The Pi network has risen quite huge in fame and adoption. This is understandable as people can earn the coin without any investment right from their mobile devices or PCs.
Although the coin has not been listed for trading on any crypto exchange, it still remains well known since people can freely mine it right from their mobile phones. All you need to do is get the Pi network app and start mining.
In this guide, you’ll learn about the Pi network, its innovative blockchain technology, how to earn, and how to withdraw your assets from the network.
What is Pi Network?
Pi network is a decentralized cryptocurrency project that enables free access to mining. Launched in March 2019, the project aims to bring easy and open crypto mining to everyone since the earliest cryptocurrencies failed at doing that.
Developed by graduates of Stanford University, the Pi Network allows its network of users to validate transactions and record Pi coins via mining. Mining the project’s native coin is available for free on phones or PC devices.
One important perk of the Pi mining app is that it is eco and user-friendly. It doesn’t use much energy and therefore doesn’t heat up your phone like other mining apps. This is because it works on people verifying and vouching for others to maintain the security of the network.
Meanwhile, the app has also grown with different integrations to serve its users better. For instance, there is a dApp browser where developers can use third-party Pi apps. Meanwhile, there is also a testnet version of the Pi wallet that completes transactions in up to 8 seconds.
Pi Network started in 2019 as a free mining app. Barely three months after launch, the platform has garnered more than 100,000 users. In March 2022, the network boasted a whopping 33 million users worldwide.
An Innovative Blockchain Technology
Pi Network features newly innovated blockchain technology. For example, in contrast to the well-known Bitcoin’s Proof of Work (PoW), Pi nodes use the Stellar Consensus Protocol (SCP) as its consensus mechanism.
With the SCP, PI Nodes can easily reach a consensus without relying on its whole network to provide precise data recording. In Pi Node’s SCP, there are security groups of three to five trusted users of the network. Therefore, to enhance reliability and credibility, transactions are recorded if this security group approves them.
Although there is no disclosed supply or price tag to the coin, it undergoes halving to moderate supply and price. Its halving occurs when a certain number of coins has been mined.
Meanwhile, Pi Network continues to improve its projects with various updates and development. These include the newly launched KYC app and Block Explorer. The KYC app will start verifying the identity of Pioneers to improve usability and automation.
Meanwhile, the Block Explorer will help users track transactions and explore its blockchain data.
How To Earn With Pi Network
To start earning on Pi Network, you need to access the mining app for mobile or visit the website at minepi.com on your PC browser.
To mine Pi, users need to open the app every 24 hours and tap the mining button to mine the coin for the next 24 hours.
Meanwhile, users can increase their rate of mining by referring their friends with their invite link. Also, the earlier you start mining, the more coins you make.
Referring a newbie to the Pi Network power up your boost by 25%. After three days of being active in mining, new users can become a contributor. They can also form their own secret circle by inviting more friends and increasing their mining speed.
Apart from mining, users can also become a Pi node to validate transactions and earn a cut of network fee once the mainnet is opened for use. Selection for the Pi node is difficult, and it does not have any benefit since validation is only for the mainnet.
Meanwhile, if you’d like to invest in the project, you can choose to be one of the network’s 12,000 Pi nodes.
How To Withdraw Pi Network
Now, to the one question every Pi miners ask, how to withdraw Pi coin? If there’s one reason for mining or accumulating Pi coins on the Pi Network, it will be to be able to withdraw and convert them to a spendable asset.
The Pi app features an inbuilt wallet where users can store their Pi coins only.
Here’s how to use the testnet inbuilt browser wallet.
- Log in to Pi Browser
- Generate New Wallet
- Transfer your asset
Log in to Pi Browser
- Log in to your Pi mining app and tap the menu in the upper left corner.
- Proceed to the Pi Browser. Read instructions about the Pi Browser and sign in to the browser by tapping “SIGN IN TO PI BROWSER”.
- If you do not have the browser installed, it will redirect you to the app store, where you can download the browser.
- However, if you have the browser installed, it will automatically redirect you to the browser.
- Typically, if you’re using the Pi mining app, the browser will automatically sign in by itself. However, you can manually sign in by entering your Pi Network login details.
Generate New Wallet
- After signing in, you will see a welcome page that contains a welcome message and different Pi Network dApps, including the chat app, wallet, KYC, explorer, and mining app.
- Tap the wallet designated with the WALLET.PI icon.
- Finally, set up your wallet by clicking GENERATE WALLET. Back up your passphrases and set up security measures.
Transfer your asset
- After setting up a new wallet, you can now send or receive Pi coins within the Pi network.
- To do this, just go to your Pi browser and then Wallet.pi
- Sign in with your passphrase and unlock the wallet.
- Here, you will see RECEIVE and SEND options. With both options, you can send your coins within the Pi network.
However, unlike other cryptocurrencies, Pi coin is not available for withdrawal to other exchanges or wallets.
Meanwhile, Pi miners and users will be able to withdraw their coins once the network upgrades to the mainnet in the third phase of its roadmap activities.
In this phase, the coin will achieve full decentralized blockchain characteristics and complete exchange listing. Therefore, once the coin is listed on an exchange platform or cryptocurrency wallet, users will be able to exchange and withdraw it.
Before the third phase of development, the transfer and withdrawal of Pi coins will be restricted to prevent malicious and scam activities within the network. When the network passes a series of tests on the testnet, it will be declared ready for production and subsequently transferred to the mainnet.
Although the team launched an Enclosed Mainnet in December 2021, the network is still largely undergoing testnet changes. According to its team, the mainnet will prevent any unwanted external connectivity via the integration of KYC process. After full migration, Pioneers will be able to transfer or use their coin for whatever they want.
After the launch, further development will be proposed by the network’s developers and core team. Also, node implementation and updates to any part of the network will be deployed periodically.
Future of Pi Network and Pi Coin
At the moment, there is a huge debate over the credibility of the project. In fact, some people still doubt if it is a scam or an innovative blockchain project.
The future of the Pi Network solely depends on its full transition to mainnet and listing on exchanges. Therefore, once it achieves full live operation, it will speculatively grow rapidly since it has a wonderful initiative.
However, it is certain that the Pi Network project is not a Ponzi scheme since nobody is investing their assets or money. Although its owners have been criticized for exploiting their growing community and selling a fad to them, it is still largely unclear if the project is a scam.
Another thing fuelling skepticism is the team’s claim that referral improves the security of Pi Network. Typically, referral should not be the backbone of an ideal blockchain network.
Still, regardless of the fud or hype, people continue to accumulate their Pi coins via mining activities in anticipation of the mainnet launch. Meanwhile, the team and developers continue to work towards a better ecosystem.
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