In cryptocurrency, mining crypto has always been resource-intensive, until Pi Network came along. This project promises to make mining accessible for everyone with a smartphone. But is it the next big thing in crypto, or all hype? That is what we'll know soon enough. What exactly is Pi Network, how does it operate and is it worth your time?
What Is Pi Network?
You can mine Pi coins from your phone for 100% free with no expense on battery life or use of an expensive mining rig. Pi Network utilizes a consensus algorithm called Stellar Consensus Protocol (SCP), making mining non-exclusive to those with expensive and powerful mining hardware (unlike Bitcoin.)
Pi Network was launched back in 2019 by a group of Stanford graduates and has grown into a global community of over 47 million users. All the hype aside, lots are still questioning if Pi would ever be worth anything in the real world.
How Does Pi Network Work?
With much less investment required for mining, for example, you only need to download the Pi Network app, register, and click a button every 24 hours to keep mining. Whereas traditional mining relies on fancy algorithms to look for patterns, Pi Network is all about trust, with users vouching for each other’s authenticity.
There are four roles within the Pi Network ecosystem:
- Pioneer – Daily Users log into the app every day for mining Pi.
- Contributor – Those that validate others and add them to their trust circle.
- Ambassador – Users who invite new users and earn bonuses
- Node – Advanced users that operate software to help secure the network.
Pi Network’s Road to Mainnet & Trading
One of the main criticisms of Pi Network over the years has been its lack of tradability. But now the team has been working towards a complete mainnet launch, and users can now finally use and trade their Pi coins.
Pi Network is listed on Bitget now!
A significant milestone was reached for Pi Network when it went live on one of the world's leading cryptocurrency exchanges, Bitget. This is the first genuine chance for users to trade their Pi with other cryptocurrencies.
Join Bitget now and trade Pi with ease: [Use this Link here]
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Pi Network Legit or Scam?
Pi Network has also been under scrutiny for its unique mining system and delays in mainnet launch. But a number of elements indicate it′s a genuine project and not a scam:
- Stanford Founders: The Pi Network team is made up of Stanford graduates and experts in blockchain and computer science.
- Vibrant community: Over 47 million users actively interact with the network.
- Use Cases in Reality: The project has started to integrate Pi payments within its ecosystem.
That said, however, there are still risks. Though Pi Network was launched by an established team and offers many lucrative features to its users, it remains part of a semi-decentralized, unregulated platform where Pi coins are worthless and not tradable in any local market. As with any crypto investment, it’s best to tread carefully, and not assume that your dollar spent will translate to dollar value based on speculation.
How to Get Started with Pi Network
- Download the Pi Network app (available on iOS & Android).
- Sign up with an invitation code (use Divalby to claim your Pi).
- Tap the mining button daily to earn Pi.
- Invite friends to increase your mining rate.
The sooner you start, the better, as mining rates decrease as more people join the network.
Conclusion: Is Joining The Pi Network Worth It?
Pi Network is a ground-breaking project, developed to transform how we mine cryptographic coins. Then again, there is still much for the coin to prove, but listing on Bitget is an excellent sign of legitimacy. If you’re interested in crypto but want to avoid paying for pricey mining gear, Pi Network isn’t a bad option especially since mining it requires no investment.
Would you ever invest into Pi Network or do you think it is just a another hyped up project? Let us know: What are you thinking?
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