its success (for example, improving the security and development of the PI network). To reflect the importance of early contributions, mining rates will decline as more people join the network. At this point, when the number of active users increases 10 times, the basic rate of mining will be halved (see the figure below). When the PI network reaches a certain number of users (such as 10 million or 100 million), the rate will eventually drop to zero. At that time, just like bitcoin, the rewards of the diggers will be paid in the form of transaction fees rather than new coins.
What is the role of ambassador? How does the team work?
As an ambassador, you can get a bonus of up to 25% of the basic mining rate for each additional person you invite for the network. When new members sign up for PI network with your invitation code, they join your mining team and you become an ambassador. When you and your team members mine at the same time, they will increase your mining rate by 25%. Any new member can only be added to the mining team of its invitees, because everyone can only join PI once using the invitation code of one invitee. In other words, unlike Pi’s security circle, which can be added by the same person multiple times based on trust, PI’s mining team is determined by who invites whom. Every invitee in the world can only have one corresponding invitee.
What is contributor? How can I become a contributor?
As a contributor, you can earn more PI by specifying 3-5 members of the PI you trust to form your security circle. After you complete 3 times of mining as pioneer, the contributor role of PI will be unlocked. After 3 days of mining, you will see a new icon for the security circle on the main screen of the application, which you can click to start building your security circle. To be a contributor, you need to add 3-5 people you trust to your security circle.
What is the security circle?
The security circle is a circle of trust established by each PI member, consisting of 3-5 people they trust. The security circle of each PI member is gathered together to build a “global trust map” to protect currency and prevent bad actors from executing fraudulent transactions. Unlike bitcoin or other cryptocurrencies that use proof of work (proof of work) to protect their ledgers, PI protects them by ensuring that they trust each other through their members. The contributors of PI point out and guarantee 3-5 other members of PI that they can trust by establishing a security circle. The security circle should be made up of people you trust that they will not carry out fraudulent transactions. The overlay of network security circle can form a global trust map, which is used to determine who can be trusted to execute transactions on PI’s ledger.
What is the value of Pi?
Today Pi is worth about $0 / euro, similar to bitcoin in 2008. PI’s value is supported by the time, attention, goods and services that members of its network provide together. By pooling our attention, goods and services in this common currency, members of PI can share and acquire more value that is usually only obtained by banks, technology giants (such as Facebook, Amazon) and other intermediaries. Today, we ensure the security of money by distributing it, building communities and developing technology, laying the foundation for the creation of such digital money and markets.
Can I take out my Pi? When is the withdrawal time?
No, you can’t take out the PI yet. When Pi is converted to a fully decentralized blockchain, you will be able to take out PI or convert it to another currency in phase 3 of the project. PI launched the first phase of the project on March 14, 2019 (Pi Day). During phase 1, your balance is being recorded and guaranteed recognition when Pi is converted to the main network (phase 3). The transfer of PI between different accounts is currently limited until we reach the main network to prevent the improper accumulation of PI by bad actors through fake accounts. For example, a bad actor can mine fake accounts, and then transfer these pi to a legal account, so as to pass the account verification process of PI, even though their income is obtained from the fake account. We are still refining the exact development schedule of the project. For more information, see the roadmap section of the white paper.
When will PI be valuable? When can I turn PI into “real money”?
When the holder of PI purchases goods and services in Pi’s market or issues currency exchange with the government, the holder of PI will be able to turn PI into “real” money. In general, cryptocurrency holders have two options to change their cryptocurrencies into “real” currencies (or “cashed in”): 1) purchase goods and services directly or 2) exchange their cryptocurrencies for government issued currencies (e.g., US dollars, euros, etc.) on cryptocurrency exchanges.
1) Purchase goods and services directly with your PI. PI network is building a point-to-point market, and our members will be able to use PI directly to purchase goods and services. Our goal is to start experimenting with the in app transfer of PI in the fourth quarter of 2019.
2) Exchange PI for government issued currency on cryptocurrency exchange. PI’s core team can’t control when cryptocurrency transactions (such as binance, coinbase, Kraken, etc.) decide to list PI. However, PI will be able to trade in phase 3 (mainnet) of the project. At this point, the exchange can choose to list PI. At the same time, PI’s core team is currently focused on implementing our technology plan (see our white paper) to reach phase 3.
Can I mine multiple devices at the same time? How can PI network prevent fake accounts, robots, etc. from obtaining Pi?
No, you can’t mine from multiple devices. PI network has strict regulations on one account for one person. PI uses a multi pronged strategy to ensure that Pi is not mined by fake accounts. First, the Web uses Google’s reCAPTCHA V3 to understand whether the device is operated by human or machine. (this technology is completely invisible to most users, because they are real humans, but if Google’s algorithm detects them, the robot may start to see the verification code.). We are also developing a machine learning algorithm based on real user mining behavior to predict robot accounts. Secondly, PI’s blockchain algorithm requires (security circle) to make it easy to detect false accounts. Fake accounts will not have enough real accounts to add them to their own security circle, so they will not receive many real people’s trust points. At best, fake accounts will point to each other, while trust points from the rest of the network will be rare. In this way, the computer algorithm can easily detect this abnormal phenomenon. Finally, when PI enters the third stage and the last stage – mainnet, PI needs to transfer the excavated Pi of the current stage into the main network to be cashed in, and only the accounts that are confirmed to belong to real individuals will be recognized. In other words, even if all other methods miss some “robot” accounts, this user authentication process will further eliminate them, because the robot owner will not be able to prove that the robot is a real person with a real name. We are currently exploring decentralized KYC processes to minimize disruption to these processes.
Is this app a wallet? Will we have our own private / public key? Can we use other external wallets to save our Pi?
Yes, your phone will be used as an encrypted currency wallet and will be linked to your current account (account logged in via phone / Facebook). Like any other public blockchain, PI’s blockchain also allows the application to hold and trade PI in internal / external wallets, directly submitting transactions to the blockchain. This is the functionality we currently plan to provide in phase 3 of the project. (Note: we are now in phase 1 – currency allocation – we will start testnet in phase 2, and phase 3 is when our mainnet will start.). In phase 3 of the project, you can also choose to have your private / public key completely. PI’s goal is to make the cryptocurrency more accessible to ordinary people, which is why we need to build this comprehensive and easy to understand interface. We chose this phased implementation to make it easier for daily users to use. We are still in the early stages and are looking forward to the road ahead.