What is Pi Network?
The Pi network is a new platform that lets people mine the ‘Pi cryptocurrency’ from the mobile phone.
As described by the Pi network, “Pi is a new cryptocurrency for and by everyday people that you can “mine” (or earn) from your phone”. The numbers of active Pi miners have been growing steadily, and currently, there are more than 6 million pioneers.
How is Pi currency earned?
To start off you need to download the ‘Pi App’. You can easily download the app from play store and app store. Then you are required to signup either with your Facebook account or your mobile number.
After signing up, you need to tap the lighting button once every 24 hours to claim the ‘Pi currency’. To mine at the higher rate, you need to invite people and they must use your ‘login code’.
Three stages where you earn pi in the app
a) Pioneer: Initially, you start off as a pioneer: the person who just joined the network where you earn at 0.20 Pi per hour.
b) Ambassador: After at least one successful referral you will be an ambassador where you earn a 25% bonus on your base mining rate
c) Contributor: This feature is activated only after 3 mining sessions as pioneers. To become a contributor, you need to add 3-5 active members to your security network. For each member added to the security network, you get 0.04 Pi per hour.
So, is it legit or a scam?
In this blog, I will present the pros and cons of Pi network and conclude if it is legit or a scam.
Pros of Pi network
a) It’s free
The Pi network only needs an app from where you can mine every day. It is easily available in the play store and can be downloaded for mining. All you need to do is click the lighting button once a day to show that you are a human and not a robot.
b) Doesn’t drain the battery
Unlike Bitcoin and other cryptocurrencies that need sophisticated and expensive hardware that consume large power, the Pi app does not drain energy. It is perfectly capable of running in the background. You don’t need to have a 24*7 internet connection, you only need to click the button once a day.
c) The Pi White paper
The Pi network provides a white paper that explains how it works and its policy and it seems that the creation of the app and network has been following the vision set out in this document.
d) The Pi core team
The Pi network consists of the three main members, the graduated from Standford.
Dr Nicolas Kokkalis – Head of Technology
Dr Chengdiao Fan – Head of Product
Vincent McPhillip – Head of Community
Cons of Pi Network
a) Model-based on referral
The Pi network is based on referral and you will actually need a referral code to start mining. And the more referral you can start the quicker you can start mining.
When you start initially, you start mining at 0.20 Pi per hour. For each successful, you will earn 0.07 Pi per hour.
b) No guarantee of being successful
There is no guarantee if the Pi cryptocurrency will be successful. The network is currently in phase two and it is to see what it has in its store in phase three.
c) Not viable for people having no internet
You need to click the lighting button everyday else your Pi earning gets halted. For collecting the Pi currency every day, you must be connected to the internet. So, the app is not feasible in remote and distant places where there is no internet connectivity.
The bottom line: Is the Pi network Scam or legit?
The network does not look like a scam. The network has disclosed its core members which really doesn’t happen in the scam networks. They have also got a white paper that explains the concept of how it works and what policy it has.
However, if your question is whether the Pi Network and the Pi currency are legit the answer is time will tell.
The app is currently on phase two, Phase 3 is when the trading will become available and PI coin will draw a value based on demand and supply says the team.
Since the app is free and doesn’t drain battery I see no harm in trying out the Pi app. No one believed that Bitcoin would be what it is today in the year 2009 and it is quite possible that the mobile mining ‘Pi currency’ could be the next big cryptocurrency tomorrow.