What Is PI Network?
PI Network is an innovative cryptocurrency project founded in 2019 by Stanford graduates aiming to democratize crypto mining. Unlike traditional cryptocurrencies requiring specialized hardware, PI allows users to mine coins directly from their smartphones with minimal battery consumption. The project envisions a decentralized ecosystem where PI coins facilitate real-world transactions for millions.
How Does PI Network Work?
Mobile Mining
- Download the PI Network app (iOS/Android).
- Mine PI by tapping a lightning button every 24 hours.
- Uses "proof of engagement" instead of energy-intensive "proof of work."
Security Circles
- Strengthen the network by inviting trusted friends.
- Larger circles increase your mining rate.
KYC Verification
- Mandatory identity verification to transfer coins to Mainnet.
- Prevents bots and ensures a trustworthy ecosystem.
Mainnet Launch
- Transitioning from test environment to live blockchain.
- Future functionality includes trading, payments, and marketplace integration.
Step-by-Step Guide to Mining PI Network
Step 1: Download the App
- Available on Google Play Store and Apple App Store.
- Search "PI Network" (by SocialChain Inc.).
Step 2: Create an Account
- Sign up via Facebook or phone number.
- Choose a permanent username and secure password.
Step 3: Enter an Invitation Code
- Required to join (obtain from existing users or online).
Step 4: Start Mining
- Tap the lightning bolt daily to maintain mining sessions.
Step 5: Build Your Team
- Invite others using your referral code for increased mining speed.
Step 6: Complete KYC
- Verify identity when prompted to unlock Mainnet transfers.
FAQs About PI Network
Is PI Network a Scam?
No. It’s a legitimate project in development, though not yet fully tradable like Bitcoin.
👉 Learn more about trusted crypto projects
How Can I Earn More PI Coins?
- Log in daily to mine.
- Expand your security circle with active members.
- Participate in app events for temporary boosts.
When Will PI Coins Be Tradable?
After Mainnet launch, subject to KYC completion and network stability.
👉 Explore crypto trading opportunities
Key Features of PI Network
- Low-Battery Mining: Eco-friendly alternative to traditional crypto mining.
- Decentralized Ecosystem: Aims for peer-to-peer transactions.
- User Growth: Over 30 million engaged miners (as of 2023).
Founders' Background
- Dr. Nicolas Kokkalis: Stanford Ph.D., blockchain scalability expert.
- Dr. Chengdiao Fan: Stanford Ph.D., mobile/social computing specialist.
Final Thoughts
PI Network bridges accessibility gaps in cryptocurrency, though its long-term viability hinges on Mainnet success. Stay updated via official resources.