New crypto currency in market : Is PI network legit?

Currency and the means of exchange has evolved and changed from the beginning of human beings. the 21st century is a digital world which needs a digital currency whose ultimate focus is to decentralize the currency and give humans privacy-oriented transactions. The first digital currency aka crypto-currency was invented in 2009 which is named Bit-coin.

Crypto-currency started to rise into prominence after the massive price increase in Bit-coin. Well, one Bit-coin is worth above $9000 as of 2020. People have seen success of Bit-coin and they started speculating it as a future money. So, many other companies came up with brand new crypto-currency policies. PI crypto-currency is one of them.

What Is PI Network?

“PI Network” is basically a smart platform that allows its users to earn Pi crypto-currency from any mobile device. The aim of inventing PI is to create a secure, immutable and interoperable source of money. Besides it, PI network is different from other crypto-currency as PI pays the rewards daily. Furthermore, it has its own PI Network app on Android and iOS.

It’s beta version was launched in March 2019 and it’s founders are three individuals (Dr. Nicholas Kokkalls, Dr. Cheng Xiao Fan, and Vincent McPhilip) from Stanford. As a matter of fact, two of them hold PhDs. However, being a new crypto-currency in the market, people are having hard time to trust it. Let’s find out whether it is for real or not.

What is the value of Pi?

People who have been using and collecting Pi tokens have a question : “How much is Pi worth ? “. You can find a straightforward answer from Pi’s FAQ is that they’re worth absolutely nothing.

Today Pi is worth approximately 0 dollars / euro etc. similar to Bitcoin in 2008. Pi’s value will be backed by the time, attention, goods, and services offered by other members of the network.

Is PI Network Legit?

Many people are in a dilemma because of this hot-topic concerning whether PI Network is legit or not. Just to let you know, PI has no value whatsoever, just like Bit-coin in 2008. However, there is a chance of it having great value in the future just like Bit-coin. Not to mention, PI Network has over 1 Million users as of 2020. Without a doubt, people are trusting in it.

Like a lot of people are trusting in PI, there are people who think that it’s just a knock off of successful ones. They have pointed out some loopholes in the system. For example, in order to compete with other crypto mining, you must have a high spec computer which proves that the phone is not of the same capabilities. Above all, it is all about one perception.

A thing to notice is that unlike most crypto currency mining, PI neither uses device’s resources nor drains battery for mining. This obviously develops a suspicious feeling towards the legitimacy of PI network.

The concept of increasing hash power by referring your friend and make them join does give a negative point to it.

How To “Mine” PI Coin?

If you want to mine some PI Coins, then there are simple steps to connect to it’s network and start mining your own PI coins. First of all, you have to download the app from Playstore or Appstore and register your account using Facebook or Phone number. After registering, you will receive one “PI” per account. To start mining, you have to open the app and click on the ‘mine’ button every 24-hours.

The unique feature of this app is that it does not consume battery while mining and does not need to run in the background. Moreover, it has a four tier basis for mining. They are:

Pioneer : First tier is the entry level rank for all users and it produces 0.4 Pi/hr which can be increased up to 0.49 pi/hr by participating in the referral program.

Contributor : To achieve this rank you have to mine crypto-currency for three days. Similarly, this rank is also given to those who add other people to their network.

Ambassador : Ambassador are those users who recruit other individuals to come join the PI Network. These users receive a 25% referral bonus for signing up to the network.

Node : Those users who run a node on a desktop and laptop and maintain the distributed ledger. However, it is still under development.

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About the Author: Ritesh Ghimire

Ritesh is a Computer Engineer, Web Developer and an active cricket follower.